Section 48.40a - County treasurer; bond; amount; payment; report. - Michigan Statutes

Revised Statutes of 1846 (EXCERPT)
OF THE COUNTY TREASURER.

48.40a County treasurer; bond; amount; payment; report.

Sec. 40a.

(1) Beginning December 31, 2007, as determined by the county board of commissioners, the county treasurer either shall be covered by a blanket bond in an amount not less than $1,000,000.00 or shall give a bond of a surety company authorized to do business in this state in an amount not less than $1,000,000.00 for the faithful and proper discharge of the duties of the county treasurer's office and the duties required by virtue of the office of county treasurer as directed under this chapter. The cost of the individual bond shall be paid from the general fund of the county.

(2) Before January 1 of each year, the county treasurer shall provide a written report to the county board of commissioners that indicates that the bond required under subsection (1) is valid for the upcoming year and that the amount of the bond meets or exceeds the statutory threshold amount as provided in subsection (1). A copy of the bond required under subsection (1) shall be attached to the written report provided to the county board of commissioners under this subsection.

History: Add. 2007, Act 211, Imd. Eff. Dec. 27, 2007