Alma record. (Alma, Mich.) 1878-1928, 1907-01-23
THE PROPOSED LAW.
Governing County Treasurers and
Conferrins Additional Pow.
ers to Supervisors.
PETITION TO Be CIRCULATED.
messrs. Townsend A. Ely and Clifton
J. Chambers TO be Requested to
Secure Passage of Law.

The committee appointed by the Board
OF Supervisors at their recent session, to
draft an act whereby the board would
have power to furnish county treasurers
with their bond, the treasurer in tnrn To
deposit funds with State or National
banks paying highest rate of intesest,
have framed the following:
AN ACT to confer upon tie Boards of
Supervisors of the several counties of the
State of Michigan certain local, admins
trative and Legislative powers.
THE PEOPLE OF THE STATE OF MICHIGAN
ENACT:
SECTION /. The several boards of SUI
pervisors in addition to the powers and
duties heretofore conferred upon such
board, shall have power, and they are
hereby authorized, at any meeting there
of lawfully held:
First, To designate by resolution the
State or National bank or banks doing
busiress within their respective counties,
to act AS repositories for all public
moneys belonging to their respective
counties and in the hands or under the
control of their respective county treas
urers, that will give good and ample
security to be approved by such boards of
supervisors for the safe keeping and re-
endorsement of such public moneys,
whenever called for, and agreeing to pay
the highest rate of interest on average
monthly balances OH all funds so held
by it;
Second, Before designating the banks
that shall act as such repositories, said
boards of supervisors, to notify all such
banks doing business within their res
pective counties to submit sealed bids of
the highest rate of interest that such bank
or banks are willing TO pay on the aver
age monthly balances on all such funds
so held by it or them, PROVIDED, That
in case several banks bid the same rate of
interest on monthly balances 50 held, the
board of supervisors shall divide the
public funds to be deposited pro. rata
among such banks; and provided further,
That said boards of supervisors may des-
ignate State or National bank in the
county seat of their respective counties,
bidding the highest rate of interest of the
banks doing business at such seats, and
giving the security as herein required, as
a depository of public funds and in which
depository shall be deposited such an
amount of the public funds as in the
judgment of snch boards may be neces-
sary to enable the county treasurer of the
respective counties to properly and con-
veniently disburse the same; And Pro-
vided further, That said boards may re-
ject any and all bids received.
Third, To purchase at the expense of
their respective counties such bonds for
the county treasurer as may be necessary
to protect the interest of their respective
counties;
Fourth, To pass all necessary resolu-
tions and take such steps and make and
enforce such regulations as may be nee
essary TO secure the enforcement Of the
provisions of this act and the compliance
Herewith by all officers and persons
having such public funds in charge or
under their control.
SECTION ?. Nothing herein contained
shall be held in any way or manner as
changing or affecting the liability of the
county treasurers of their respective
counties, or their bail, or their bond or
bonds to their respective counties.
SECTION ;. That all acts and parts of
acts inconsistent with the provisions of
this act are hereby repealed