COUNTY TREASURER BOND S.B. 368 (S-1): FLOOR ANALYSIS
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Senate Bill 368 (Substitute S-1 as reported)
Sponsor: Senator Tony Stamas
Committee: Local, Urban and State Affairs
CONTENT
The bill would amend Chapter 14 of the Revised Statutes of 1846, "Of county officers", to require a county to cover the county treasurer with a surety bond or blanket bond of at least $1.0 million.
Currently, as determined by a county board of commissioners, the county treasurer must either be covered by a blanket bond or give a bond of a surety company authorized to do business in the State for the faithful and proper discharge of the duties of the county treasurer's office and the duties required by virtue of that office. The cost of the individual bond must be paid from the county's general fund.
Under the bill, the amount of a bond would have to be at least $1.0 million, beginning December 1, 2007.
Also, before January 1 of each year, the county treasurer would have to give the county board of commissioners a written report indicating that the bond was valid for the upcoming year and that its amount met or exceeded the statutory threshold. A copy of the bond would have to be attached to the report.
Proposed MCL 48.40a Legislative Analyst: Craig Laurie
FISCAL IMPACT
The bill would have no effect on State revenue or expenditures. The bill would have no impact on local unit revenue but could increase local unit expenditures by an unknown amount depending on the costs of the bonds and the amount counties currently spend.
Date Completed: 10-26-07 Fiscal Analyst: David Zin
floor\sb368 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb368/0708