SB-0368, As Passed House, December 13, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 368

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1846 RS 14, entitled

 

"Of county officers,"

 

(MCL 48.35 to 48.48) by adding section 40a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     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.