SB-0368, As Passed Senate, October 30, 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.