{"data":{"id":"us-mi/mich.-comp.-laws-129.41","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 129.41","heading":"Public funds of incorporated village; deposit; secured deposits; limitation on acceptable assets; warrants and orders; profits; liability for loss; ordinance or resolution; conduct and inspection of proceedings; accrual of profits to village general fund.","body":"Sec. 1.\n\nThe legislative body of an incorporated village of this state may provide for the depositing and safeguarding of public funds in the manner prescribed in section 3 and this section. The treasurer of an incorporated village within the state, upon giving bond as required by the council, may deposit all public funds of which the treasurer has charge in a financial institution located within the county which the treasurer considers best for the protection of the funds.\n\nAssets acceptable for pledging to secure deposits of village funds are limited to any of the following:\n\nAssets considered acceptable to the state treasurer under section 3 of 1855 PA 105, MCL 21.143, to secure deposits of state surplus funds.\n\nAny of the following:\n\nSecurities issued by the federal home loan mortgage corporation.\n\nSecurities issued by the federal national mortgage association.\n\nSecurities issued by the government national mortgage association.\n\nOther securities considered acceptable to the village and the financial institution.\n\nThe deposit shall be subject at all times to the warrants and orders of the treasurer required by law to be drawn, and all profits arising from the deposit shall inure to the benefit of the funds.\n\nThese deposits shall not release the treasurer from liability for a loss which may occur by the deposit.\n\nThe legislative body may provide by ordinance or resolution for the deposit of all public funds belonging to the village coming into the possession of the treasurer in a designated financial institution located within the county and may determine in the ordinance or resolution all details for carrying into effect the authority granted by this section.\n\nAll proceedings in connection with the deposit of funds shall be conducted in a manner which insures full publicity and shall be open at all times to the inspection of any citizen. Neither the treasurer nor the treasurer's sureties shall be liable for a loss incurred from deposits made under authority of an ordinance or resolution of the council.\n\nProfits arising from the deposit shall accrue to the benefit of the general fund of the village.","path":["MI Code","Chapter 129","Act Act-321-of-1909"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-129-41","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8aaf38649825911686af3400f150d121f48255c258e403adbd6d10e7f538f643","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-129.101","next":"us-mi/mich.-comp.-laws-129.42"},"notice":"GroundRules: Original legal text. Not legal advice."}