{"data":{"id":"us-mi/mich.-comp.-laws-247.425","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 247.425","heading":"Money collected; disposition; disbursement; interest; secured deposits; limitation on acceptable assets; designation of financial institution; “financial institution” defined.","body":"Sec. 25.\n\nMoney collected on account of an improvement shall be paid to the county treasurer and credited to the special assessment district.\n\nThe money shall be disbursed only by an order of the county road commission or the state transportation commission and only for the purposes of this act.\n\nThe county treasurer shall deposit the money in a manner that will draw interest, in a financial institution approved by the county board of commissioners or by the state transportation commission. The interest accrued shall become a part of the fund.\n\nAssets acceptable for pledging to secure deposits of county 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 county and the financial institution.\n\nIf the improvement is carried on by and under the direction of the state transportation commission, the commission shall designate the financial institution the money is to be deposited in under this act.\n\nAs used in this section, \"financial institution\" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States.","path":["MI Code","Chapter 247","Act Act-59-of-1915"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-247-425","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c4c25f6a9542da8a299ec826b5ed89b6e9a617961b498b26e42266dabeacfbc3","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-247.424","next":"us-mi/mich.-comp.-laws-247.428"},"notice":"GroundRules: Original legal text. Not legal advice."}