{"data":{"id":"us-mi/mich.-comp.-laws-252.6","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 252.6","heading":"Inter-county highway commission; officers; employees; records; warrants; reports; depositories; interest; secured deposits; limitation on acceptable assets; “financial institution” defined.","body":"Sec. 6.\n\nWithin the limits of the funds provided by participating counties, the commission shall name its officers from its membership, except as otherwise provided in this act, and shall appoint engineers, attorneys, officers, agents, and other employees as may be necessary to carry out its duties.\n\nThe commission shall keep a record of its proceedings and designate 2 or more of its members to sign and countersign all warrants, drafts, checks, and orders for the payment of money.\n\nThe commission shall make an annual report to each county in the district of money received and expended and shall designate a financial institution as the depository of its funds and arrange for interest on daily balances.\n\nAssets acceptable for pledging to secure deposits of commission 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 commission and the financial institution.\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 252","Act Act-381-of-1925"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-252-6","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"d325f430817e8ff9f544f1a152090e7753201d06f72196b727de150e6f1cb751","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-252.5","next":"us-mi/mich.-comp.-laws-252.7"},"notice":"GroundRules: Original legal text. Not legal advice."}