Bill Text: MI HB4677 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Transportation; funds; investment procedures; expand. Amends title & sec. 10 of 1941 PA 258 (MCL 21.110).
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2011-05-25 - Printed Bill Filed 05/25/2011 [HB4677 Detail]
Download: Michigan-2011-HB4677-Introduced.html
HOUSE BILL No. 4677
May 24, 2011, Introduced by Reps. Olson and Opsommer and referred to the Committee on Appropriations.
A bill to amend 1941 PA 258, entitled
"An act to simplify the accounting procedures of the state; to
provide for the state funds through which all state accounting or
bookkeeping transactions are to be recorded; to provide for the
discontinuance or merging of certain state funds; to adjust the
accounting of payments into the highway bond sinking fund on a
fiscal year basis; and to repeal all acts and parts of acts
inconsistent with the provisions of this act,"
by amending the title and section 10 (MCL 21.110).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
TITLE
An act to simplify the accounting procedures of the state; to
provide for the state funds through which all state accounting or
bookkeeping transactions are to be recorded and for a common rate
of interest to be credited; to provide for the discontinuance or
merging
of certain state funds; and to adjust the accounting of
payments
into the highway bond sinking fund on a fiscal year basis;
and
to repeal all acts and parts of acts inconsistent with the
provisions
of this act provide for
certain duties of the state
auditor general.
Sec. 10. (1) The assets of the state treasurer's common cash
fund
shall consist of :
(a)
Such the remaining cash of the several state funds as
may
have been deposited by the state treasurer in 1 or more common bank
depositories commingled with the cash of any other fund or funds in
such
these depositories or held by the state treasurer for
eventual
deposit
in such these depositories
.
(b)
The and the cash overdrafts due from such the state
funds
for
which expenditures from such the
commingled depositories had
exceeded the cash deposited or placed to their respective credit in
such
the depositories.
(2) The liabilities of the state treasurer's common cash fund
shall
comprise the equities of such the
state funds for which the
aggregate of the cash deposited or placed to their respective
credit in the state treasurer's common cash fund has exceeded the
cash
expended for their account. therefrom.
(3) Notwithstanding any other law to the contrary, all cash
and other assets of the state funds that are deposited by the state
treasurer into the common cash fund shall be credited with the same
rate of investment interest. To the extent that the various state
funds need to be treated as trust funds to be credited with a
common interest rate under this act, the state treasurer shall
treat the various state funds as trust funds. If it is necessary to
treat all funds as uncapped funds in order for the applied and
credited interest rates to be equal for purposes of credit to the
various state funds, the state treasurer shall treat all state
funds in the common cash fund as uncapped.
