Sec. 3.
The said board of sinking fund commissioners shall have exclusive control of the money of the sinking fund and shall faithfully apply the same whenever possible, or it may appear to the county's interests, to the payment of the principal and interest of the bonded indebtedness of the county, and to no other purpose whatever, excepting as herein otherwise provided. The moneys in the sinking fund and the various accounts thereof shall be held by the county treasurer but no warrant shall be paid from said fund except in compliance with the resolution duly passed by said board of sinking fund commissioners, appearing upon the minutes of said board, and upon a warrant countersigned by the chairman of the board of sinking fund commissioners: Provided, however, That the countersigning of any warrant by the chairman of the board of sinking fund commissioners shall be invalid unless the signature include the designation "chairman of the board of sinking fund commissioners."
History: 1923, Act 161, Eff. Aug. 30, 1923 ;-- CL 1929, 1248 ;-- CL 1948, 141.33
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 161 of 1923 - Board of Sinking Fund Commissioners (141.31 - 141.40)
Section 141.31 - Bond Issues; Requisite Sinking Funds.
Section 141.32 - Sinking Fund Commissioners.
Section 141.33 - Sinking Fund Commissioners; Control of Fund, Application; Payment, Manner.
Section 141.34 - Sinking Fund Commissioners; Handling of Funds, Investment; Bonded Debt.
Section 141.36 - Sinking Fund Commissioners; Condition Reports to Board; Tax Recommendations.
Section 141.37 - Bond Sale; Interest, Credit; Expenses of Commissioners.
Section 141.38 - Suit on Securities.
Section 141.39 - Saving Clause; Construction of Act.
Section 141.40 - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.