Michigan Compiled Laws
Act 47 of 1945 - Hospital Authority (331.1 - 331.11)
Section 331.8n - Disposition of Moneys in Funds Established by Authorizing Resolution and of Moneys in Bond and Interest Redemption Fund.

Sec. 8n.
Moneys in the several funds established by the resolution authorizing the bonds shall be deposited with 1 or more banks designated by the hospital authority board. Moneys in the bond and interest redemption fund, including reserve moneys, shall be kept on deposit with the bank or trust company or with 1 of the banks or trust companies at which the principal and interest on the bonds are currently payable. The hospital authority board in the authorizing resolution may provide that moneys in the several funds established thereby, except moneys in the bond and interest redemption fund and moneys derived from the sale of the bonds may be kept in 1 bank account, in which event the moneys in the bank account shall be allocated on the books and records of the hospital authority to the funds in the manner provided in the authorizing resolution; or the hospital authority board may provide that the moneys in the several funds may be kept in separate depositary accounts. Moneys in the bond and interest redemption fund shall be kept in a separate depositary account. Moneys in the several funds established by the resolution authorizing the bonds may be invested in United States government obligations subject to such limitations and conditions as may be provided in the authorizing resolution. Investment of moneys in the bond and interest redemption fund being accumulated for payment of next maturing principal or interest on the bonds shall be limited to United States government obligations bearing maturity dates prior to the date of the next maturing principal or interest. In the event of any such investment, the security representing the same shall be kept on deposit with the bank or trust company having the deposit of the fund or funds from which the purchase was made.
History: Add. 1973, Act 161, Imd. Eff. Dec. 14, 1973 Popular Name: Municipal Hospital Authority Act

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 331 - Hospitals

Act 47 of 1945 - Hospital Authority (331.1 - 331.11)

Section 331.1 - Hospital Authority; Formation; Issuance and Purpose of Bonds; Enlargement of Powers; “Hospitals” and “Community Hospitals and Related Facilities” Defined.

Section 331.2 - Hospital Authority; Body Corporate; Powers; Entity Unable to Document Compliance; Validation, Ratification, and Confirmation of Actions or Proceedings.

Section 331.3 - Contents of Resolution Creating Hospital Authority; Subsequent Membership; Release From Membership; Prior Actions and Proceedings Validated.

Section 331.4 - Community Hospitals; Annual Tax; Reimbursement Payments Under Glenn Steil State Revenue Sharing Act of 1971; Additional Annual Tax for Capital Improvements; Election.

Section 331.5 - Hospital Board; Appointment, Qualifications, and Terms of Members; Temporary Officers; Resolutions Removing Members at Large; Duties of Secretary; Limitation on Procedure; First Meeting; Election of Officers; Executive Committee; Medi...

Section 331.6 - Hospital Board; Meetings; Conducting Business at Public Meeting; Notice of Meeting; Waiver of Notice; Quorum; Record of Meeting; Availability of Record and Other Writings to Public; System of Accounts; Audit; Treasurer's Bond; Bylaws,...