County Funds To Draw Interest

The following is a full text of the bill which lias ju8t been passeil by the legislatura, iiuthoriziiig the board of supervisors to deposit the crtunty funds in the bank puyiug the liighest rate of interest therefor : AN ACT- To Provide for the Deposit of the Public Moueyn by the Treasurer o( Wshtenaw County wltli Banking CorporatlonH on Interest and to Authorize the Invcstiiicii i of Certain Moneys now In the Hands of the Treasurer of aald County. SscmOH 1. The J'eople of tic Otate of Michigan Enaet, That lt sliall be lawful lor the board of supervisors or Washtenaw couuly to contract with any bank or banks, lncoriioraiiMi unUer any law ui' iliis Btate or the United siutt's, for the safe keeping of any moneys belonglng to the county, and for the payment by auoh bank or banks of Interest thereon at a rate not exceeding that eslabllshcd by law ; Interest to be coraputed upon daily balances, and slmll be paid on the tlurty ilrm day of December and thirtieth day of Juneiu each year, or ut any other time when the account may be closed. Section 2. Before any deposit shall be made with any bank or banks as aforesald, such bank or banks shall executeaud deliver to the county treasurer a bond lu such suih and, with such sureties as may be approved by s:iiil board of supervisors; sald bond slmll be made to tlie county, and shull beconditloned for the safe keeping and rupayment of such monies or auy part tuereof ou demand, and the payment of said interest. iSaid bond shall also contaln other conditious as may be requlred by the said board of supervisors. Becllon :i. All interest moneys so paid by uvery such bankor banksshail becredited to and form part of the general fund of the county. Seetlon 4. The board of supervisors, whenever tin y slmll deern it unsufe to continue sald depOHits with any sucli bank or Imuks, orthey deern the securlty insulncieut, may direct the county treasurer to wlthdraw Mild depoHils l'nmi such bank or banks, and it abMl be thereupon the duty of sald treasurer to deinand and withdruw such deposils au so dlrected by sald board: Provided, That lf any such bank or banks should suspend payment of lts deposita whlle It may hold any deposlts of sald public moueys the county treasurer and hls ball or hls bondsiLH-ii shall not be Hable for the amouiil of auy loss that may be occasloned orsustatued by such siispi'iision. 8ectiou 5 The treasurer of said county of Washtonaw is liercby authorlzed wilh the conseut and approval of the Judge of probate of said county, to iuvest auy moueys in hls hands subject to the provisión of act number elghty-six ol' the session laws of eighteen huudred and elgbty-one, approved April lifteenth, elglitceu hundred and eighty-une, in interest bearlne bonds of the couuty of Washtenuw, or other municipal, state or government bt nds, to be approved by the judge of probate. Whenever sald treasurer shall be caüed upou to pay any money pursuaut to the provfaions of the act aforesald, lie shall pay the same from the general fund of the couuty, if there be sumcient money In the f;eneral luud available for that purpose, and f uot he may negotiatothe sale of any bonds aulhorlzed by i hls section at not less than par valué to anamouut suillclent therefor, and any mivances that may be made from the geueral fund as hereln provided, shall be reimbursed from the Interest on any lx nts hereln authorized to be issued. or from the principal thereof. Auy animal balances of Interest that may be due, or in the hands of sald treasurer shall be dlsposed of as the board of supervisors stuul direct. Tliis act Is ordered to take lmmediate ell'ect. Approved .lune 3, 1885. The paraxraph appearing iu this column last week about "the Ann Arbor democrat" and his not having beeu re warded by President Cleveland as yet, referred not to the newspaper, the Ann Arbor Democrat, but to the membere of the democratie party in this city . This explanation is made because our neighbor of the Democrat - for whom we have nothing but the kindest feehngs - mistook the meaning of the paragraph and gave it a personal application to himself. Nothing could have been father from the thoughts of its writer than this construction . -