[HISTORY: Adopted by the Township Board of the Charter Township
of Huron as indicated in article histories. Amendments noted where
applicable.]
[Adopted 5-28-2003 by Ord. No. 03-04]
In the event a cash bond is required by the Township pursuant
to ordinance, rule, regulation or policy, the Treasurer may, at his/her
discretion, invest such money in such accounts or for such purposes
as permitted by the statutes of the State of Michigan.
An administrative fee shall be charged for the investment and
management of such accounts, which fee shall equal the interest earned
on any account, to a maximum of 5%. Interest earned exceeding 5% shall
be delivered to the person or entity posting the cash bond, at such
time as said bond, or any portion remaining after deduction of amounts
owed the Township, is returned to said person or entity.
