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Act 105 of 1855
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SURPLUS FUNDS IN TREASURY

Act 105 of 1855

An act to regulate the disposition of the surplus funds in the state treasury; to provide for the deposit of surplus funds in certain financial institutions; to lend surplus funds pursuant to loan agreements secured by certain commercial, agricultural, or industrial real and personal property; to authorize the loan of surplus funds to certain municipalities; to authorize the participation in certain loan programs; to authorize an appropriation; and to prescribe the duties of certain state agencies.


History: 1855, Act 105, Eff. May 15, 1855 ;-- Am. 1979, Act 88, Imd. Eff. Aug. 1, 1979 ;-- Am. 1980, Act 30, Imd. Eff. Mar. 8, 1980 ;-- Am. 1980, Act 323, Imd. Eff. Dec. 15, 1980 ;-- Am. 1986, Act 242, Imd. Eff. Dec. 3, 1986 ;-- Am. 1990, Act 360, Imd. Eff. Dec. 27, 1990 ;-- Am. 1993, Act 44, Imd. Eff. May 27, 1993


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 21.141SectionLoan to eligible municipality; approval; compliance; warrant; limitation on total amount of loans; sale, assignment, transfer, or repurchase of loans; "board" defined.
Section 21.142SectionRepealed. 2006, Act 228, Imd. Eff. June 26, 2006.
Section 21.142aSectionInvestment of surplus funds; conditions and restrictions; valid public purpose; approval of documentation; agricultural loans; disposition of earnings; reducing general fund by amount of interest deficiency or loss of principal; duration of certain investments; compliance; separate reports; definitions; value of qualified agricultural loans; deduction of grant; use of existing deposits for loans to farmers; appropriation; reduction of maximum amount of investments; effect of money not invested for qualified agricultural loans; action to ensure successful operation of section; disposition of affidavit; use of federal grant.
Section 21.142bSectionInvestment of surplus funds; terms and conditions; valid public purpose; investment agreement; amount of investment; earnings; list of eligible projects; conditions to approval of eligible project; duty of director and state treasurer; definitions; effect of general obligation bonds; use of bond proceeds to promote solid waste management.
Section 21.142cSectionInvestment of surplus funds; public purpose; earnings; losses; limitation.
Section 21.142dSectionInvestment of surplus funds to facilitate marina dredging loans.
Section 21.142eSectionLoan of surplus funds to sugar beet growers' cooperative.
Section 21.142fSectionInvestment in loans to land bank fast track authority or brownfield redevelopment authority; terms; definitions.
Section 21.143SectionFinancial institution as depository of surplus funds; compliance; location of principal office; security; rate of return; investment and use of surplus funds; disposition of earnings from loans; loss of principal or interest; reduction of earnings; investment in securities of no-load open-end or closed-end management type investment company or investment trust.
Section 21.144SectionLiability of state treasurer and his or her bail; loans not subject to certain acts.
Section 21.145SectionCompliance with divestment from terror act.
Section 21.146SectionIllegal discriminatory lending practice; determination regarding deposit of additional surplus funds; considerations; commencement date and duration of prohibition; determination subject to MCL 24.201 et seq.
Section 21.147SectionDefinitions.