MCL - Act 367 of 1982
AN ACT relative to the investment of surplus funds of local units of government of this state in investment pools; to permit the establishment of investment pools by financial institutions; to permit local units of government to invest in investment pools; and to prescribe certain powers and duties of certain local units of government and their officers.
History: 1982, Act 367, Eff. Mar. 30, 1983
Document | Type | Description |
---|---|---|
Section 129.111 | Section | Short title. |
Section 129.112 | Section | Definitions. |
Section 129.113 | Section | Placing surplus funds in investment pool; contract with financial institution. |
Section 129.114 | Section | Contract between financial institution and local unit; required provisions. |
Section 129.115 | Section | Maintaining separate account for each participant; monthly statement of transactions; report. |
Section 129.116 | Section | Powers and duties of depository. |
Section 129.117 | Section | Default in payment of principal, interest, or other income; remedies of depository. |
Section 129.118 | Section | Act as additional authority for investment of surplus funds. |