MCL - Act 367 of 1982


SURPLUS FUNDS INVESTMENT POOL ACT

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




The People of the State of Michigan enact:
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.