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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
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 129.111||Section||Short title.
|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.