INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS
Act 20 of 1943
AN ACT relative to the investment of funds of public corporations of the state; and to validate certain investments.
History: 1943, Act 20, Imd. Eff. Mar. 13, 1943
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Am. 1988, Act 285, Imd. Eff. Aug. 1, 1988
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Am. 1997, Act 196, Imd. Eff. Dec. 30, 1997
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 129.91 | Section | Investment of funds of public corporations; eligible depository; secured deposits; funds limitation on acceptable assets; pooling or coordinating funds; written agreements; investment in certificate of deposit; conditions; “financial institution” defined; additional definitions. |
| Section 129.92 | Section | Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997. |
| Section 129.93 | Section | Existing investments ratified and validated. |
| Section 129.94 | Section | Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated. |
| Section 129.95 | Section | Investment policy; adoption by governing body. |
| Section 129.96 | Section | Execution of order to purchase or trade funds of public corporation; providing copy of investment policy; public corporation subject to subsection (1); report. |
| Section 129.97 | Section | Long-term or perpetual trust fund; investment of assets; resolution authorizing investment officer same authority as investment fiduciary under MCL 38.1132 to 38.1140m; conditions. |
| Section 129.97a | Section | Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report. |