MCL - Act 20 of 1943

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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 ;-- Am. 1988, Act 285, Imd. Eff. Aug. 1, 1988 ;-- Am. 1997, Act 196, Imd. Eff. Dec. 30, 1997




The People of the State of Michigan enact:
Document Type Description
Section 129.91 Section Investment of funds of public corporation; 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Section 129.92 Section Repealed. 1997, Act 196, Imd.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.