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Michigan Compiled Laws - Public Funds
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- Public Moneys; Definition - Mich. Comp. Laws Section 129.11
All moneys which shall come into the hands of any officer of any county, or of any township, school district, city or village, or ...
- Resolution Providing For Designation And Deposit Of Public Money; Limitation On Acceptable Assets; Conduct Of Proceedings; Designation Of Depositories; Deposit Of Funds; Liability - Mich. Comp. Laws Section 129.12
(1) The county board of commissioners, or board of county auditors in a county in which there is a board of county auditors, the township ...
- Repealed. 1997, Act 31, Imd. Eff. June 19, 1997 - Mich. Comp. Laws Section 129.13
Compiler's Notes: The repealed section pertained to prohibited security. ...
- Deposit Or Investment Of Additional Funds; Limitation - Mich. Comp. Laws Section 129.14
Notwithstanding section 2, additional funds coming into the possession of a county treasurer, township treasurer, school district treasurer, city treasurer or tax collector, or ...
- "Deposit" Defined - Mich. Comp. Laws Section 129.15
As used in this act, "deposit" includes purchase of, or investment in, shares of a credit union. History: Add. 1979, Act 84, Imd. Eff. ...
- "Financial Institution" Defined; Financial Institution Not Maintaining Principal Or Branch Office In State; Designation And Deposit Of Public Money - Mich. Comp. Laws Section 129.16
(1) As used in this act, "financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, ...
- Tax Collectors Relieved From Liability For Funds In A Designated Depository - Mich. Comp. Laws Section 129.21
All tax collectors and former tax collectors of the state of Michigan or any of its political subdivisions are hereby relieved from any liability ...
- Fee Collectors Relieved From Liability For Funds In A Designated Depository - Mich. Comp. Laws Section 129.22
All fee collectors and former fee collectors of the state of Michigan or of any of its political subdivisions are hereby relieved from any ...
- Public Officials Relieved From Liability For Funds In A Designated Depository - Mich. Comp. Laws Section 129.23
All officers of the state of Michigan or of any of its political subdivisions who in connection with the performance of the duties of ...
- Deposit Of Money, Drafts, Or Checks In Designated Financial Institution; Keeping Sum On Hand In Treasurer's Office; Interest; Secured Deposits; Limitation On Acceptable Assets - Mich. Comp. Laws Section 129.31
(1) The county treasurer shall deposit daily money, drafts, or checks on hand received by the treasurer as treasurer in a financial institution designated by ...
- Notices Soliciting Sealed Bids For Deposit Of Public Funds; Designation Of Financial Institution; Period; Rejection Of Bids; Contract With Financial Institution; Bond; Surety; Drawing On Funds; Requesting Or Advertising For Bids Outside Of County; Resolution - Mich. Comp. Laws Section 129.32
(1) The county clerk or, if the county has a board of auditors, the county board of auditors before October 1 in each year that ...
- Bond - Mich. Comp. Laws Section 129.33
(1) Before a deposit is made with a financial institution, the institution shall execute and deliver to the county board of commissioners or the board ...
- Disposition Of Interest Money - Mich. Comp. Laws Section 129.34
The interest money paid by a financial institution on the deposits of a county shall be credited to and form a part of the ...
- Additional Bonds - Mich. Comp. Laws Section 129.35
The board of supervisors or the board of county auditors is hereby authorized to require new and additional bonds or security from the county ...
- Withdrawal Of Deposits; Suspending Payment Of Deposits; Liability - Mich. Comp. Laws Section 129.36
(1) If the county board of commissioners or the board of county auditors considers it unsafe to continue the deposits with a financial institution, or ...
- Deposit Of Additional County Funds; Limitation - Mich. Comp. Laws Section 129.36a
Notwithstanding section 1, additional county funds shall not be deposited in a financial institution which is not eligible to be a depository of surplus ...
- Board Of County Auditors; Powers And Duties - Mich. Comp. Laws Section 129.37
All powers conferred and duties imposed upon the boards of supervisors or the boards of county auditors under the provisions of this act, shall, ...
- "Deposit" Defined - Mich. Comp. Laws Section 129.37a
As used herein, "deposit" includes purchase of or investment in shares of credit unions. History: Add. 1979, Act 86, Imd. Eff. Aug. 1, 1979 ...
- County Treasurer; Accounts With Banks - Mich. Comp. Laws Section 129.38
It shall be the duty of the county treasurer to keep the accounts of the treasurer with all banks or depositories, where any moneys ...
- "Interest" Defined - Mich. Comp. Laws Section 129.38a
As used herein, "interest" includes dividends on credit union shares. History: Add. 1979, Act 86, Imd. Eff. Aug. 1, 1979 ...
- Violation Of Act; Penalty - Mich. Comp. Laws Section 129.39
Any person guilty of a violation of any of the provisions of this act shall on conviction thereof be punished by a fine not ...
- "Financial Institution" Defined - Mich. Comp. Laws Section 129.40
As used in this act, "financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, ...
- Public Funds Of Incorporated Village; Deposit; Secured Deposits; Limitation On Acceptable Assets; Warrants And Orders; Profits; Liability For Loss; Ordinance Or Resolution; Conduct And Inspection Of Proceedings; Accrual Of Profits To Village General Fund - Mich. Comp. Laws Section 129.41
(1) The legislative body of an incorporated village of this state may provide for the depositing and safeguarding of public funds in the manner prescribed ...
- Security For Deposit Prohibited - Mich. Comp. Laws Section 129.42
Security in the form of collateral, surety bonds, or another form shall not be taken for the deposit of the public funds. History: Add. ...
- Limitation On Deposit Of Additional Public Funds - Mich. Comp. Laws Section 129.43
Notwithstanding section 1(1), additional public funds of an incorporated village shall not be deposited in a financial institution which is not eligible to be ...
- "Deposit" Defined - Mich. Comp. Laws Section 129.44
As used in this act, "deposit" includes the purchase of, or investment in, shares of a credit union. History: Add. 1979, Act 77, Imd. ...
- "Financial Institution" Defined - Mich. Comp. Laws Section 129.45
As used in this act, "financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, ...
- Bonds Of Public Officials, Deputies, Assistants; Liability Of Sureties - Mich. Comp. Laws Section 129.51
If any officer of the state, or any officer of any county, township, school district, highway district, drainage district, city or village, or of ...
- Misappropriation Of Public Moneys; Suit By Taxpayer - Mich. Comp. Laws Section 129.61
Any person or persons, firm or corporation, resident in any township or school district, paying taxes to such political unit, may institute suits or ...
- Investment Of Public Moneys Received By County Treasurer And Board Of County Road Commissioners - Mich. Comp. Laws Section 129.71
The board of supervisors of any county, or the board of county auditors in those counties having a board of county auditors, is hereby ...
- Investment In Bonds Of Home Owners' Loan Corporation, Federal Home Loan Bank, Or Financial Institution; Secured Deposits; Limitation On Acceptable Assets; "Financial Institution" Defined - Mich. Comp. Laws Section 129.81
(1) This state and any of its departments or political subdivisions, including municipal corporations, or instrumentalities, or any insurance company, building and loan association or ...
- Public Funds; Deposit As Security - Mich. Comp. Laws Section 129.82
Wherever depositories of public or other funds are required or permitted by law to give security therefor, the bonds of the home owners' loan ...
- Construction Of Act - Mich. Comp. Laws Section 129.83
This act shall be construed as supplemental to the laws of this state, and as an additional authorization for the investment of funds and ...
- Investment Of Funds Of Public Corporations; Eligible Depository; Secured Deposits; Pooling Or Coordinating Funds; Written Agreements; Funds Limitation On Acceptable Assets; "Financial Institution" Defined; Additional Definitions - Mich. Comp. Laws Section 129.91
(a) Bonds, securities, and other obligations of the United States or an agency or instrumentality of the United States. (b) Certificates of deposit, savings accounts, ...
- Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997 - Mich. Comp. Laws Section 129.92
Compiler's Notes: The repealed section pertained to investment of sinking funds and insurance moneys by school districts. ...
- Existing Investments Ratified And Validated - Mich. Comp. Laws Section 129.93
Investments made before the effective date of the amendatory act that repealed section 2 of the surplus funds, sinking funds, or insurance funds of ...
- Funds Accumulated Under Eligible Deferred Compensation Plan; Deposit; Investment; Existing Investments Ratified And Validated - Mich. Comp. Laws Section 129.94
(1) As used in this section: (a) "Eligible deferred compensation plan" means a deferred compensation plan established and maintained by a governing body, which plan ...
- Investment Policy; Adoption By Governing Body - Mich. Comp. Laws Section 129.95
(1) Not more than 180 days after the end of a public corporation's first fiscal year that ends after the effective date of the amendatory ...
- Execution Of Order To Purchase Or Trade Funds Of Public Corporation; Providing Copy Of Investment Policy; Public Corporation Subject To Subsection (1); Report - Mich. Comp. Laws Section 129.96
(1) Subject to subsection (2), before executing an order to purchase or trade the funds of a public corporation, a financial intermediary, broker, or dealer ...
- Deposited Public Funds; Facsimile Signatures On Checks Or Orders For Payment Of Money - Mich. Comp. Laws Section 129.101
Moneys on deposit in any duly designated depository to the credit of any account of the state of Michigan, when so authorized by resolution ...
- Short Title - Mich. Comp. Laws Section 129.111
This act shall be known and may be cited as the "surplus funds investment pool act". History: 1982, Act 367, Eff. Mar. 30, 1983 ...
- Definitions - Mich. Comp. Laws Section 129.112
(1) As used in this act: (a) "Depository" means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed ...
- Placing Surplus Funds In Investment Pool; Contract With Financial Institution - Mich. Comp. Laws Section 129.113
The governing body of a local unit may enter into a contract with a financial institution to place surplus funds in an investment pool. ...
- Contract Between Financial Institution And Local Unit; Required Provisions - Mich. Comp. Laws Section 129.114
Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall ...
- Maintaining Separate Account For Each Participant; Monthly Statement Of Transactions; Report - Mich. Comp. Laws Section 129.115
The depository shall maintain for each participant a separate account designated by the participant's name and number. Each account shall show the deposits, earnings, ...
- Powers And Duties Of Depository - Mich. Comp. Laws Section 129.116
(1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments ...
- Default In Payment Of Principal, Interest, Or Other Income; Remedies Of Depository - Mich. Comp. Laws Section 129.117
If a default occurs in the payment of principal, interest, or other income of an investment pool, the depository shall pursue all remedies available ...
- Act As Additional Authority For Investment Of Surplus Funds - Mich. Comp. Laws Section 129.118
This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted ...
- Short Title; Bond Cremation Act - Mich. Comp. Laws Section 129.121
This act shall be known and may be cited as the "bond cremation act". History: 1962, Act 56, Eff. Mar. 28, 1963 ...
- Bond Cremation Act; Definitions - Mich. Comp. Laws Section 129.122
As used in this act: (a) "Public corporation" means any county, city, village, township, charter township, school district, community college district, port district, metropolitan ...
- Cremation Or Disintegration Of Public Obligations Or Interest Coupons - Mich. Comp. Laws Section 129.123
Subject to the provisions of this act, the governing body of any public corporation may authorize the cremation or disintegration of obligations or interest ...
- Public Bonds And Interest Coupons; Certificate Of Cremation, Contents, Filing - Mich. Comp. Laws Section 129.124
Where obligations and interest coupons are cremated by a public corporation, it shall be done in the presence of the official of the public ...
- Public Bonds And Interest Coupons; Obligations Not Considered Public Records - Mich. Comp. Laws Section 129.125
The powers conferred by this act shall be construed as constituting complete and independent power and authority to do the things herein authorized, the ...
- Definitions - Mich. Comp. Laws Section 129.131
As used in this act: (a) "Paying agent" means either of the following: (i) For an obligation that is not registered as to payment ...
- Replacement Obligations; Prerequisites To Issuance; Exercise Of Powers By Paying Agent; Resolution; Execution; Seal - Mich. Comp. Laws Section 129.132
(1) A public corporation, by resolution of the governing body or the state treasurer, may provide for issuance and delivery of a replacement obligation for ...
- Replacement Obligations; Form; Security; Execution; Formal Requirements; Indorsement - Mich. Comp. Laws Section 129.133
A replacement obligation shall be of the same form and tenor and be secured in the same manner as the obligation originally issued. The ...
- Replacement Of Unmatured Interest Coupons; Payment Of Matured Interest Coupons - Mich. Comp. Laws Section 129.134
The governing body may provide for replacement of unmatured interest coupons lost, destroyed, or wrongfully taken. Matured interest coupons shall not be replaced, and ...
- Repealed. 2000, Act 117, Imd. Eff. May 26, 2000 - Mich. Comp. Laws Section 129.135
Compiler's Notes: The repealed section pertained to the authority of the department to promulgate rules to implement the act. ...
- Short Title - Mich. Comp. Laws Section 129.141
This act shall be known and may be cited as the "local government investment pool act". History: 1985, Act 121, Imd. Eff. July 31, ...
- Definitions - Mich. Comp. Laws Section 129.142
As used in this act: (a) "Governing body" means the board, council, or other official body that has general governing powers over a local ...
- Contracts Between Participating County And Local Units; Local Government Investment Pool; Management, Investment, And Reinvestment - Mich. Comp. Laws Section 129.143
(1) A participating county may contract to accept money from local units within that county for management, investment, and reinvestment by the county treasurer. The ...
- Authorization By Resolution - Mich. Comp. Laws Section 129.144
(1) A county treasurer shall not enter into a contract with a local unit for deposit of money in an investment pool until authorized to ...
- Written Contract Required; Uniformity And Contents Of Contract; Filing And Approval Of Proposed Uniform Contract; Filing Copies Of And Amendments To Uniform Contract - Mich. Comp. Laws Section 129.145
(1) Until the participating county treasurer and the treasurer or other chief fiscal officer of a local unit enter into a written contract regarding the ...
- Standard Of Judgment And Care - Mich. Comp. Laws Section 129.146
The treasurer of a participating county shall invest the money in the investment pool with the degree of judgment and care, under circumstances then ...
- Separate Accounts - Mich. Comp. Laws Section 129.147
The treasurer of a participating county shall maintain a separate account designated by name and number for each participant. Each account shall show the ...
- Safekeeping Depositories; Security - Mich. Comp. Laws Section 129.148
(1) The treasurer of a participating county may use safekeeping depositories for the holding of securities. (2) Security in the form of collateral, surety bond, ...
- Default; Powers Of Treasurer - Mich. Comp. Laws Section 129.149
If a default occurs in the payment of principal, interest, or other income of an investment of the investment pool, the treasurer of the ...
- Orders Or Warrants; Limitation; Liability For Overdraft - Mich. Comp. Laws Section 129.150
An order or warrant shall not be issued upon a participant's account in an amount greater than the total of the account to which ...
- Short Title - Mich. Comp. Laws Section 129.171
This act shall be known and may be cited as the "agency financing reporting act". History: 2002, Act 470, Imd. Eff. June 21, 2002 ...
- Definitions - Mich. Comp. Laws Section 129.173
As used in this act: (a) "Agency" means this state, a state authority, agency, fund, commission, board, or department of this state. Agency also ...
- Bulletins; Issuance By Department - Mich. Comp. Laws Section 129.175
The department may issue bulletins as necessary to carry out the purposes of this act. A bulletin issued under this section shall include a ...
- Filing; Form; Manner; Noncompliance; Electronic Format - Mich. Comp. Laws Section 129.177
(1) Within 15 business days of completing the issuance of any security, an agency shall file all of the following with the department in a ...
- Bonds Of Principal Contractor On Public Building, Work, Or Improvement; Irrevocable Letter Of Credit - Mich. Comp. Laws Section 129.201
Before any contract, exceeding $50,000.00 for the construction, alteration, or repair of any public building or public work or improvement of the state or ...
- Performance Bond; Amount; Condition; Purpose - Mich. Comp. Laws Section 129.202
The performance bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount, conditioned upon ...
- Payment Bond; Amount; Purpose - Mich. Comp. Laws Section 129.203
The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for ...
- Bond, Surety, Obligee - Mich. Comp. Laws Section 129.204
A bond shall be executed by a surety company authorized to do business in this state. In the case of a contract of the ...
- Filing Of Bond - Mich. Comp. Laws Section 129.205
The bonds shall be filed in the office of the governmental unit awarding the contract. History: 1963, Act 213, Eff. Sept. 6, 1963 ...
- Public Works, Contractor's Bond; Definitions - Mich. Comp. Laws Section 129.206
A "claimant" means a person having furnished labor, material, or both, used or reasonably required for use in the performance of the contract. "Labor ...
- Enforcement Of Claims; Notice Of Supplier To Principal Contractor Or Governmental Unit; Payment To Subcontractor - Mich. Comp. Laws Section 129.207
A claimant who has furnished labor or material in the prosecution of the work provided for in such contract in respect of which payment ...
- Copies Of Bonds And Contracts; Fees - Mich. Comp. Laws Section 129.208
The agent in charge of the office of the governmental unit shall furnish to anyone making application therefor who submits an affidavit that he ...
- Venue; Statute Of Limitations - Mich. Comp. Laws Section 129.209
An action instituted on the payment bond shall be brought only in the appropriate court in the political subdivision in which the contract was ...
- Application Of Statute - Mich. Comp. Laws Section 129.210
This act shall not apply to any contract awarded pursuant to an invitation for bids issued on or before the effective date hereof, or ...
- Repeal; Restriction On Other Statute - Mich. Comp. Laws Section 129.211
Section 64 of Act No. 59 of the Public Acts of 1915, as amended, being section 247.464 of the Compiled Laws of 1948 is ...
- Act Inapplicable To Contracts Awarded Under SS 280.1 To 280.630 - Mich. Comp. Laws Section 129.212
This act does not apply to a contract awarded under the drain code of 1956, Act No. 40 of the Public Acts of 1956, ...
- Definitions - Mich. Comp. Laws Section 129.221
As used in this act: (a) "Credit card" means a card or device issued by a person licensed under 1984 PA 379, MCL 493.101 ...
- Acceptance Of Payment By Financial Transaction; Prohibition - Mich. Comp. Laws Section 129.222
A local unit shall not accept a payment by financial transaction device if prohibited by law or charter. A local unit shall not accept ...
- Adoption Of Resolution; Determination Of Acceptable Financial Transaction Devices - Mich. Comp. Laws Section 129.223
(1) Before a local unit accepts a payment by financial transaction device for a tax, assessment, or fee, the governing body of the local unit ...
- Authority Of Courts Not Affected - Mich. Comp. Laws Section 129.224
This act does not affect the authority of the courts to make determinations concerning the acceptance of financial transaction devices for court costs and ...
- Definitions - Mich. Comp. Laws Section 129.241
As used in this act: (a) "Budget" means a plan of financial operation for a given period of time, including an estimate of all ...
- Credit Card Arrangement; Use Of Credit Cards - Mich. Comp. Laws Section 129.242
(1) Subject to sections 3 and 5, the governing body of a local unit may enter into a credit card arrangement. (2) A credit card ...
- Adoption Of Resolution; Written Policy; Provisions - Mich. Comp. Laws Section 129.243
A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by ...
- Total Combined Authorized Credit Limit; Limitation; Payment Of Balance, Annual Fee, And Interest - Mich. Comp. Laws Section 129.244
(1) The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget of ...
- Limiting Or Suspending Authority To Issue And Use Credit Cards; Issuance Of Order; Hearing - Mich. Comp. Laws Section 129.245
After a hearing conducted under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to ...
- Validity Of Credit Card Arrangement Before Effective Date Of Act - Mich. Comp. Laws Section 129.246
A credit card arrangement entered into by a local unit before the effective date of this act is valid but may not be used ...
- Effective Date - Mich. Comp. Laws Section 129.247
This act shall take effect 6 months after the date of its enactment. History: 1995, Act 266, Eff. July 8, 1996 ...
- Short Title - Mich. Comp. Laws Section 129.261
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Legislative Findings And Declaration - Mich. Comp. Laws Section 129.262
(a) This state has entered into a master settlement agreement with major tobacco companies that should result in the state receiving substantial sums of money ...
- Definitions - Mich. Comp. Laws Section 129.263
(a) "Ancillary facility" means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement agreement, interest rate exchange or similar ...
- Michigan Tobacco Settlement Finance Authority; Creation; Separate Legal Entity; Issuance Of Bonds Generally - Mich. Comp. Laws Section 129.264
(2) Notwithstanding the existence of common management, the authority shall be treated and accounted for as a separate legal entity with its separate corporate purposes ...
- Authority; Duties; Administrative Functions - Mich. Comp. Laws Section 129.265
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Board Of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents And Employees; Discharge Of Duties By Member, Officer, Employee, Or Agent; Independent Public Financial Advisor - Mich. Comp. Laws Section 129.266
(2) The board shall be made up of 7 members as follows: (a) The state treasurer. (b) The director of the department of labor and ...
- Powers Of Authority - Mich. Comp. Laws Section 129.267
(a) To solicit and accept gifts, grants, and loans from any person. (b) To invest any money of the authority at the authority's discretion, in ...
- Sale Of State's Tobacco Receipts; Terms; Agreement; Purchase Price; Remedies; Approval By Resolution Adopted By State Administrative Board; Absolute Transfer; Limitation On Use Of Net Proceeds And Earnings - Mich. Comp. Laws Section 129.268
(2) Any sale agreement shall provide that the purchase price payable by the authority to the state for TSRs shall consist of the net proceeds ...
- Obligations - Mich. Comp. Laws Section 129.269
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Creation Of Authority; Purpose As Public And Governmental; Property And Income Exempt From Tax; Interest - Mich. Comp. Laws Section 129.270
(2) The property of the authority and its income and operations shall be exempt from taxation by this state and any political subdivision of this ...
- Duties Of State Before Payment Or Discharge Of Bonds And Ancillary Facilities - Mich. Comp. Laws Section 129.271
(a) Irrevocably direct the escrow agent under the master settlement agreement to transfer the TSRs directly to the authority or its assignee. (b) Enforce the ...
- Effect Of Bonds Issued Under Act - Mich. Comp. Laws Section 129.272
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Dissolution Of Authority - Mich. Comp. Laws Section 129.273
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Construction Of Act - Mich. Comp. Laws Section 129.274
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Availability Of Funds - Mich. Comp. Laws Section 129.275
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Report - Mich. Comp. Laws Section 129.276
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Appropriation - Mich. Comp. Laws Section 129.277
(a) Payment of operating expenses of the authority. (b) Funding any reserve requirements. (2) Money appropriated under this section that is not expended before the ...
- Legal Jurisdiction - Mich. Comp. Laws Section 129.278
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
- Severability - Mich. Comp. Laws Section 129.279
History: 2005, Act 226, Imd. Eff. Nov. 21, 2005 ...
Last modified: January 3, 2008
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