Michigan Compiled Laws Act 121 Of 1985 Local Government Investment Pool Act (129.141 - 129.150)

AN ACT to establish a local government investment pool; to prescribe the powers, duties, and liabilities of certain public officials in relation to an investment pool; to permit local units of government to invest surplus funds in an investment pool; and to prescribe the powers and duties of certain state agencies.

History: 1985, Act 121, Imd. Eff. July 31, 1985

Section 129.141 Short Title.
This act shall be known and may be cited as the “local government investment pool act”. History: 1985, Act 121, Imd. Eff. July 31,
Section 129.142 Definitions.
As used in this act: (a) “Governing body” means the board, council, or other official body that has general governing powers over a local...
Section 129.143 Contracts Between Participating County And Local Units; Local Government Investment Pool; Management, Investment, And Reinvestment.
(1) A participating county may contract to accept money from local units within that county for management, investment, and reinvestment by the county treasurer....
Section 129.144 Authorization By Resolution.
(1) A county treasurer shall not enter into a contract with a local unit for deposit of money in an investment pool until authorized...
Section 129.145 Written Contract Required; Uniformity And Contents Of Contract; Filing And Approval Of Proposed Uniform Contract; Filing Copies Of And Amendments To Uniform Contract.
(1) Until the participating county treasurer and the treasurer or other chief fiscal officer of a local unit enter into a written contract regarding...
Section 129.146 Standard Of Judgment And Care.
The treasurer of a participating county shall invest the money in the investment pool with the degree of judgment and care, under circumstances then...
Section 129.147 Separate Accounts.
The treasurer of a participating county shall maintain a separate account designated by name and number for each participant. Each account shall show the...
Section 129.148 Safekeeping Depositories; Security.
(1) The treasurer of a participating county may use safekeeping depositories for the holding of securities. (2) Security in the form of collateral, surety...
Section 129.149 Default; Powers Of Treasurer.
If a default occurs in the payment of principal, interest, or other income of an investment of the investment pool, the treasurer of the...
Section 129.150 Orders Or Warrants; Limitation; Liability For Overdraft.
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...

Last modified: October 10, 2016