Michigan Compiled Laws Act 105 Of 1855 Surplus Funds In Treasury (21.141 - 21.147)

An act to regulate the disposition of the surplus funds in the state treasury; to provide for the deposit of surplus funds in certain financial institutions; to lend surplus funds pursuant to loan agreements secured by certain commercial, agricultural, or industrial real and personal property; to authorize the loan of surplus funds to certain municipalities; to authorize the participation in certain loan programs; to authorize an appropriation; and to prescribe the duties of certain state agencies.

History: 1855, Act 105, Eff. May 15, 1855 ;-- Am. 1979, Act 88, Imd. Eff. Aug. 1, 1979 ;-- Am. 1980, Act 30, Imd. Eff. Mar. 8, 1980 ;-- Am. 1980, Act 323, Imd. Eff. Dec. 15, 1980 ;-- Am. 1986, Act 242, Imd. Eff. Dec. 3, 1986 ;-- Am. 1990, Act 360, Imd. Eff. Dec. 27, 1990 ;-- Am. 1993, Act 44, Imd. Eff. May 27, 1993

Section 21.141 Loan To Eligible Municipality; Approval; Compliance; Warrant; Limitation On Total Amount Of Loans; Sale, Assignment, Transfer, Or Repurchase Of Loans; "Board" Defined.
(1) The state treasurer shall make a loan from surplus funds to an eligible municipality, as municipality is defined in section 1 of the...
Section 21.142 Repealed. 2006, Act 228, Imd. Eff. June 26, 2006.
Compiler's Notes: The repealed section pertained to use of surplus funds to make loans to qualified corporations.
Section 21.142a Investment Of Surplus Funds; Conditions And Restrictions; Valid Public Purpose; Approval Of Documentation; Agricultural Loans; Disposition Of Earnings; Reducing General Fund By Amount Of Interest Deficiency Or Loss Of Principal; Duration Of Certain Investments; Compliance; Separate Reports; Definitions; Value Of Qualified Agricultural Loans; Deduction Of Grant; Use Of Existing Deposits For Loans To Farmers; Appropriation; Reduction Of Maximum Amount Of Investments; Effect Of Money Not Invested For Qualified Agricultural Loans; Action To Ensure Successful Operation Of Section; Disposition Of Affidavit; Use Of Federal Grant.
(1) The state treasurer may invest surplus funds under the state treasurer's control in certificates of deposit or in a financial institution that qualifies...
Section 21.142b Investment Of Surplus Funds; Terms And Conditions; Valid Public Purpose; Investment Agreement; Amount Of Investment; Earnings; List Of Eligible Projects; Conditions To Approval Of Eligible Project; Duty Of Director And State Treasurer; Definitions; Effect Of General Obligation Bonds; Use Of Bond Proceeds To Promote Solid Waste Management.
(1) The state treasurer may invest surplus funds under the state treasurer's control with a financial institution, investment company, insurance company, or other legal...
Section 21.142c Investment Of Surplus Funds; Public Purpose; Earnings; Losses; Limitation.
(1) The state treasurer may invest surplus funds under the control of the state treasurer in undivided participating interests in loans the principal of...
Section 21.142d Investment Of Surplus Funds To Facilitate Marina Dredging Loans.
(1) The state treasurer may invest surplus funds under the state treasurer's control in certificates of deposit or other instruments of a financial institution...
Section 21.142e Loan Of Surplus Funds To Sugar Beet Growers' Cooperative.
(1) The state treasurer may loan not more than $5,000,000.00 in surplus funds, without interest, to sugar beet growers' cooperatives for the purpose of...
Section 21.142f Investment In Loans To Land Bank Fast Track Authority Or Brownfield Redevelopment Authority; Terms; Definitions.
(1) The state treasurer may invest surplus funds in loans to a land bank fast track authority or a brownfield redevelopment authority at the...
Section 21.143 Financial Institution As Depository Of Surplus Funds; Compliance; Location Of Principal Office; Security; Rate Of Return; Investment And Use Of Surplus Funds; Disposition Of Earnings From Loans; Loss Of Principal Or Interest; Reduction Of Earnings; Investment In Securities Of No-load Open-end Or Closed-end Management Type Investment Company Or Investment Trust.
(1) A financial institution shall not be a depository of surplus funds of the state unless the financial institution complies with this act. The...
Section 21.144 Liability Of State Treasurer And His Or Her Bail; Loans Not Subject To Certain Acts.
(1) Nothing contained in this act shall be held or considered to change or affect the liability of the state treasurer or his or...
Section 21.145 Compliance With Divestment From Terror Act.
The state treasurer shall comply with the divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making investments under this act....
Section 21.146 Illegal Discriminatory Lending Practice; Determination Regarding Deposit Of Additional Surplus Funds; Considerations; Commencement Date And Duration Of Prohibition; Determination Subject To Mcl 24.201 et Seq.
(1) If a financial institution is found by a state or federal agency having jurisdiction over that financial institution, or a court having jurisdiction...
Section 21.147 Definitions.
As used in this act: (a) “Commissioner” means the commissioner of the office of financial and insurance services of the department of consumer and...

Last modified: October 10, 2016