Michigan Compiled Laws Act 20 Of 1943 Investment Of Surplus Funds Of Political Subdivisions (129.91 - 129.97a)

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

Section 129.91 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.
(1) Except as provided in section 5, the governing body by resolution may authorize its investment officer to invest the funds of that public...
Section 129.92 Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997.
Compiler's Notes: The repealed section pertained to investment of sinking funds and insurance moneys by school districts.
Section 129.93 Existing Investments Ratified And Validated.
Investments made before the effective date of the amendatory act that repealed section 2 of the surplus funds, sinking funds, or insurance funds of...
Section 129.94 Funds Accumulated Under Eligible Deferred Compensation Plan; Deposit; Investment; Existing Investments Ratified And Validated.
(1) As used in this section: (a) “Eligible deferred compensation plan” means a deferred compensation plan established and maintained by a governing body, which...
Section 129.95 Investment Policy; Adoption By Governing Body.
(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...
Section 129.96 Execution Of Order To Purchase Or Trade Funds Of Public Corporation; Providing Copy Of Investment Policy; Public Corporation Subject To Subsection (1); Report.
(1) Subject to subsection (2), before executing an order to purchase or trade the funds of a public corporation, a financial intermediary, broker, or...
Section 129.97 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.
Notwithstanding any law or charter provision to the contrary, if a public corporation has a long-term or perpetual trust fund consisting of money and...
Section 129.97a Investment Of Assets Of Special Revenue Fund By Investment Officer; Resolution Granting Authority; Annual Special Revenue Fund Report.
(1) Notwithstanding any law or charter to the contrary, if a public corporation has a special revenue fund consisting of payments for park operations...

Last modified: October 10, 2016