Michigan Compiled Laws Act 367 Of 1982 Surplus Funds Investment Pool Act (129.111 - 129.118)

AN ACT relative to the investment of surplus funds of local units of government of this state in investment pools; to permit the establishment of investment pools by financial institutions; to permit local units of government to invest in investment pools; and to prescribe certain powers and duties of certain local units of government and their officers.

History: 1982, Act 367, Eff. Mar. 30, 1983

Section 129.111 Short Title.
This act shall be known and may be cited as the “surplus funds investment pool act”. History: 1982, Act 367, Eff. Mar. 30, 1983
Section 129.112 Definitions.
(1) As used in this act: (a) “Depository” means that department of the financial institution which is responsible for managing, investing, and reinvesting funds...
Section 129.113 Placing Surplus Funds In Investment Pool; Contract With Financial Institution.
The governing body of a local unit may enter into a contract with a financial institution to place surplus funds in an investment pool....
Section 129.114 Contract Between Financial Institution And Local Unit; Required Provisions.
Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall...
Section 129.115 Maintaining Separate Account For Each Participant; Monthly Statement Of Transactions; Report.
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,...
Section 129.116 Powers And Duties Of Depository.
(1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of...
Section 129.117 Default In Payment Of Principal, Interest, Or Other Income; Remedies Of Depository.
If a default occurs in the payment of principal, interest, or other income of an investment pool, the depository shall pursue all remedies available...
Section 129.118 Act As Additional Authority For Investment Of Surplus Funds.
This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted...

Last modified: October 10, 2016