2012 Michigan Compiled Laws
Chapter 141 — MUNICIPAL FINANCING
Act 227 of 1985 — SHARED CREDIT RATING ACT (141.1051 - 141.1078)***** 141.1057.amended THIS AMENDED SECTION IS EFFECTIVE MARCH 28, 2013 ***** ***** 141.1057 THIS SECTION IS AMENDED EFFECTIVE MARCH 28, 2013: See 141.1057.amended *****
Section 141.1071 — Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits.

Sec. 21.

Notwithstanding any restriction contained in any other law, the state and a public officer, governmental unit, or agencies of the state or governmental unit; a bank, trust company, savings bank and institution, savings and loan association, investment company, or other person carrying on a banking business; an insurance company, insurance association, or other person carrying on an insurance business; or an executor, administrator, guardian, trustee, or other fiduciary may legally invest a sinking fund, money, or other fund belonging to them or within their control in bonds or notes issued under this act, and authority bonds or notes shall be authorized security for public deposits.

History: 1985, Act 227, Eff. Mar. 31, 1986