2010 Michigan Compiled Laws
Chapter 129 - PUBLIC FUNDS
Act 20 of 1943 - INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS (129.91 - 129.97a)

INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS
Act 20 of 1943
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 corporations; 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.
• Section 129.92 - Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997.
• Section 129.93 - Existing investments ratified and validated.
• Section 129.94 - Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated.
• Section 129.95 - Investment policy; adoption by governing body.
• 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.
• 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.
• Section 129.97a - Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report.