There is a newer version of the Michigan Compiled Laws
2016 Michigan Compiled Laws
Chapter 21 - Budget and State Accounts
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.
- Section 21.142 Repealed. 2006, Act 228, Imd. Eff. June 26, 2006.
- 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.
- 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.
- Section 21.142c Investment of surplus funds; public purpose; earnings; losses; limitation.
- Section 21.142d Investment of surplus funds to facilitate marina dredging loans.
- Section 21.142e Loan of surplus funds to sugar beet growers' cooperative.
- Section 21.142f Investment in loans to land bank fast track authority or brownfield redevelopment authority; terms; definitions.
- 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.
- Section 21.144 Liability of state treasurer and his or her bail; loans not subject to certain acts.
- Section 21.145 Compliance with divestment from terror 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.
- Section 21.147 Definitions.
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