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Michigan Compiled Laws — INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS (Act 20 of 1943)

Michigan · statute · 20 of 1943, Mich. Comp. Laws · 7 active provisions

7 active provisions.

Mich. Comp. Laws § 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 corporation in 1 or more of the following: (a) Bonds, securities, and other obligations of the United States or an agency or instrumentality of the United States. (b) Certificate…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & InsuranceBusiness & CommerceGovernment Administration
Mich. Comp. Laws § 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 plan meets the requirements of section 457 of the internal revenue code. (b) "Financial institution" means a state or nationally chartered bank, a state or fede…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & InsuranceGovernment Administration
Mich. Comp. Laws § 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after the end of a public corporation's first fiscal year that ends after the effective date of the amendatory act that repealed section 2, a governing body, in consultation with the investment officer, shall adopt an investment policy that, at a minimum, includes all of the following: (a) A…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & InsuranceFamily Law
Mich. Comp. Laws § 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 dealer shall be provided with a copy of the public corporation's investment policy and shall do both of the following: (a) Acknowledge receipt of the investment policy. (…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & InsuranceBusiness & Commerce
Mich. Comp. Laws § 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 royalties or money derived from oil and gas exploration on property or mineral rights owned by the public corporation, the governing body of the public corporation may by…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & Insurance
Mich. Comp. Laws § 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 and maintenance, the governing body of the public corporation may by resolution provide its investment officer with the same authority to invest the assets of the special…

MichiganINVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONSeffective
Banking, Finance & Insurance