Mich. Comp. Laws § 129.141
Short title.
This act shall be known and may be cited as the "local government investment pool act".
Michigan Compiled Laws — LOCAL GOVERNMENT INVESTMENT POOL ACT (Act 121 of 1985)
Michigan · statute · 121 of 1985, Mich. Comp. Laws · 10 active provisions
Mich. Comp. Laws § 129.142
Definitions.
As used in this act: (a) "Governing body" means the board, council, or other official body that has general governing powers over a local unit. (b) "Investment pool" means a local government investment pool authorized in section 3. (c) "Local unit" means a county, city, village, township, authority created pursuant to…
Mich. Comp. Laws § 129.143
Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment.
(1) A participating county may contract to accept money from local units within that county for management, investment, and reinvestment by the county treasurer. The treasurer of the participating county may pool that money with money deposited by other local units under this act in a local government investment pool f…
Mich. Comp. Laws § 129.144
Authorization by resolution.
(1) A county treasurer shall not enter into a contract with a local unit for deposit of money in an investment pool until authorized to establish an investment pool by a resolution of the county board of commissioners of that participating county. (2) The treasurer or other chief fiscal officer of a local unit shall no…
Mich. Comp. Laws § 129.145
Written contract required; uniformity and contents of contract; filing and approval of proposed uniform contract; filing copies of and amendments to uniform contract.
(1) Until the participating county treasurer and the treasurer or other chief fiscal officer of a local unit enter into a written contract regarding the deposit of money in the investment pool, that local unit shall not deposit money in, and the county treasurer shall not accept money from that local unit for deposit i…
Mich. Comp. Laws § 129.146
Standard of judgment and care.
The treasurer of a participating county shall invest the money in the investment pool with the degree of judgment and care, under circumstances then prevailing, that a person of prudence, discretion, and intelligence exercises in the management of his or her own affairs, not for speculation, but for investment, conside…
Mich. Comp. Laws § 129.147
Separate accounts.
The treasurer of a participating county shall maintain a separate account designated by name and number for each participant. Each account shall show the deposits, earnings, and withdrawals of the participant.
Mich. Comp. Laws § 129.148
Safekeeping depositories; security.
(1) The treasurer of a participating county may use safekeeping depositories for the holding of securities. (2) Security in the form of collateral, surety bond, or another form may be taken for the deposits or investments of an investment pool.
Mich. Comp. Laws § 129.149
Default; powers of treasurer.
If a default occurs in the payment of principal, interest, or other income of an investment of the investment pool, the treasurer of the participating county may do 1 or more of the following: (a) Institute a proceeding to collect the matured principal, interest, or other income. (b) Accept a compromise, adjustment, or…
Mich. Comp. Laws § 129.150
Orders or warrants; limitation; liability for overdraft.
An order or warrant shall not be issued upon a participant's account in an amount greater than the total of the account to which that order or warrant applies. If an order or warrant for an amount greater than the total of the account to which the order or warrant applies is issued and the order or warrant is paid, the…