Section 129.141 – Short Title.

129.141 Short title. Sec. 1. This act shall be known and may be cited as the “local government investment pool act”. History: 1985, Act 121, Imd. Eff. July 31, 1985

Section 129.142 – Definitions.

129.142 Definitions. Sec. 2. 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 […]

Section 129.143 – Contracts Between Participating County and Local Units; Local Government Investment Pool; Management, Investment, and Reinvestment.

129.143 Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment. Sec. 3. (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 […]

Section 129.144 – Authorization by Resolution.

129.144 Authorization by resolution. Sec. 4. (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 […]

Section 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.

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. Sec. 5. (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 […]

Section 129.146 – Standard of Judgment and Care.

129.146 Standard of judgment and care. Sec. 6. 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 […]

Section 129.147 – Separate Accounts.

129.147 Separate accounts. Sec. 7. 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. History: 1985, Act 121, Imd. Eff. July 31, 1985

Section 129.148 – Safekeeping Depositories; Security.

129.148 Safekeeping depositories; security. Sec. 8. (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. History: 1985, Act 121, Imd. Eff. July 31, 1985

Section 129.149 – Default; Powers of Treasurer.

129.149 Default; powers of treasurer. Sec. 9. 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) […]

Section 129.150 – Orders or Warrants; Limitation; Liability for Overdraft.

129.150 Orders or warrants; limitation; liability for overdraft. Sec. 10. 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 […]