129.11 Public money; definition. Sec. 1. Except as otherwise provided by law, money collected or received by an officer of a local public entity in this state, pursuant to any provision of law authorizing the officer to collect or receive the money, is public money for the purposes of this act. An officer of a […]
129.12 Resolution providing for designation and deposit of public money; financial institution requirements; limitation on acceptable assets; conduct of proceedings; designation of depositories; deposit of funds; liability. Sec. 2. (1) The governing body of a local public entity shall adopt a resolution designating 1 or more financial institutions or types of financial institutions that meet […]
129.13 Repealed. 1997, Act 31, Imd. Eff. June 19, 1997. Compiler’s Notes: The repealed section pertained to prohibited security.
129.14 Deposit or investment of additional money; cash control ledger; limitation. Sec. 4. (1) Notwithstanding section 2, additional money collected or received by a treasurer of a local public entity must not be deposited or invested in a financial institution that is not eligible to be a depository of surplus funds of this state under […]
129.15 Repealed. 2018, Act 462, Eff. Mar. 29, 2019. Compiler’s Notes: The repealed section pertained to definition of deposit.
129.16 Definitions. Sec. 6. As used in this act: (a) “Deposit” includes the purchase of or investment in shares of a credit union. (b) “Financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency […]
