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. Sec. 1. (1) Except as provided in section 5, the governing body by resolution may authorize its investment officer to invest the […]
129.92 Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997. Compiler’s Notes: The repealed section pertained to investment of sinking funds and insurance moneys by school districts.
129.93 Existing investments ratified and validated. Sec. 3. Investments made before the effective date of the amendatory act that repealed section 2 of the surplus funds, sinking funds, or insurance funds of a political subdivision of this state in bonds and other obligations of the United States or its instrumentalities or certificates of deposit or […]
129.94 Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated. Sec. 4. (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 […]
129.95 Investment policy; adoption by governing body. Sec. 5. (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after the end of a public corporation’s first fiscal year that ends after the effective date of the amendatory act that repealed section 2, a governing body, in consultation with the investment officer, shall adopt an investment policy that, at […]
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. Sec. 6. (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 […]
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. Sec. 7. 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 […]
129.97a Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report. Sec. 7a. (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 […]
