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Act 367 of 1982
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Act 367 of 1982

AN ACT relative to the investment of surplus funds of local units of government of this state in investment pools; to permit the establishment of investment pools by financial institutions; to permit local units of government to invest in investment pools; and to prescribe certain powers and duties of certain local units of government and their officers.

History: 1982, Act 367, Eff. Mar. 30, 1983

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 129.111SectionShort title.
Section 129.112SectionDefinitions.
Section 129.113SectionPlacing surplus funds in investment pool; contract with financial institution.
Section 129.114SectionContract between financial institution and local unit; required provisions.
Section 129.115SectionMaintaining separate account for each participant; monthly statement of transactions; report.
Section 129.116SectionPowers and duties of depository.
Section 129.117SectionDefault in payment of principal, interest, or other income; remedies of depository.
Section 129.118SectionAct as additional authority for investment of surplus funds.
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