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Michigan Statutes, Title 129

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Title 129, PUBLIC FUNDS

22 chapters · 116 sections in this title.

All chapters in Title 129116 Ch 226-of-2005, MICHIGAN TOBACCO SETTLEMENT FINANCE …19 Ch 213-of-1963, CONTRACTOR'S BOND FOR PUBLIC BUILDIN…12 Ch 234-of-2008, DIVESTMENT FROM TERROR ACT11 Ch 121-of-1985, LOCAL GOVERNMENT INVESTMENT POOL ACT10 Ch 367-of-1982, SURPLUS FUNDS INVESTMENT POOL ACT8 Ch 20-of-1943, INVESTMENT OF SURPLUS FUNDS OF POLIT…7 Ch 266-of-1995, CREDIT CARD TRANSACTIONS7 Ch 517-of-2012, IRAN ECONOMIC SANCTIONS ACT6 Ch 56-of-1962, BOND CREMATION ACT5 Ch 321-of-1909, DEPOSIT AND SAFEGUARDING OF PUBLIC M…5 Ch 280-of-1995, FINANCIAL TRANSACTION DEVICE PAYMENTS4 Ch 354-of-1972, REPLACING OR PAYING OBLIGATIONS OF P…4 Ch 40-of-1932 (1st Ex. Sess.), DEPOSITORIES FOR PUBLIC MONEYS4 Ch 470-of-2002, AGENCY FINANCING REPORTING ACT4

10 sections·Filtered byTitle 129✕Ch 121-of-1985✕

Mich. Comp. Laws § 129.141 Short title.
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Sec. 1. This act shall be known and may be cited as the "local government investment pool act".
Mich. Comp. Laws § 129.142 Definitions.
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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, v…
Mich. Comp. Laws § 129.143 Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment.
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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 by other local units under …
Mich. Comp. Laws § 129.144 Authorization by resolution.
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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 oth…

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.

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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 the investment pool, that local unit shall not deposit money in, and the county treasurer shall not…

Mich. Comp. Laws § 129.146 Standard of judgment and care.

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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, …

Mich. Comp. Laws § 129.147 Separate accounts.

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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.

Mich. Comp. Laws § 129.148 Safekeeping depositories; security.

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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.

Mich. Comp. Laws § 129.149 Default; powers of treasurer.

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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…

Mich. Comp. Laws § 129.150 Orders or warrants; limitation; liability for overdraft.

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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 which the order or warrant applie…