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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

12 sections·Filtered byTitle 129✕Ch 213-of-1963✕

Mich. Comp. Laws § 129.201 Bonds of principal contractor on public building, work, or improvement; irrevocable letter of credit.
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Sec. 1. Before any contract, exceeding $50,000.00 for the construction, alteration, or repair of any public building or public work or improvement of the state or a county, city, village, township, school district, public educational institution, other political subdivision, publ…
Mich. Comp. Laws § 129.202 Performance bond; amount; condition; purpose.
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Sec. 2. The performance bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount, conditioned upon the faithful performance of the contract in accordance with the plans, specifications and terms thereof. The bond shall be solely for t…
Mich. Comp. Laws § 129.203 Payment bond; amount; purpose.
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Sec. 3. The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosec…
Mich. Comp. Laws § 129.204 Bond, surety, obligee.
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Sec. 4. A bond shall be executed by a surety company authorized to do business in this state. In the case of a contract of the state or a department, board, commission, institution or agency thereof the bonds shall be payable to the people of the state. In the case of all other c…

Mich. Comp. Laws § 129.205 Filing of bond.

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Sec. 5. The bonds shall be filed in the office of the governmental unit awarding the contract.

Mich. Comp. Laws § 129.206 Public works, contractor's bond; definitions.

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Sec. 6. A "claimant" means a person having furnished labor, material, or both, used or reasonably required for use in the performance of the contract. "Labor and material" includes that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipmen…

Mich. Comp. Laws § 129.207 Enforcement of claims; notice of supplier to principal contractor or governmental unit; payment to subcontractor.

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Sec. 7. A claimant who has furnished labor or material in the prosecution of the work provided for in such contract in respect of which payment bond is furnished under the provisions of section 3, and who has not been paid in full therefor before the expiration of a period of 90 …

Mich. Comp. Laws § 129.208 Copies of bonds and contracts; fees.

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Sec. 8. The agent in charge of the office of the governmental unit shall furnish to anyone making application therefor who submits an affidavit that he has supplied labor or materials for such work and payment therefor has not been made, or that he is being sued on any such bond,…

Mich. Comp. Laws § 129.209 Venue; statute of limitations.

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Sec. 9. An action instituted on the payment bond shall be brought only in the appropriate court in the political subdivision in which the contract was to be performed. No action shall be commenced after the expiration of 1 year from the date on which final payment was made to the…

Mich. Comp. Laws § 129.210 Application of statute.

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Sec. 10. This act shall not apply to any contract awarded pursuant to an invitation for bids issued on or before the effective date hereof, or to any person or bonds in respect to any such contract. The rights, duties, and obligations of parties arising under, or incidental to, b…

Mich. Comp. Laws § 129.211 Repeal; restriction on other statute.

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Sec. 11. Section 64 of Act No. 59 of the Public Acts of 1915, as amended, being section 247.464 of the Compiled Laws of 1948 is repealed. The provisions of Act No. 187 of the Public Acts of 1905, as amended, being sections 570.101 to 570.105 of the Compiled Laws of 1948, shall no…

Mich. Comp. Laws § 129.212 Act inapplicable to contracts awarded under MCL 280.1 to 280.630.

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Sec. 12. This act does not apply to a contract awarded under the drain code of 1956, Act No. 40 of the Public Acts of 1956, being sections 280.1 to 280.630 of the Michigan Compiled Laws.