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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

8 sections·Filtered byTitle 129✕Ch 367-of-1982✕

Mich. Comp. Laws § 129.111 Short title.
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Sec. 1. This act shall be known and may be cited as the "surplus funds investment pool act".
Mich. Comp. Laws § 129.112 Definitions.
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Sec. 2. (1) As used in this act: (a) "Depository" means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed in an investment pool. (b) "Financial institution" means a state or nationally chartered bank or a state…
Mich. Comp. Laws § 129.113 Placing surplus funds in investment pool; contract with financial institution.
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Sec. 3. The governing body of a local unit may enter into a contract with a financial institution to place surplus funds in an investment pool.
Mich. Comp. Laws § 129.114 Contract between financial institution and local unit; required provisions.
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Sec. 4. Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall include, at a minimum, the following provisions: (a) The minimum amount of money which may be deposited in the investment po…

Mich. Comp. Laws § 129.115 Maintaining separate account for each participant; monthly statement of transactions; report.

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Sec. 5. The depository shall maintain for each participant a separate account designated by the participant's name and number. Each account shall show the deposits, earnings, and withdrawals of, and any fees paid by, the participant. Each participant shall receive a monthly state…

Mich. Comp. Laws § 129.116 Powers and duties of depository.

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Sec. 6. (1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may hav…

Mich. Comp. Laws § 129.117 Default in payment of principal, interest, or other income; remedies of depository.

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Sec. 7. If a default occurs in the payment of principal, interest, or other income of an investment pool, the depository shall pursue all remedies available to it at law or in equity.

Mich. Comp. Laws § 129.118 Act as additional authority for investment of surplus funds.

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Sec. 8. This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted under Act No. 20 of the Public Acts of 1943, as amended, being sections 129.91 to 129.93 of the Michigan Compiled Laws.