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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Thursday, December 19, 2019 11:30:00 AM
Senate: Adjourned until Thursday, December 19, 2019 11:30:00 AM


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MCL Index

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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 129 - PUBLIC FUNDS
Act 108 of 1909 ‑ Repealed-STATE GENERAL FUND DEFICIT (129.1 - 129.1)
Act 40 of 1932 (1st Ex. Sess.) ‑ DEPOSITORIES FOR PUBLIC MONEYS (129.11 - 129.16)
     Section 129.11 ‑ Public money; definition.
     Section 129.12 ‑ Resolution providing for designation and deposit of public money; financial institution requirements; limitation on acceptable assets; conduct of proceedings; designation of depositories; deposit of funds; liability.
     Section 129.13 ‑ Repealed. 1997, Act 31, Imd. Eff. June 19, 1997.
     Section 129.14 ‑ Deposit or investment of additional money; cash control ledger; limitation.
     Section 129.15 ‑ Repealed. 2018, Act 462, Eff. Mar. 29, 2019.
     Section 129.16 ‑ Definitions.
Act 95 of 1935 ‑ RELIEF FROM LIABILITY FOR FUNDS IN DESIGNATED DEPOSITORY (129.21 - 129.23)
     Section 129.21 ‑ Tax collectors relieved from liability for funds in a designated depository.
     Section 129.22 ‑ Fee collectors relieved from liability for funds in a designated depository.
     Section 129.23 ‑ Public officials relieved from liability for funds in a designated depository.
Act 99 of 1909 ‑ Repealed-DEPOSITORIES FOR PUBLIC MONEYS (129.31 - 129.40)
Act 321 of 1909 ‑ DEPOSIT AND SAFEGUARDING OF PUBLIC MONEYS OF VILLAGE (129.41 - 129.45)
     Section 129.41 ‑ Public funds of incorporated village; deposit; secured deposits; limitation on acceptable assets; warrants and orders; profits; liability for loss; ordinance or resolution; conduct and inspection of proceedings; accrual of profits to village general fund.
     Section 129.42 ‑ Security for deposit prohibited.
     Section 129.43 ‑ Limitation on deposit of additional public funds.
     Section 129.44 ‑ “Deposit” defined.
     Section 129.45 ‑ “Financial institution” defined.
Act 19 of 1934 (1st Ex. Sess.) ‑ BONDS OF PUBLIC OFFICIALS; LIABILITY OF SURETIES (129.51 - 129.51)
     Section 129.51 ‑ Bonds of public officials, deputies, assistants; liability of sureties.
Act 94 of 1929 ‑ MISAPPROPRIATION OF PUBLIC FUNDS (129.61 - 129.61)
     Section 129.61 ‑ Misappropriation of public moneys; suit by taxpayer.
Act 70 of 1933 ‑ INVESTMENT OF PUBLIC MONEYS IN U.S. SECURITIES (129.71 - 129.71)
     Section 129.71 ‑ Investment of public moneys received by county treasurer and board of county road commissioners.
Act 23 of 1934 (1st Ex. Sess.) ‑ INVESTMENT IN BONDS OF HOME OWNERS' LOAN CORPORATION AND OF FEDERAL HOME LOAN BANKS (129.81 - 129.83)
     Section 129.81 ‑ Investment in bonds of home owners' loan corporation, federal home loan bank, or financial institution; secured deposits; limitation on acceptable assets; “financial institution” defined.
     Section 129.82 ‑ Public funds; deposit as security.
     Section 129.83 ‑ Construction of act.
Act 20 of 1943 ‑ INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS (129.91 - 129.97a)
     Section 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.
     Section 129.92 ‑ Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997.
     Section 129.93 ‑ Existing investments ratified and validated.
     Section 129.94 ‑ Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated.
     Section 129.95 ‑ Investment policy; adoption by governing body.
     Section 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.
     Section 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.
     Section 129.97a ‑ Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report.
Act 32 of 1956 ‑ FACSIMILE SIGNATURES (129.101 - 129.101)
     Section 129.101 ‑ Deposited public funds; facsimile signatures on checks or orders for payment of money.
Act 367 of 1982 ‑ SURPLUS FUNDS INVESTMENT POOL ACT (129.111 - 129.118)
     Section 129.111 ‑ Short title.
     Section 129.112 ‑ Definitions.
     Section 129.113 ‑ Placing surplus funds in investment pool; contract with financial institution.
     Section 129.114 ‑ Contract between financial institution and local unit; required provisions.
     Section 129.115 ‑ Maintaining separate account for each participant; monthly statement of transactions; report.
     Section 129.116 ‑ Powers and duties of depository.
     Section 129.117 ‑ Default in payment of principal, interest, or other income; remedies of depository.
     Section 129.118 ‑ Act as additional authority for investment of surplus funds.
Act 56 of 1962 ‑ BOND CREMATION ACT (129.121 - 129.125)
     Section 129.121 ‑ Short title; bond cremation act.
     Section 129.122 ‑ Bond cremation act; definitions.
     Section 129.123 ‑ Cremation or disintegration of public obligations or interest coupons.
     Section 129.124 ‑ Public bonds and interest coupons; certificate of cremation, contents, filing.
     Section 129.125 ‑ Public bonds and interest coupons; obligations not considered public records.
Act 354 of 1972 ‑ REPLACING OR PAYING OBLIGATIONS OF PUBLIC CORPORATION (129.131 - 129.135)
     Section 129.131 ‑ Definitions.
     Section 129.132 ‑ Replacement obligations; prerequisites to issuance; exercise of powers by paying agent; resolution; execution; seal.
     Section 129.133 ‑ Replacement obligations; form; security; execution; formal requirements; indorsement.
     Section 129.134 ‑ Replacement of unmatured interest coupons; payment of matured interest coupons.
     Section 129.135 ‑ Repealed. 2000, Act 117, Imd. Eff. May 26, 2000.
Act 121 of 1985 ‑ LOCAL GOVERNMENT INVESTMENT POOL ACT (129.141 - 129.150)
     Section 129.141 ‑ Short title.
     Section 129.142 ‑ Definitions.
     Section 129.143 ‑ Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment.
     Section 129.144 ‑ Authorization by resolution.
     Section 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.
     Section 129.146 ‑ Standard of judgment and care.
     Section 129.147 ‑ Separate accounts.
     Section 129.148 ‑ Safekeeping depositories; security.
     Section 129.149 ‑ Default; powers of treasurer.
     Section 129.150 ‑ Orders or warrants; limitation; liability for overdraft.
Act 470 of 2002 ‑ AGENCY FINANCING REPORTING ACT (129.171 - 129.177)
     Section 129.171 ‑ Short title.
     Section 129.173 ‑ Definitions.
     Section 129.175 ‑ Bulletins; issuance by department.
     Section 129.177 ‑ Filing; form; manner; noncompliance; electronic format.
Act 213 of 1963 ‑ CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (129.201 - 129.212)
     Section 129.201 ‑ Bonds of principal contractor on public building, work, or improvement; irrevocable letter of credit.
     Section 129.202 ‑ Performance bond; amount; condition; purpose.
     Section 129.203 ‑ Payment bond; amount; purpose.
     Section 129.204 ‑ Bond, surety, obligee.
     Section 129.205 ‑ Filing of bond.
     Section 129.206 ‑ Public works, contractor's bond; definitions.
     Section 129.207 ‑ Enforcement of claims; notice of supplier to principal contractor or governmental unit; payment to subcontractor.
     Section 129.208 ‑ Copies of bonds and contracts; fees.
     Section 129.209 ‑ Venue; statute of limitations.
     Section 129.210 ‑ Application of statute.
     Section 129.211 ‑ Repeal; restriction on other statute.
     Section 129.212 ‑ Act inapplicable to contracts awarded under MCL 280.1 to 280.630.
Act 280 of 1995 ‑ FINANCIAL TRANSACTION DEVICE PAYMENTS (129.221 - 129.224)
     Section 129.221 ‑ Definitions.
     Section 129.222 ‑ Acceptance of payment by financial transaction; prohibition.
     Section 129.223 ‑ Adoption of resolution; determination of acceptable financial transaction devices.
     Section 129.224 ‑ Authority of courts not affected.
Act 266 of 1995 ‑ CREDIT CARD TRANSACTIONS (129.241 - 129.247)
     Section 129.241 ‑ Definitions.
     Section 129.242 ‑ Credit card arrangement; use of credit cards.
     Section 129.243 ‑ Adoption of resolution; written policy; provisions.
     Section 129.244 ‑ Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest.
     Section 129.245 ‑ Limiting or suspending authority to issue and use credit cards; issuance of order; hearing.
     Section 129.246 ‑ Validity of credit card arrangement before effective date of act.
     Section 129.247 ‑ Effective date.
Act 226 of 2005 ‑ MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY ACT (129.261 - 129.279)
     Section 129.261 ‑ Short title.
     Section 129.262 ‑ Legislative findings and declaration.
     Section 129.263 ‑ Definitions.
     Section 129.264 ‑ Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
     Section 129.265 ‑ Authority; duties; administrative functions.
     Section 129.266 ‑ Board of directors; membership; terms; vacancy; compensation; reimbursement; chairperson; quorum; vote; agents and employees; discharge of duties by member, officer, employee, or agent; independent public financial advisor.
     Section 129.267 ‑ Powers of authority.
     Section 129.268 ‑ Sale of state's tobacco receipts; terms; agreement; refunding, refinancing, and sale of residual interests; purchase price; remedies; approval by resolution adopted by state administrative board; absolute transfer; limitation on use of net proceeds and earnings.
     Section 129.269 ‑ Obligations.
     Section 129.270 ‑ Creation of authority; purpose as public and governmental; property and income exempt from tax; interest.
     Section 129.271 ‑ Duties of state before payment or discharge of bonds and ancillary facilities.
     Section 129.272 ‑ Effect of bonds issued under act.
     Section 129.273 ‑ Dissolution of authority.
     Section 129.274 ‑ Construction of act.
     Section 129.275 ‑ Availability of funds.
     Section 129.276 ‑ Report.
     Section 129.277 ‑ Appropriation.
     Section 129.278 ‑ Legal jurisdiction.
     Section 129.279 ‑ Severability.
Act 234 of 2008 ‑ DIVESTMENT FROM TERROR ACT (129.291 - 129.301)
     Section 129.291 ‑ Short title.
     Section 129.292 ‑ Definitions.
     Section 129.293 ‑ Scrutinized companies; identification by fiduciary.
     Section 129.294 ‑ Scrutinized companies; assembly into list; modification; procedure to be adhered to by fiduciary.
     Section 129.295 ‑ Internet website; collection and publication of information.
     Section 129.296 ‑ Exemption from conflicting statutory or common law obligations.
     Section 129.297 ‑ Severability.
     Section 129.298 ‑ Business with Sudan; fiduciary subject to provisions of public employee retirement system investment act.
     Section 129.299 ‑ Business with Iran; fiduciary subject to provisions of public employee retirement system investment act.
     Section 129.300 ‑ Applicability of act; dates; extension.
     Section 129.301 ‑ Divestment of funds; recommendations of department of treasury.
Act 517 of 2012 ‑ IRAN ECONOMIC SANCTIONS ACT (129.311 - 129.316)
     Section 129.311 ‑ Short title.
     Section 129.312 ‑ Definitions.
     Section 129.313 ‑ Ineligibility of Iran linked business to submit request for proposal bid; certification.
     Section 129.314 ‑ Effect of false certification.
     Section 129.315 ‑ Civil action; penalty.
     Section 129.316 ‑ Conditional effect.

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