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NOTE: Dates reflect any modification to item, not necessarily a change in law.
Chapter 129
- PUBLIC FUNDS
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 129.14 ‑ Deposit or investment of additional money; cash control ledger; limitation.
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Act 99 of 1909 ‑ Repealed- DEPOSITORIES FOR PUBLIC MONEYS (129.31 - 129.40)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 129.51 ‑ Bonds of public officials, deputies, assistants; liability of sureties.
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.
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.
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 129.94 ‑ Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated.
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.
Section 129.101 ‑ Deposited public funds; facsimile signatures on checks or orders for payment of money.
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 129.117 ‑ Default in payment of principal, interest, or other income; remedies of depository.
Section 129.118 ‑ Act as additional authority for investment of surplus funds.
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 129.132 ‑ 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 129.143 ‑ Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment.
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.
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 129.207 ‑ Enforcement of claims; notice of supplier to principal contractor or governmental unit; payment to subcontractor.
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 129.222 ‑ Acceptance of payment by financial transaction; prohibition.
Section 129.223 ‑ Adoption of resolution; determination of acceptable financial transaction devices.
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.
Act 226 of 2005 ‑ MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY ACT (129.261 - 129.279)
Section 129.264 ‑ Michigan tobacco settlement finance authority; creation; separate legal entity; issuance of bonds generally.
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 129.268 ‑ 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 129.270 ‑ 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 129.294 ‑ 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 129.298 ‑ 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 129.301 ‑ Divestment of funds; recommendations of department of treasury.
Section 129.313 ‑ Ineligibility of Iran linked business to submit request for proposal bid; certification.