MCL - Act 367 of 1982


Act 367 of 1982

AN ACT relative to the investment of surplus funds of local units of government of this state in investment pools; to permit the establishment of investment pools by financial institutions; to permit local units of government to invest in investment pools; and to prescribe certain powers and duties of certain local units of government and their officers.

History: 1982, Act 367, Eff. Mar. 30, 1983

The People of the State of Michigan enact:
Document Type Description
Section 129.111 Section Short title.
Section 129.112 Section Definitions.
Section 129.113 Section Placing surplus funds in investment pool; contract with financial institution.
Section 129.114 Section Contract between financial institution and local unit; required provisions.
Section 129.115 Section Maintaining separate account for each participant; monthly statement of transactions; report.
Section 129.116 Section Powers and duties of depository.
Section 129.117 Section Default in payment of principal, interest, or other income; remedies of depository.
Section 129.118 Section Act as additional authority for investment of surplus funds.