reglab/housing_qa huggingface dataset:
MI Comp L § 129.41 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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.

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. Sec. 1.  (1) The legislative body of an incorporated village of this state may provide for the depositing and safeguarding of public funds in the manner prescribed in section 3 and this section. The treasurer of an incorporated village within the state, upon giving bond as required by the council, may deposit all public funds of which the treasurer has charge in a financial institution located within the county which the treasurer considers best for the protection of the funds.  (2) Assets acceptable for pledging to secure deposits of village funds are limited to any of the following:  (a) Assets considered acceptable to the state treasurer under section 3 of 1855 PA 105, MCL 21.143, to secure deposits of state surplus funds.  (b) Any of the following:  (i) Securities issued by the federal home loan mortgage corporation.  (ii) Securities issued by the federal national mortgage association.  (iii) Securities issued by the government national mortgage association.  (c) Other securities considered acceptable to the village and the financial institution.  (3) The deposit shall be subject at all times to the warrants and orders of the treasurer required by law to be drawn, and all profits arising from the deposit shall inure to the benefit of the funds.  (4) These deposits shall not release the treasurer from liability for a loss which may occur by the deposit.  (5) The legislative body may provide by ordinance or resolution for the deposit of all public funds belonging to the village coming into the possession of the treasurer in a designated financial institution located within the county and may determine in the ordinance or resolution all details for carrying into effect the authority granted by this section.  (6) All proceedings in connection with the deposit of funds shall be conducted in a manner which insures full publicity and shall be open at all times to the inspection of any citizen. Neither the treasurer nor the treasurer's sureties shall be liable for a loss incurred from deposits made under authority of an ordinance or resolution of the council.  (7) Profits arising from the deposit shall accrue to the benefit of the general fund of the village. History: 1909, Act 321, Eff. Sept. 1, 1909 ;-- CL 1915, 2609 ;-- CL 1929, 1792 ;-- CL 1948, 129.41 ;-- Am. 1956, Act 27, Eff. Aug. 11, 1956 ;-- Am. 1979, Act 77, Imd. Eff. Aug. 1, 1979 ;-- Am. 1997, Act 45, Imd. Eff. June 30, 1997
MI Comp L § 129.42 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)|Section 129.42 - Security for Deposit Prohibited.

129.42 Security for deposit prohibited. Sec. 2.  Security in the form of collateral, surety bonds, or another form shall not be taken for the deposit of the public funds. History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979
MI Comp L § 129.43 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)|Section 129.43 - Limitation on Deposit of Additional Public Funds.

129.43 Limitation on deposit of additional public funds. Sec. 3.  Notwithstanding section 1(1), additional public funds of an incorporated village shall not be deposited in a financial institution which is not eligible to be a depository of surplus funds belonging to this state under section 6 of 1855 PA 105, MCL 21.146. History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979 ;-- Am. 1997, Act 45, Imd. Eff. June 30, 1997
MI Comp L § 129.44 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)|Section 129.44 - “Deposit” Defined.

129.44 “Deposit” defined. Sec. 4.  As used in this act, “deposit” includes the purchase of, or investment in, shares of a credit union. History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979
MI Comp L § 129.45 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)|Section 129.45 - “Financial Institution” Defined.

129.45 “Financial institution” defined. Sec. 5.  As used in this act, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States. History: Add. 1997, Act 45, Imd. Eff. June 30, 1997
MI Comp L § 129.51 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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.

129.51 Bonds of public officials, deputies, assistants; liability of sureties. Sec. 1.  If any officer of the state, or any officer of any county, township, school district, highway district, drainage district, city or village, or of any other municipal or public corporation within this state, shall be required to file an official statutory bond or bonds, either as additional security or substituted security, the surety or sureties thereon shall not be liable, directly or indirectly, for any acts or defaults committed by such public officer prior to the date of signing of such bond or bonds, or for the failure of any such public officer to pay over on final settlement or to his successor in office, if such failure to pay over be due to an act or default committed prior to the signing of such bond or bonds, or for the failure of such surety or sureties to collect from themselves or from any prior surety or sureties the amount of any loss due to any act or default committed by such public officer prior to the date of the signing of such bond or bonds. The provisions of this act shall apply to all deputies of any such officer, and to all clerks, agents and servants of any such officer. History: 1934, 1st Ex. Sess., Act 19, Imd. Eff. Mar. 28, 1934 ;-- CL 1948, 129.51
MI Comp L § 129.61 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 94 of 1929 - Misappropriation of Public Funds (129.61 - 129.61)|Section 129.61 - Misappropriation of Public Moneys; Suit by Taxpayer.

129.61 Misappropriation of public moneys; suit by taxpayer. Sec. 1.  Any person or persons, firm or corporation, resident in any township or school district, paying taxes to such political unit, may institute suits or actions at law or in equity on behalf of or for the benefit of the treasurer of such political subdivision, for an accounting and/or the recovery of funds or moneys misappropriated or unlawfully expended by any public officer, board or commission of such political subdivision. Before such suit is instituted a demand shall be made on the public officer, board or commission whose duty it may be to maintain such suit followed by a neglect or refusal to take action in relation thereto. Security for costs shall be filed by the plaintiff or plaintiffs in any such suit or action and all costs and expenses of the same shall be paid by the person or persons instituting the same unless and until a recovery of such funds or moneys be obtained as the result of such proceedings. History: 1929, Act 94, Eff. Aug. 28, 1929 ;-- CL 1929, 2711 ;-- CL 1948, 129.61
MI Comp L § 129.71 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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.

129.71 Investment of public moneys received by county treasurer and board of county road commissioners. Sec. 1.  The board of supervisors of any county, or the board of county auditors in those counties having a board of county auditors, is hereby authorized to invest public moneys received by the county treasurers of their respective counties, in interest bearing bonds, notes or other securities of the United States government; and the board of county road commissioners of any county is hereby authorized to so invest moneys deposited to the credit of the county road fund. History: 1933, Act 70, Imd. Eff. May 5, 1933 ;-- CL 1948, 129.71 ;-- Am. 1956, Act 18, Imd. Eff. Mar. 22, 1956
MI Comp L § 129.81 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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.

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. Sec. 1.  (1) This state and any of its departments or political subdivisions, including municipal corporations, or instrumentalities, or any insurance company, building and loan association or company, savings and loan association or company, bank, trust company, or other financial institution or any executor, administrator, guardian, trustee, or other fiduciary may invest their funds or money in the bonds of the home owners' loan corporation or in the bonds of any federal home loan bank or in certificates of deposit or depository receipts of any financial institution.  (2) Assets acceptable for pledging to secure deposits of funds under this act are limited to any of the following:  (a) Assets considered acceptable to the state treasurer under section 3 of 1855 PA 105, MCL 21.143, to secure deposits of state surplus funds.  (b) Any of the following:  (i) Securities issued by the federal home loan mortgage corporation.  (ii) Securities issued by the federal national mortgage association.  (iii) Securities issued by the government national mortgage association.  (c) Other securities considered acceptable to the depositor of funds and the financial institution.  (3) As used in this section, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States. History: 1934, 1st Ex. Sess., Act 23, Imd. Eff. Mar. 28, 1934 ;-- CL 1948, 129.81 ;-- Am. 1964, Act 122, Eff. Aug. 28, 1964 ;-- Am. 1997, Act 46, Imd. Eff. June 30, 1997
MI Comp L § 129.82 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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 129.82 - Public Funds; Deposit as Security.

129.82 Public funds; deposit as security. Sec. 2.  Wherever depositories of public or other funds are required or permitted by law to give security therefor, the bonds of the home owners' loan corporation or of any federal home loan bank may and are hereby authorized to be used as security for any depository bonds or obligations wherein any kind of bonds or other security are required or permitted by law to be deposited as security.  Deposits of trust companies and insurance companies with the state treasurer, are hereby authorized to be in the bonds of the home owners' loan corporation or in the bonds of any federal home loan bank. History: 1934, 1st Ex. Sess., Act 23, Imd. Eff. Mar. 28, 1934 ;-- CL 1948, 129.82
MI Comp L § 129.83 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|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 129.83 - Construction of Act.

129.83 Construction of act. Sec. 3.  This act shall be construed as supplemental to the laws of this state, and as an additional authorization for the investment of funds and the type of security given by depositories, and the type of deposit authorized to be made by trust companies and insurance companies with the state treasurer. History: 1934, 1st Ex. Sess., Act 23, Imd. Eff. Mar. 28, 1934 ;-- CL 1948, 129.83
MI Comp L § 129.92 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|Section 129.92 - Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997.

129.92 Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997. Compiler's Notes: The repealed section pertained to investment of sinking funds and insurance moneys by school districts.
MI Comp L § 129.93 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|Section 129.93 - Existing Investments Ratified and Validated.

129.93 Existing investments ratified and validated. Sec. 3.  Investments made before the effective date of the amendatory act that repealed section 2 of the surplus funds, sinking funds, or insurance funds of a political subdivision of this state in bonds and other obligations of the United States or its instrumentalities or certificates of deposit or depository receipts of a bank that is a member of the federal deposit insurance corporation as provided under section 1 and former section 2 of this act are hereby ratified and validated. History: 1943, Act 20, Imd. Eff. Mar. 13, 1943 ;-- CL 1948, 129.93 ;-- Am. 1964, Act 126, Eff. Aug. 28, 1964 ;-- Am. 1997, Act 196, Imd. Eff. Dec. 30, 1997
MI Comp L § 129.94 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|Section 129.94 - Funds Accumulated Under Eligible Deferred Compensation Plan; Deposit; Investment; Existing Investments Ratified and Validated.

129.94 Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated. Sec. 4.  (1) As used in this section:  (a) “Eligible deferred compensation plan” means a deferred compensation plan established and maintained by a governing body, which plan meets the requirements of section 457 of the internal revenue code.  (b) “Financial institution” means a state or nationally chartered bank, a state or federally chartered savings bank, a state or federally chartered savings and loan association, or a state or federally chartered credit union, which financial institution is insured by an agency or instrumentality of the federal government.  (c) “Governing body” means the legislative or governing body of a county, city, village, township, or special assessment district, or an agency, board, or commission of a county, city, village, or township.  (2) The governing body, by resolution, may authorize its treasurer or chief fiscal officer to deposit funds received under an eligible deferred compensation plan in a financial institution authorized by law to do business in this state or with an authorized deferred compensation agent appointed by the governing body. Notwithstanding any other provision of this act, the treasurer or chief fiscal officer, as authorized by resolution of the governing body, may place funds accumulated under an eligible deferred compensation plan with a financial institution authorized to do business in this state, a state or federally licensed investment company or insurance company authorized to do business in this state, or trust established by public employers for the commingled investment of the amounts held under deferred compensation and retirement plans, which funds shall be invested by the financial institution, insurance company, investment company, or trust as directed by the governing body. The investment of eligible deferred compensation plan funds shall be in the manner and for the purposes described in section 457 of the internal revenue code.  (3) The investment of funds accumulated under an eligible deferred compensation plan of a governing body prior to the effective date of the amendatory act that added this section, which investments otherwise meet the requirements of this section, are ratified and validated. History: Add. 1988, Act 285, Imd. Eff. Aug. 1, 1988
MI Comp L § 129.95 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|Section 129.95 - Investment Policy; Adoption by Governing Body.

129.95 Investment policy; adoption by governing body. Sec. 5.  (1) Not more than 180 days after the end of a public corporation's first fiscal year that ends after the effective date of the amendatory act that repealed section 2, a governing body, in consultation with the investment officer, shall adopt an investment policy that, at a minimum, includes all of the following:  (a) A statement of the purpose, scope, and objectives of the policy, including safety, diversification, liquidity, and return on investment.  (b) A delegation of authority to make investments.  (c) A list of authorized investment instruments. If the policy authorizes an investment in mutual funds, it shall indicate whether the authorization is limited to securities whose intention is to maintain a net asset value of $1.00 per share or also includes securities whose net asset value per share may fluctuate on a periodic basis.  (d) A statement concerning safekeeping, custody, and prudence.  (2) A governing body that as of the effective date of the amendatory act that repealed section 2 has adopted an investment policy that substantially complies with the minimum requirements under subsection (1) is not in violation of this section as long as that policy remains in effect. History: Add. 1997, Act 196, Imd. Eff. Dec. 30, 1997
MI Comp L § 129.96 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|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.

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.Sec. 6.  (1) Subject to subsection (2), before executing an order to purchase or trade the funds of a public corporation, a financial intermediary, broker, or dealer shall be provided with a copy of the public corporation's investment policy and shall do both of the following:  (a) Acknowledge receipt of the investment policy.  (b) Agree to comply with the terms of the investment policy regarding the buying or selling of securities.  (2) A public corporation is subject to subsection (1) beginning on the date that the investment policy of a public corporation takes effect or 180 days after the end of the public corporation's first fiscal year ending after the effective date of the amendatory act that repealed section 2, whichever is earlier.  (3) The investment officer shall provide quarterly a written report to the governing body concerning the investment of the funds. History: Add. 1997, Act 196, Imd. Eff. Dec. 30, 1997 ;-- Am. 2007, Act 213, Imd. Eff. Dec. 27, 2007
MI Comp L § 129.97 (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|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.

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.Sec. 7.  Notwithstanding any law or charter provision to the contrary, if a public corporation has a long-term or perpetual trust fund consisting of money and royalties or money derived from oil and gas exploration on property or mineral rights owned by the public corporation, the governing body of the public corporation may by resolution provide its investment officer with the same authority to invest the assets of the long-term or perpetual trust fund as is granted an investment fiduciary under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140m. History: Add. 2008, Act 220, Imd. Eff. July 16, 2008
MI Comp L § 129.97a (2021)
2021 Michigan Compiled Laws|Chapter 129 - Public Funds|Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions (129.91 - 129.97a)|Section 129.97a - Investment of Assets of Special Revenue Fund by Investment Officer; Resolution Granting Authority; Annual Special Revenue Fund Report.

129.97a Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report.Sec. 7a.  (1) Notwithstanding any law or charter to the contrary, if a public corporation has a special revenue fund consisting of payments for park operations and maintenance, the governing body of the public corporation may by resolution provide its investment officer with the same authority to invest the assets of the special revenue fund as is granted an investment fiduciary under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140m.  (2) The investment officer shall prepare and issue an annual special revenue fund report. The investment officer shall make the annual special revenue fund report available to the citizens of the public corporation. The annual special revenue fund report shall include all of the following:  (a) The name of the special revenue fund.  (b) The special revenue fund's investment fiduciaries.  (c) The special revenue fund's assets and liabilities.  (d) The special revenue fund's funded ratio.  (e) The special revenue fund's investment performance.  (f) The special revenue fund's expenses. History: Add. 2008, Act 404, Imd. Eff. Jan. 6, 2009