reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 354 of 1972 - Replacing or Paying Obligations of Public Corporation (129.131 - 129.135) › Section 129.131 - Definitions.

129.131 Definitions.
Sec. 1.
As used in this act:
(a) “Paying agent” means either of the following:
(i) For an obligation that is not registered as to payment of principal by or on behalf of the public corporation that issued the obligation, any bank or trust company designated by the public corporation to make payment of principal of or interest on the obligation.
(ii) For an obligation that is registered as to payment of principal by or on behalf of the public corporation that issued the obligation, any bank or trust company that is authorized by the public corporation to authenticate the obligation on behalf of the public corporation.
(b) “Public corporation” means a body corporate organized pursuant to the laws of this state to carry out a public governmental or proprietary function, including, but not limited to, this state, an agency of this state, or a school district, intermediate school district, city, village, township, county, district, commission, authority, university, college, or any combination of these, which is a corporate entity.
(c) “Obligation” means evidence of indebtedness including, but not limited to, a bond, refunding bond, revenue bond, note, certificate of indebtedness and other like instrument issued by a public corporation, and any coupon representing interest on the obligation.
(d) “Governing body” means the legislative body or the official or official body that exercises the general governing powers of a public corporation, or in the case of this state or an agency of this state, the official body designated by law to issue the obligation to be replaced.
(e) “Replacement obligation” means an obligation and any coupon representing interest in connection with the obligation issued under this act.
(f) “Obligor” means either of the following:
(i) A person or entity that has borrowed the proceeds of an obligation from a public corporation and is contractually obligated to make loan repayments sufficient to pay principal of and interest on the obligation.
(ii) A person or entity that has leased, rented, or purchased on an installment basis from a public corporation a facility financed with proceeds of an obligation and that is making payments for the use or purchase of the facility in amounts sufficient to pay principal of and interest on the obligation.
History:
1972, Act 354, Imd. Eff. Jan. 9, 1973 ;-- Am. 1974, Act 142, Imd. Eff. June 5, 1974 ;-- Am. 1996, Act 109, Imd. Eff. Mar. 5, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 354 of 1972 - Replacing or Paying Obligations of Public Corporation (129.131 - 129.135) › Section 129.133 - Replacement Obligations; Form; Security; Execution; Formal Requirements; Indorsement.

129.133 Replacement obligations; form; security; execution; formal requirements; indorsement.
Sec. 3.
A replacement obligation shall be of the same form and tenor and be secured in the same manner as the obligation originally issued. The replacement obligation shall be executed in the same manner and subject to the same formal requirements as those provided by law for the obligation originally issued. Obligations that are not registered as to payment of either principal or interest shall be indorsed with the word “replacement”.
History:
1972, Act 354, Imd. Eff. Jan. 9, 1973 ;-- Am. 1974, Act 142, Imd. Eff. June 5, 1974 ;-- Am. 1996, Act 109, Imd. Eff. Mar. 5, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 354 of 1972 - Replacing or Paying Obligations of Public Corporation (129.131 - 129.135) › Section 129.134 - Replacement of Unmatured Interest Coupons; Payment of Matured Interest Coupons.

129.134 Replacement of unmatured interest coupons; payment of matured interest coupons.
Sec. 4.
The governing body may provide for replacement of unmatured interest coupons lost, destroyed, or wrongfully taken. Matured interest coupons shall not be replaced, and replacement coupons shall not be issued separately from a replacement obligation evidencing principal. The governing body may authorize a paying agent to make payment of matured interest coupons lost, destroyed, or wrongfully taken without presentation upon receipt of documentation and indemnification satisfactory to the paying agent and payment of any fees, costs, and expenses of the paying agent.
History:
1972, Act 354, Imd. Eff. Jan. 9, 1973 ;-- Am. 1974, Act 142, Imd. Eff. June 5, 1974 ;-- Am. 1996, Act 109, Imd. Eff. Mar. 5, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 354 of 1972 - Replacing or Paying Obligations of Public Corporation (129.131 - 129.135) › Section 129.135 - Repealed. 2000, Act 117, Imd. Eff. May 26, 2000.

129.135 Repealed. 2000, Act 117, Imd. Eff. May 26, 2000.
Compiler's Notes:
The repealed section pertained to the authority of the department to promulgate rules to implement the act.
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.141 - Short Title.

129.141 Short title.
Sec. 1.
This act shall be known and may be cited as the “local government investment pool act”.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.142 - Definitions.

129.142 Definitions.
Sec. 2.
As used in this act:
(a) “Governing body” means the board, council, or other official body that has general governing powers over a local unit.
(b) “Investment pool” means a local government investment pool authorized in section 3.
(c) “Local unit” means a county, city, village, township, authority created pursuant to state law or municipal charter, special assessment district, municipal board or commission established under state law or municipal charter, or intergovernmental board, commission, or council established pursuant to the urban cooperation act of 1967, Act No. 7 of the Public Acts of the Extra Session of 1967, being sections 124.501 to 124.512 of the Michigan Compiled Laws, or Act No. 8 of the Public Acts of the Extra Session of 1967, being sections 124.531 to 124.536 of the Michigan Compiled Laws.
(d) “Participant” means a local unit participating in the investment pool.
(e) “Participating county” means a county that has been authorized by the county governing body to enter into a contract with another local unit pursuant to section 4.
(f) “Safekeeping depository” means a federal reserve bank or other institution which is qualified to hold securities for safekeeping.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.143 - Contracts Between Participating County and Local Units; Local Government Investment Pool; Management, Investment, and Reinvestment.

129.143 Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment.
Sec. 3.
(1) A participating county may contract to accept money from local units within that county for management, investment, and reinvestment by the county treasurer. The treasurer of the participating county may pool that money with money deposited by other local units under this act in a local government investment pool for purposes of management, investment, and reinvestment.
(2) A local unit may enter into a contract with a participating county to place surplus funds in an investment pool.
(3) The treasurer of a participating county shall manage, invest, and reinvest the money in the investment pool on behalf of each local unit that deposits money in the investment pool. The treasurer shall manage, invest, or reinvest the money in the investment pool in the same manner as surplus county funds under Act No. 20 of the Public Acts of 1943, being sections 129.91 to 129.93 of the Michigan Compiled Laws.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.144 - Authorization by Resolution.

129.144 Authorization by resolution.
Sec. 4.
(1) A county treasurer shall not enter into a contract with a local unit for deposit of money in an investment pool until authorized to establish an investment pool by a resolution of the county board of commissioners of that participating county.
(2) The treasurer or other chief fiscal officer of a local unit shall not enter into a contract for deposit of money in an investment pool until authorized by a resolution of the governing body of that local unit.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › 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.

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.
Sec. 5.
(1) Until the participating county treasurer and the treasurer or other chief fiscal officer of a local unit enter into a written contract regarding the deposit of money in the investment pool, that local unit shall not deposit money in, and the county treasurer shall not accept money from that local unit for deposit in, the investment pool.
(2) The contract shall be as uniform as practicable for all participants in that county. The contract shall include provisions for at least all of the following:
(a) The minimum amount of money which a local unit shall transfer to the investment pool and the minimum period of time for which that money shall remain in the investment pool.
(b) The maximum amount which a participant may withdraw without notice and the minimum notice period required for withdrawals above that amount.
(c) The period for interest earning computations and interest payments.
(d) The procedure for the deposit and withdrawal of money.
(e) The method of distribution to the participants of earnings. The distribution shall be made in a manner that equitably reflects the differing amount of the deposits of each local unit and the differing periods of time for which the amounts were deposited in the investment pool.
(f) The requirements for the county treasurer to furnish each participant periodic statements which specify the deposits, earnings, and withdrawals of the participant.
(g) The terms for termination of the contract.
(3) A county shall file a proposed uniform contract with the department of treasury. A uniform contract shall be approved by the department of treasury. If the department of treasury fails to act within 10 days after the date the proposed uniform contract is filed, the contract shall be considered approved.
(4) A copy of each executed contract and any amendment to the uniform contract shall be filed with the department of treasury.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.146 - Standard of Judgment and Care.

129.146 Standard of judgment and care.
Sec. 6.
The treasurer of a participating county shall invest the money in the investment pool with the degree of judgment and care, under circumstances then prevailing, that a person of prudence, discretion, and intelligence exercises in the management of his or her own affairs, not for speculation, but for investment, considering the probable safety of his or her capital as well as the probable income to be derived from an investment of his or her capital.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.147 - Separate Accounts.

129.147 Separate accounts.
Sec. 7.
The treasurer of a participating county shall maintain a separate account designated by name and number for each participant. Each account shall show the deposits, earnings, and withdrawals of the participant.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.148 - Safekeeping Depositories; Security.

129.148 Safekeeping depositories; security.
Sec. 8.
(1) The treasurer of a participating county may use safekeeping depositories for the holding of securities.
(2) Security in the form of collateral, surety bond, or another form may be taken for the deposits or investments of an investment pool.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.149 - Default; Powers of Treasurer.

129.149 Default; powers of treasurer.
Sec. 9.
If a default occurs in the payment of principal, interest, or other income of an investment of the investment pool, the treasurer of the participating county may do 1 or more of the following:
(a) Institute a proceeding to collect the matured principal, interest, or other income.
(b) Accept a compromise, adjustment, or disposition of the matured principal, interest, or other income as the county treasurer considers advisable for the purpose of protecting the money invested in the investment pool.
(c) Accept a compromise or adjustment as to future payments of principal, interest, or other income as the county treasurer considers advisable for the purpose of protecting money invested in the investment pool.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150) › Section 129.150 - Orders or Warrants; Limitation; Liability for Overdraft.

129.150 Orders or warrants; limitation; liability for overdraft.
Sec. 10.
An order or warrant shall not be issued upon a participant's account in an amount greater than the total of the account to which that order or warrant applies. If an order or warrant for an amount greater than the total of the account to which the order or warrant applies is issued and the order or warrant is paid, the county treasurer shall be personally liable under his or her official bond for the overdraft resulting from the payment.
History:
1985, Act 121, Imd. Eff. July 31, 1985
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 470 of 2002 - Agency Financing Reporting Act (129.171 - 129.177) › Section 129.171 - Short Title.

129.171 Short title.
Sec. 1.
This act shall be known and may be cited as the “agency financing reporting act”.
History:
2002, Act 470, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 470 of 2002 - Agency Financing Reporting Act (129.171 - 129.177) › Section 129.173 - Definitions.

129.173 Definitions.
Sec. 3.
As used in this act:
(a) “Agency” means this state, a state authority, agency, fund, commission, board, or department of this state. Agency also includes a municipality issuing debt exempt from the provisions of the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, or the provisions of the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140.
(b) “Department” means the department of treasury.
(c) “Municipality” means a county, township, city, village, school district, intermediate school district, community college district, metropolitan district, port district, drainage district, district library, or another local governmental authority in this state that has the power to issue a security.
(d) “Security” means an evidence of debt such as a bond, note, contract, obligation, refunding obligation, certificate of indebtedness, or other similar instrument issued by an agency, which pledges payment of the debt by the agency from an identified source of revenue. Security does not include the items described in section 105 of the revised municipal finance act, 2001 PA 34, MCL 141.2105.
History:
2002, Act 470, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 470 of 2002 - Agency Financing Reporting Act (129.171 - 129.177) › Section 129.175 - Bulletins; Issuance by Department.

129.175 Bulletins; issuance by department.
Sec. 5.
The department may issue bulletins as necessary to carry out the purposes of this act. A bulletin issued under this section shall include a statement of the department's specific statutory authority for any substantive requirement contained within the bulletin.
History:
2002, Act 470, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 470 of 2002 - Agency Financing Reporting Act (129.171 - 129.177) › Section 129.177 - Filing; Form; Manner; Noncompliance; Electronic Format.

129.177 Filing; form; manner; noncompliance; electronic format.
Sec. 7.
(1) Within 15 business days of completing the issuance of any security, an agency shall file all of the following with the department in a form and manner prescribed by the department:
(a) A copy of the security.
(b) A proof of publication of the notice of sale, if applicable.
(c) A copy of the award resolution including a detail of the annual interest rate and call features on the security, if any.
(d) A copy of the legal opinion regarding the legality and tax status of the security.
(e) A copy of the notice of rating of the security received from a recognized rating agency, if any.
(f) A copy of the resolution or ordinance authorizing the issuance of the security.
(g) A copy of the official statement, if any.
(2) The failure to comply with subsection (1) does not invalidate any of the securities reported under this act.
(3) The department may require that the filings to the department required by this act be filed in an electronic format prescribed by the department.
History:
2002, Act 470, Imd. Eff. June 21, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › 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.

129.201 Bonds of principal contractor on public building, work, or improvement; irrevocable letter of credit.
Sec. 1.
Before any contract, exceeding $50,000.00 for the construction, alteration, or repair of any public building or public work or improvement of the state or a county, city, village, township, school district, public educational institution, other political subdivision, public authority, or public agency hereinafter referred to as the “governmental unit”, is awarded, the proposed contractor, hereinafter referred to as the “principal contractor”, shall furnish at his or her own cost to the governmental unit a performance bond and a payment bond which shall become binding upon the award of the contract to the principal contractor. However, if the principal contractor is a common carrier as defined in section 3 of Act No. 300 of the Public Acts of 1909, as amended, being section 462.3 of the Michigan Compiled Laws, or the designated operator of a state subsidized railroad, the principal contractor may provide an irrevocable letter of credit from a state or national bank or a state or federally chartered savings and loan association instead of the bonds. Neither the invitation for bids, nor any person acting, or purporting to act, on behalf of the governmental unit shall require that the bonds be furnished by a particular bank or surety company, or through a particular agent or broker, or through a bank, company, agent, or broker in any particular locality.
History:
1963, Act 213, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 351, Imd. Eff. Jan. 9, 1973 ;-- Am. 1982, Act 11, Imd. Eff. Feb. 17, 1982
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.202 - Performance Bond; Amount; Condition; Purpose.

129.202 Performance bond; amount; condition; purpose.
Sec. 2.
The performance bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount, conditioned upon the faithful performance of the contract in accordance with the plans, specifications and terms thereof. The bond shall be solely for the protection of the governmental unit awarding the contract.
History:
1963, Act 213, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 351, Imd. Eff. Jan. 9, 1973
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.203 - Payment Bond; Amount; Purpose.

129.203 Payment bond; amount; purpose.
Sec. 3.
The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosecution of the work provided for in the contract.
History:
1963, Act 213, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 351, Imd. Eff. Jan. 9, 1973
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.204 - Bond, Surety, Obligee.

129.204 Bond, surety, obligee.
Sec. 4.
A bond shall be executed by a surety company authorized to do business in this state. In the case of a contract of the state or a department, board, commission, institution or agency thereof the bonds shall be payable to the people of the state. In the case of all other contracts the bonds shall be payable to the governmental unit.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.205 - Filing of Bond.

129.205 Filing of bond.
Sec. 5.
The bonds shall be filed in the office of the governmental unit awarding the contract.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.206 - Public Works, Contractor's Bond; Definitions.

129.206 Public works, contractor's bond; definitions.
Sec. 6.
A “claimant” means a person having furnished labor, material, or both, used or reasonably required for use in the performance of the contract. “Labor and material” includes that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipment directly applicable to the contract.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.207 - Enforcement of Claims; Notice of Supplier to Principal Contractor or Governmental Unit; Payment to Subcontractor.

129.207 Enforcement of claims; notice of supplier to principal contractor or governmental unit; payment to subcontractor.
Sec. 7.
A claimant who has furnished labor or material in the prosecution of the work provided for in such contract in respect of which payment bond is furnished under the provisions of section 3, and who has not been paid in full therefor before the expiration of a period of 90 days after the day on which the last of the labor was done or performed by him or material was furnished or supplied by him for which claim is made, may sue on the payment bond for the amount, or the balance thereof, unpaid at the time of institution of the civil action, prosecute such action to final judgment for the sum justly due him and have execution thereon. A claimant not having a direct contractual relationship with the principal contractor shall not have a right of action upon the payment bond unless (a) he has within 30 days after furnishing the first of such material or performing the first of such labor, served on the principal contractor a written notice, which shall inform the principal of the nature of the materials being furnished or to be furnished, or labor being performed or to be performed and identifying the party contracting for such labor or materials and the site for the performance of such labor or the delivery of such materials, and (b) he has given written notice to the principal contractor and the governmental unit involved within 90 days from the date on which the claimant performed the last of the labor or furnished or supplied the last of the material for which the claim is made, stating with substantial accuracy the amount claimed and the name of the party to whom the material was furnished or supplied or for whom the labor was done or performed. Each notice shall be served by mailing the same by certified mail, postage prepaid, in an envelope addressed to the principal contractor, the governmental unit involved, at any place at which said parties maintain a business or residence. The principal contractor shall not be required to make payment to a subcontractor of sums due from the subcontractor to parties performing labor or furnishing materials or supplies, except upon the receipt of the written orders of such parties to pay to the subcontractor the sums due such parties.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.208 - Copies of Bonds and Contracts; Fees.

129.208 Copies of bonds and contracts; fees.
Sec. 8.
The agent in charge of the office of the governmental unit shall furnish to anyone making application therefor who submits an affidavit that he has supplied labor or materials for such work and payment therefor has not been made, or that he is being sued on any such bond, or that it is the surety thereon, a certified copy of the bond and the contract for which it was given, which copy shall be prima facie evidence of the contents, execution, and delivery of the original. An applicant shall pay such reasonable fees for such certified copies as the agent in charge of the office of the governmental unit fixes to cover the actual cost of preparation thereof.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.209 - Venue; Statute of Limitations.

129.209 Venue; statute of limitations.
Sec. 9.
An action instituted on the payment bond shall be brought only in the appropriate court in the political subdivision in which the contract was to be performed. No action shall be commenced after the expiration of 1 year from the date on which final payment was made to the principal contractor.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.210 - Application of Statute.

129.210 Application of statute.
Sec. 10.
This act shall not apply to any contract awarded pursuant to an invitation for bids issued on or before the effective date hereof, or to any person or bonds in respect to any such contract. The rights, duties, and obligations of parties arising under, or incidental to, bonds executed prior to the effective date of this act shall continue to be governed by the statutes heretofore applicable to such bonds.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.211 - Repeal; Restriction on Other Statute.

129.211 Repeal; restriction on other statute.
Sec. 11.
Section 64 of Act No. 59 of the Public Acts of 1915, as amended, being section 247.464 of the Compiled Laws of 1948 is repealed. The provisions of Act No. 187 of the Public Acts of 1905, as amended, being sections 570.101 to 570.105 of the Compiled Laws of 1948, shall not apply to contracts for public buildings or other public works except construction and maintenance contracts of the state highway commissioner.
History:
1963, Act 213, Eff. Sept. 6, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212) › Section 129.212 - Act Inapplicable to Contracts Awarded Under MCL 280.1 to 280.630.

129.212 Act inapplicable to contracts awarded under MCL 280.1 to 280.630.
Sec. 12.
This act does not apply to a contract awarded under the drain code of 1956, Act No. 40 of the Public Acts of 1956, being sections 280.1 to 280.630 of the Michigan Compiled Laws.
History:
Add. 1989, Act 62, Imd. Eff. June 16, 1989
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 280 of 1995 - Financial Transaction Device Payments (129.221 - 129.224) › Section 129.221 - Definitions.

129.221 Definitions.
Sec. 1.
As used in this act:
(a) “Credit card” means a card or device issued by a person licensed under 1984 PA 379, MCL 493.101 to 493.114, or under the consumer financial services act, 1988 PA 161, MCL 487.2051 to 487.2072, or issued by a depository financial institution as defined in section 1a of the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651a, under a credit card arrangement.
(b) “Credit card arrangement” means an unsecured extension of credit for purchasing goods or services from the credit card issuer or any other person that is made to the holder of a credit card and that is accessed with a credit card.
(c) “Financial transaction device” means any of the following:
(i) An electronic funds transfer card.
(ii) A credit card.
(iii) A debit card.
(d) “Governing body” means any of the following:
(i) The council, commission, or other entity vested with the legislative power of a village.
(ii) The council or other entity vested with the legislative power of a city.
(iii) The township board of a township.
(iv) The county board of commissioners of a county.
(v) The board of county road commissioners of a county.
(vi) The board of education of a local school district.
(vii) The board of education of an intermediate school district.
(viii) The board of trustees of a community college district.
(ix) The official body to which is granted general governing powers over an authority or organization of government established by law which may issue obligations pursuant to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, and which may expend funds of the authority or organization.
(e) “Local school district” means a school district organized under the revised school code, 1976 PA 451, MCL 380.1 to 380.1852, or a district governed by a special or local act.
(f) “Local unit” means any of the following:
(i) A village.
(ii) A city.
(iii) A township.
(iv) A county.
(v) A county road commission.
(vi) A local school district.
(vii) An intermediate school district.
(viii) A community college district.
(ix) An authority or organization of government established by law which may issue obligations under the revised municipal finance act, 2001 PA 34, MCL 141.2101 to MCL 141.2821, and which may expend funds of the authority or organization.
History:
1995, Act 280, Imd. Eff. Jan. 9, 1996 ;-- Am. 2002, Act 256, Imd. Eff. May 1, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 280 of 1995 - Financial Transaction Device Payments (129.221 - 129.224) › Section 129.222 - Acceptance of Payment by Financial Transaction; Prohibition.

129.222 Acceptance of payment by financial transaction; prohibition.
Sec. 2.
A local unit shall not accept a payment by financial transaction device if prohibited by law or charter. A local unit shall not accept a payment by financial transaction device more than 6 months after the effective date of this act unless it complies with section 3.
History:
1995, Act 280, Imd. Eff. Jan. 9, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 280 of 1995 - Financial Transaction Device Payments (129.221 - 129.224) › Section 129.223 - Adoption of Resolution; Determination of Acceptable Financial Transaction Devices.

129.223 Adoption of resolution; determination of acceptable financial transaction devices.
Sec. 3.
(1) Before a local unit accepts a payment by financial transaction device for a tax, assessment, or fee, the governing body of the local unit shall adopt a resolution authorizing the acceptance of payments by financial transaction devices. The resolution shall designate the treasurer of the local unit as responsible for determining the types of financial transaction devices that may be accepted. The resolution may designate an additional officer or employee as jointly responsible with the treasurer for determining the financial transaction devices that may be accepted. However, if the treasurer is not an elected treasurer, the resolution may provide that the determination of the types of financial transaction devices shall be subsequently approved by resolution of the governing body. The determination of the financial transaction devices that may be accepted shall comply with any resolution for the deposit of public money under section 2 of Act No. 40 of the Public Acts of the First Extra Session of 1932, being section 129.12 of the Michigan Compiled Laws, applicable to that local unit. The resolution under this subsection shall specify any taxes, assessments, or fees for which payments by financial transaction devices will not be accepted.
(2) Notwithstanding the resolution adopted under subsection (1), if an elected official's office has direct responsibility to collect a tax, assessment, or fee and the elected official is not a voting member of the governing body of the local unit, the elected official may determine not to accept payments by financial transaction devices for that particular tax, assessment, or fee. Before implementing such a determination, the elected official shall notify the governing body of the local unit in writing of the particular tax, assessment, or fee for which payments by financial transaction devices will not be accepted.
History:
1995, Act 280, Imd. Eff. Jan. 9, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 280 of 1995 - Financial Transaction Device Payments (129.221 - 129.224) › Section 129.224 - Authority of Courts Not Affected.

129.224 Authority of courts not affected.
Sec. 4.
This act does not affect the authority of the courts to make determinations concerning the acceptance of financial transaction devices for court costs and fees.
History:
1995, Act 280, Imd. Eff. Jan. 9, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.242 - Credit Card Arrangement; Use of Credit Cards.

129.242 Credit card arrangement; use of credit cards.
Sec. 2.
(1) Subject to sections 3 and 5, the governing body of a local unit may enter into a credit card arrangement.
(2) A credit card arrangement or the use of credit cards under this act is not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, or to provisions of law or charter concerning the issuance of debt by a local unit.
History:
1995, Act 266, Eff. July 8, 1996 ;-- Am. 2002, Act 257, Imd. Eff. May 1, 2002
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.243 - Adoption of Resolution; Written Policy; Provisions.

129.243 Adoption of resolution; written policy; provisions.
Sec. 3.
A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by resolution a written policy that provides all of the following:
(a) That an officer or employee designated by the credit card policy is responsible for the local unit's credit card issuance, accounting, monitoring, and retrieval and generally for overseeing compliance with the credit card policy.
(b) That a credit card may be used only by an officer or employee of the local unit for the purchase of goods or services for the official business of the local unit. In addition, the credit card policy may limit the specific official business for which credit cards may be used. This subdivision does not limit the applicability of chapter XXIVA or section 174, 175, 219a, or 490a of the Michigan penal code, Act No. 328 of the Public Acts of 1931, being sections 750.157m to 750.157w, 750.174, 750.175, 750.219a, and 750.490a of the Michigan Compiled Laws; section 1a of the code of criminal procedure, Act No. 175 of the Public Acts of 1927, being section 769.1a of the Michigan Compiled Laws; or any other law, or ordinance, applicable to use of a credit card, issued by a local unit, for other than official business of the local unit.
(c) That an officer or employee using credit cards issued by the local unit shall submit to the local unit documentation described in the credit card policy detailing the goods or services purchased, the cost of the goods or services, the date of the purchase, and the official business for which purchased.
(d) That an officer or employee issued a credit card is responsible for its protection and custody and shall immediately notify the local unit if the credit card is lost or stolen.
(e) That an officer or employee issued a credit card shall return the credit card upon the termination of his or her employment or service in office with the local unit.
(f) For a system of internal accounting controls to monitor the use of credit cards issued by the local unit.
(g) For the approval of credit card invoices before payment.
(h) That the balance including interest due on an extension of credit under the credit card arrangement shall be paid for within not more than 60 days of the initial statement date. The local unit shall comply with this provision of the credit card policy.
(i) For disciplinary measures consistent with law for the unauthorized use of a credit card by an officer or employee of the local unit.
(j) Any other matters the governing body considers advisable.
History:
1995, Act 266, Eff. July 8, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.244 - Total Combined Authorized Credit Limit; Limitation; Payment of Balance, Annual Fee, and Interest.

129.244 Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest.
Sec. 4.
(1) The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget of the local unit for the current fiscal year.
(2) The governing body of a local unit may include in its budget and pay the balance due on any credit cards, including the annual fee and interest.
History:
1995, Act 266, Eff. July 8, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.245 - Limiting or Suspending Authority to Issue and Use Credit Cards; Issuance of Order; Hearing.

129.245 Limiting or suspending authority to issue and use credit cards; issuance of order; hearing.
Sec. 5.
After a hearing conducted under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, the department of treasury may issue an order limiting or suspending the authority of a local unit to issue and use credit cards under this act for failure to comply with the requirements of this act or with the requirements of the local unit's credit card policy.
History:
1995, Act 266, Eff. July 8, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.246 - Validity of Credit Card Arrangement Before Effective Date of Act.

129.246 Validity of credit card arrangement before effective date of act.
Sec. 6.
A credit card arrangement entered into by a local unit before the effective date of this act is valid but may not be used for credit card transactions on or after the effective date of this act unless the requirements of sections 3 and 4 are complied with.
History:
1995, Act 266, Eff. July 8, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247) › Section 129.247 - Effective Date.

129.247 Effective date.
Sec. 7.
This act shall take effect 6 months after the date of its enactment.
History:
1995, Act 266, Eff. July 8, 1996
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.261 - Short Title.

129.261 Short title.
Sec. 1.
This act shall be known and may be cited as the "Michigan tobacco settlement finance authority act".
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.262 - Legislative Findings and Declaration.

129.262 Legislative findings and declaration.
Sec. 2.
The legislature finds and declares the following:
(a) This state has entered into a master settlement agreement with major tobacco companies that should result in the state receiving substantial sums of money in perpetuity assuming no adverse changes in cigarette consumption, market share, financial condition of those tobacco companies, and changes in law.
(b) The master settlement agreement is a binding and enforceable agreement of this state.
(c) Selling the state’s right to receive all or a portion of tobacco settlement payments is a prudent method of managing the risks associated with reliance on the receipt of tobacco settlement payments in perpetuity.
(d) Establishing the authority and execution by the authority of its powers granted under this act fulfill in all respects a public and governmental purpose for the benefit of the people of this state.
(e) The exchange of net proceeds received by the authority from the issuance of bonds plus residual interests for the right to receive all or a portion of tobacco settlement payments constitutes a true sale for a fair price.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.265 - Authority; Duties; Administrative Functions.

129.265 Authority; duties; administrative functions.
Sec. 5.
The authority shall exercise its duties independently of the state treasurer. The staffing, budgeting, procurement, and related administrative functions of the authority shall be performed under the direction and supervision of the state treasurer.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.267 - Powers of Authority.

129.267 Powers of authority.
Sec. 7.
The authority shall have all of the following powers:
(a) To solicit and accept gifts, grants, and loans from any person.
(b) To invest any money of the authority at the authority's discretion, in any obligations determined proper by the authority, and name and use depositories for its money.
(c) To procure insurance against any loss in connection with the property, assets, or activities of the authority.
(d) To sue and be sued, to have a seal, and to make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of the authority's powers.
(e) To make and amend bylaws.
(f) To employ and contract with individuals necessary for the operation of the authority.
(g) To make and execute contracts including without limitation sale agreements, trust agreements, trust indentures, bond purchase agreements, tax regulatory agreements, continuing disclosure agreements, ancillary facilities, and all other instruments necessary or convenient for the exercise of its powers and functions, and commence any action to protect or enforce any right conferred upon it by any law, contract or other agreement.
(h) To engage the services of financial advisors and experts, legal counsel, placement agents, underwriters, appraisers and other advisors, consultants and fiduciaries as may be necessary to effectuate the purposes of this act.
(i) To pay its operating expenses and financing costs.
(j) To pledge the TSRs or other assets as security for the payment of the principal of and interest on any bonds and for its obligations under any ancillary facility.
(k) To procure insurance, letters of credit, or other credit enhancement with respect to any bonds for the payment of tenders of bonds, or for the payment upon maturity of short-term bonds.
(l) To enter into any ancillary facility with any person under the terms and conditions as the authority may determine and to provide insurance, letters of credit, or other credit enhancement with respect to any ancillary facility.
(m) To modify, amend, or replace any existing, or enter into a new, ancillary facility.
(n) To do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this act.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 226 of 2005 - Michigan Tobacco Settlement Finance Authority Act (129.261 - 129.279) › Section 129.269 - Obligations.

129.269 Obligations.
Sec. 9.
The issuance of bonds and the execution of any ancillary facility under the provisions of this act shall not directly, or indirectly, or contingently obligate the state or any political subdivision of this state to pay any amounts to the authority or owner of bonds or benefited parties or levy or pledge any form of taxation whatsoever for the bonds or ancillary facilities. The bonds and any ancillary facility are not a debt or liability of this state or any agency or instrumentality of this state, other than the authority as set forth in this act, either legal, moral, or otherwise, and nothing contained in this act shall be construed to authorize the authority to incur any indebtedness on behalf of or in any way to obligate this state or any political subdivision of this state, and the bonds and any ancillary facility shall contain on the face of the bond and ancillary facility or other prominent place on the bond or ancillary facility in bold typeface a statement to that effect.
History:
2005, Act 226, Imd. Eff. Nov. 21, 2005