reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 128 - Cemeteries › Act 272 of 1909 - Enlargement of Township Burial Grounds (128.151 - 128.164) › Section 128.162 - Payment Order; Issuance, Receipt; Evidence.

128.162 Payment order; issuance, receipt; evidence.
Sec. 12.
The circuit judge, judge of probate, or circuit court commissioner of any county where any money has been deposited with the county treasurer of such county, as hereinbefore provided, shall, upon the written application of any person or persons entitled to such money, and upon receiving satisfactory evidence of the right of such applicant to the money thus deposited, make an order directing the county treasurer to pay the money thus deposited with him to said applicant; and it shall be the duty of such county treasurer, on the presentation of such order, with the receipt of the person named therein, endorsed on said order and duly acknowledged, in the same manner as conveyances of real estate are required to be acknowledged to pay the same; and such order, with the receipt of the applicant or person in whose favor the same shall be drawn, shall, in all courts and places, be presumptive evidence in favor of such county treasurer, to exonerate him from all liability to any person or persons for said money thus paid by him.
History:
1909, Act 272, Eff. Sept. 1, 1909 ;-- CL 1915, 5134 ;-- CL 1929, 3878 ;-- CL 1948, 128.162
2023 Michigan Compiled Laws › Chapter 128 - Cemeteries › Act 272 of 1909 - Enlargement of Township Burial Grounds (128.151 - 128.164) › Section 128.163 - Subsequent Proceedings.

128.163 Subsequent proceedings.
Sec. 13.
In case any circuit judge, circuit court commissioner, or justice of the peace, who shall issue a summons or venire for a jury, shall be unable to attend to any of the subsequent proceedings in such case, any other circuit court commissioner or justice of the peace may attend and finish said proceedings.
History:
1909, Act 272, Eff. Sept. 1, 1909 ;-- CL 1915, 5135 ;-- CL 1929, 3879 ;-- CL 1948, 128.163
2023 Michigan Compiled Laws › Chapter 128 - Cemeteries › Act 272 of 1909 - Enlargement of Township Burial Grounds (128.151 - 128.164) › Section 128.164 - Fees; Compensation.

128.164 Fees; compensation.
Sec. 14.
Circuit judges, circuit court commissioners, and justices of the peace, for any services rendered under the provisions of this act, shall be entitled to the same fees and compensation as for similar services in other special proceedings. Jurors, constables, and sheriffs shall be entitled to the same fees as for like services in civil cases in circuit court.
History:
1909, Act 272, Eff. Sept. 1, 1909 ;-- CL 1915, 5136 ;-- CL 1929, 3880 ;-- CL 1948, 128.164
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 40 of 1932 (1st Ex. Sess.) - Depositories for Public Moneys (129.11 - 129.16) › Section 129.11 - Public Money; Definition.

129.11 Public money; definition.
Sec. 1.
Except as otherwise provided by law, money collected or received by an officer of a local public entity in this state, pursuant to any provision of law authorizing the officer to collect or receive the money, is public money for the purposes of this act. An officer of a local public entity authorized to deposit public money collected or received by the local public entity shall as soon as practicable deposit the public money collected or received in 1 or more financial institutions designated under this act. This section does not prevent a county treasurer from keeping on hand a reasonable amount of money necessary to conduct the affairs of his or her office.
History:
1932, 1st Ex. Sess., Act 40, Imd. Eff. May 14, 1932 ;-- CL 1948, 129.11 ;-- Am. 2018, Act 462, Eff. Mar. 29, 2019
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 40 of 1932 (1st Ex. Sess.) - Depositories for Public Moneys (129.11 - 129.16) › Section 129.13 - Repealed. 1997, Act 31, Imd. Eff. June 19, 1997.

129.13 Repealed. 1997, Act 31, Imd. Eff. June 19, 1997.
Compiler's Notes:
The repealed section pertained to prohibited security.
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 40 of 1932 (1st Ex. Sess.) - Depositories for Public Moneys (129.11 - 129.16) › Section 129.14 - Deposit or Investment of Additional Money; Cash Control Ledger; Limitation.

129.14 Deposit or investment of additional money; cash control ledger; limitation.
Sec. 4.
(1) Notwithstanding section 2, additional money collected or received by a treasurer of a local public entity must not be deposited or invested in a financial institution that is not eligible to be a depository of surplus funds of this state under section 6 of 1855 PA 105, MCL 21.146.
(2) An officer of a local public entity responsible for depositing money belonging to the local public entity shall keep all accounts at a financial institution designated under this act upon the regular books or records of the officer so that each item of all accounts appear on the books or records and shall maintain a cash control ledger recording deposit and investment activity affecting the money, including, but not limited to, a record of the cash and investment equity of each fund of the local public entity. Money deposited with a treasurer under this act, including any surplus money, must be deposited in a financial institution designated by the local public entity under this act or be invested by the treasurer as investment officer for the local public entity in a manner that complies with 1943 PA 20, MCL 129.91 to 129.97a.
History:
Add. 1979, Act 84, Imd. Eff. Aug. 1, 1979 ;-- Am. 1997, Act 31, Imd. Eff. June 19, 1997 ;-- Am. 1997, Act 33, Imd. Eff. June 19, 1997 ;-- Am. 2018, Act 462, Eff. Mar. 29, 2019
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 40 of 1932 (1st Ex. Sess.) - Depositories for Public Moneys (129.11 - 129.16) › Section 129.15 - Repealed. 2018, Act 462, Eff. Mar. 29, 2019.

129.15 Repealed. 2018, Act 462, Eff. Mar. 29, 2019.
Compiler's Notes:
The repealed section pertained to definition of deposit.
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 40 of 1932 (1st Ex. Sess.) - Depositories for Public Moneys (129.11 - 129.16) › Section 129.16 - Definitions.

129.16 Definitions.
Sec. 6.
As used in this act:
(a) "Deposit" includes the purchase of or investment in shares of a credit union.
(b) "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.
(c) "Governing body" means a council, commission, board, or other official body that has legislative powers over a local public entity.
(d) "Local public entity" means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.
History:
Add. 1997, Act 31, Imd. Eff. June 19, 1997 ;-- Add. 1997, Act 33, Imd. Eff. June 19, 1997 ;-- Am. 2018, Act 462, Eff. Mar. 29, 2019
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › 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.

129.21 Tax collectors relieved from liability for funds in a designated depository.
Sec. 1.
All tax collectors and former tax collectors of the state of Michigan or any of its political subdivisions are hereby relieved from any liability to any county, township, city, village or school district of the state of Michigan and the state of Michigan for failure to pay over tax funds in the possession of such tax collector but on deposit in a depository duly designated by or under the laws of the state of Michigan.
History:
1935, Act 95, Imd. Eff. May 28, 1935 ;-- CL 1948, 129.21
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 95 of 1935 - Relief From Liability for Funds in Designated Depository (129.21 - 129.23) › Section 129.22 - Fee Collectors Relieved From Liability for Funds in a Designated Depository.

129.22 Fee collectors relieved from liability for funds in a designated depository.
Sec. 2.
All fee collectors and former fee collectors of the state of Michigan or of any of its political subdivisions are hereby relieved from any liability to any county, township, city, village or school district of the state of Michigan and the state of Michigan for failure to pay over such fees in the possession of such fee collector but on deposit in a depository duly designated by or under the laws of the state of Michigan.
History:
1935, Act 95, Imd. Eff. May 28, 1935 ;-- CL 1948, 129.22
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 95 of 1935 - Relief From Liability for Funds in Designated Depository (129.21 - 129.23) › Section 129.23 - Public Officials Relieved From Liability for Funds in a Designated Depository.

129.23 Public officials relieved from liability for funds in a designated depository.
Sec. 3.
All officers of the state of Michigan or of any of its political subdivisions who in connection with the performance of the duties of their respective offices receive moneys as custodians, whether such moneys shall have been heretofore so deposited with them, or shall hereafter be so deposited with them, are hereby relieved from any liability to any county, township, city, village or school district of the state of Michigan and the state of Michigan for failure to pay over such moneys so deposited with them in the possession of such officer but on deposit in a depository duly designated by or under the laws of the state of Michigan.
History:
1935, Act 95, Imd. Eff. May 28, 1935 ;-- CL 1948, 129.23
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Repealed - Act 99 of 1909 - Depositories for Public Moneys (129.31 - 129.40)

DEPOSITORIES FOR PUBLIC MONEYS
Act 99 of 1909
129.31-129.40 Repealed. 2018, Act 462, Eff. Mar. 29, 2019.
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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.
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › 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.

129.101 Deposited public funds; facsimile signatures on checks or orders for payment of money.
Sec. 1.
Moneys on deposit in any duly designated depository to the credit of any account of the state of Michigan, when so authorized by resolution of the state administrative board, of any county, when so authorized by resolution of its board of supervisors or board of county auditors in those counties in which there is a board of county auditors, of any township, when so authorized by resolution of its township board, of any school district, when so authorized by resolution of its district board or board of education, of any city or village, when so authorized by resolution of its legislative body, or of any other municipal or public corporation within this state, when so authorized by resolution of its governing board, may be drawn upon by checks, drafts or other orders for the payment of money bearing, or purporting to bear, the facsimile signature or signatures of the person or persons required to sign the same; and when the drawing upon any such moneys in such manner is so authorized, such depository shall be entitled to honor and to charge the appropriate account for such checks, drafts and other orders regardless of by whom or by what means any such actual or purported facsimile signature may have been affixed thereto if, in the exercise of ordinary care, such signature would be honored by a bank as being the facsimile signature duly certified to the depository.
History:
1956, Act 32, Imd. Eff. Mar. 28, 1956 ;-- Am. 1958, Act 20, Eff. Sept. 13, 1958
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.111 - Short Title.

129.111 Short title.
Sec. 1.
This act shall be known and may be cited as the “surplus funds investment pool act”.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.112 - Definitions.

129.112 Definitions.
Sec. 2.
(1) As used in this act:
(a) “Depository” means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed in an investment pool.
(b) “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 and which is eligible to be a depository of surplus funds belonging to the state under section 6 of 1855 PA 105, MCL 21.146.
(c) “Local unit” means a county, city, village, township, school district, authority, or any other political subdivision organized under the laws of this state.
(d) “Participant” means a local unit which has entered into a contract with a financial institution and has placed funds in an investment pool managed by that financial institution.
(e) “Surplus funds” means money which belongs to or is under the control of the local unit and is available for investment, not being required by law or agreement with bondholders to be segregated and invested in a specified manner.
(2) Assets acceptable for pledging to secure deposits of township 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) Securities considered acceptable to the township and the financial institution.
History:
1982, Act 367, Eff. Mar. 30, 1983 ;-- Am. 1997, Act 48, Imd. Eff. June 30, 1997
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.113 - Placing Surplus Funds in Investment Pool; Contract With Financial Institution.

129.113 Placing surplus funds in investment pool; contract with financial institution.
Sec. 3.
The governing body of a local unit may enter into a contract with a financial institution to place surplus funds in an investment pool.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.114 - Contract Between Financial Institution and Local Unit; Required Provisions.

129.114 Contract between financial institution and local unit; required provisions.
Sec. 4.
Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall include, at a minimum, the following provisions:
(a) The minimum amount of money which may be deposited in the investment pool.
(b) The procedure for the deposit and withdrawal of the money.
(c) The amount of the fee for managing the investment pool, if a management fee is to be charged of the participant by the financial institution.
(d) The terms for distribution of earnings in excess of any management fee, and for the allocation of losses, to participants, in a manner which equitably reflects the differing amounts of their respective investments and the differing periods of time for which such amounts were in custody of the investment pool.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.115 - Maintaining Separate Account for Each Participant; Monthly Statement of Transactions; Report.

129.115 Maintaining separate account for each participant; monthly statement of transactions; report.
Sec. 5.
The depository shall maintain for each participant a separate account designated by the participant's name and number. Each account shall show the deposits, earnings, and withdrawals of, and any fees paid by, the participant. Each participant shall receive a monthly statement of transactions and, upon request, shall be furnished a report showing the investment holdings of the investment pool as of the end of the previous month.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.116 - Powers and Duties of Depository.

129.116 Powers and duties of depository.
Sec. 6.
(1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may have available for investment.
(2) The depository may invest and reinvest the money in the investment pool only in the manner permitted in section 1 of Act No. 20 of the Public Acts of 1943, as amended, being section 129.91 of the Michigan Compiled Laws.
(3) The depository shall invest the money in the investment pool with the degree of judgment and care which 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:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.117 - Default in Payment of Principal, Interest, or Other Income; Remedies of Depository.

129.117 Default in payment of principal, interest, or other income; remedies of depository.
Sec. 7.
If a default occurs in the payment of principal, interest, or other income of an investment pool, the depository shall pursue all remedies available to it at law or in equity.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118) › Section 129.118 - Act as Additional Authority for Investment of Surplus Funds.

129.118 Act as additional authority for investment of surplus funds.
Sec. 8.
This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted under Act No. 20 of the Public Acts of 1943, as amended, being sections 129.91 to 129.93 of the Michigan Compiled Laws.
History:
1982, Act 367, Eff. Mar. 30, 1983
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 56 of 1962 - Bond Cremation Act (129.121 - 129.125) › Section 129.121 - Short Title; Bond Cremation Act.

129.121 Short title; bond cremation act.
Sec. 1.
This act shall be known and may be cited as the “bond cremation act”.
History:
1962, Act 56, Eff. Mar. 28, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 56 of 1962 - Bond Cremation Act (129.121 - 129.125) › Section 129.122 - Bond Cremation Act; Definitions.

129.122 Bond cremation act; definitions.
Sec. 2.
As used in this act:
(a) “Public corporation” means any county, city, village, township, charter township, school district, community college district, port district, metropolitan district, drainage district, the state or any officer, agency, commission or department thereof, or any other public or governmental authority or agency within the state with the power to issue obligations.
(b) “Obligations” means any evidence of indebtedness, such as bonds, bills, notes, orders, certificates of indebtedness or other like instruments, issued by a public corporation.
(c) “Interest coupon” means the coupon pertaining to any obligation evidencing a right to the payment of a certain sum as interest on an obligation.
(d) “Governing body” means the board of supervisors of a county, the township board of a township, the council, common council, or commission of a city, the council, commission or board of trustees of a village, the board of education or district board of a school district, the county drain commissioner or drainage board of a drainage district, the legislative body of a metropolitan district, the port commission of a port district and, in the case of any other public corporation, the official or official body to whom is designated general governing or legislative powers by law.
(e) “Paying agent” means any one of the banks or trust companies or other financial institutions where the obligations or interest coupons are made payable.
History:
1962, Act 56, Eff. Mar. 28, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 56 of 1962 - Bond Cremation Act (129.121 - 129.125) › Section 129.123 - Cremation or Disintegration of Public Obligations or Interest Coupons.

129.123 Cremation or disintegration of public obligations or interest coupons.
Sec. 3.
Subject to the provisions of this act, the governing body of any public corporation may authorize the cremation or disintegration of obligations or interest coupons. As an alternative, subject to the provisions of this act, any public corporation may enter into an agreement with a paying agent for the cremation or disintegration of its obligations and interest coupons, which agreement shall be approved and its execution authorized by the governing body.
History:
1962, Act 56, Eff. Mar. 28, 1963 ;-- Am. 1963, Act 130, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 146, Imd. Eff. May 26, 1972
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 56 of 1962 - Bond Cremation Act (129.121 - 129.125) › Section 129.124 - Public Bonds and Interest Coupons; Certificate of Cremation, Contents, Filing.

129.124 Public bonds and interest coupons; certificate of cremation, contents, filing.
Sec. 4.
Where obligations and interest coupons are cremated by a public corporation, it shall be done in the presence of the official of the public corporation having custody of the financial records of the public corporation, or a representative designated by such official, and in the presence of 2 additional persons designated by the governing body of the public corporation. Where the obligations and interest coupons are cremated by a paying agent, it shall be done in the presence of at least 2 authorized officers or employees of the paying agent. Within 24 hours after the cremation of any obligations or interest coupons, a certificate of cremation shall be prepared and executed by an officer of the paying agent and the persons in whose presence the obligations or interest coupons were cremated. The certificate shall show the name of the public corporation, the designation or title of the obligations cremated, which in the case of interest coupons shall include the title or designation of the obligations to which they pertain, the aggregate principal amount of obligations cremated, the maturity date of the obligations and interest coupons cremated, the date of the obligations cremated, the denomination of each of the obligations cremated, the number of each of the obligations cremated, the name of the printer of the obligations or interest coupons cremated, and where interest coupons are cremated, the quantity of coupons cremated for each coupon maturity date and the face value of each of the coupons cremated. A copy of the cremation certificate shall be filed within 30 days of its execution with the officer of the public corporation having custody of the financial records of the public corporation and the municipal finance commission or such other agency or body as may hereafter have power over the issuance of obligations by public corporations.
History:
1962, Act 56, Eff. Mar. 28, 1963
2023 Michigan Compiled Laws › Chapter 129 - Public Funds › Act 56 of 1962 - Bond Cremation Act (129.121 - 129.125) › Section 129.125 - Public Bonds and Interest Coupons; Obligations Not Considered Public Records.

129.125 Public bonds and interest coupons; obligations not considered public records.
Sec. 5.
The powers conferred by this act shall be construed as constituting complete and independent power and authority to do the things herein authorized, the provisions of any other statute or charter to the contrary notwithstanding. Obligations and interest coupons of public corporations for the purposes of this act shall not be considered to be public records within the meaning of any other statute or charter.
History:
1962, Act 56, Eff. Mar. 28, 1963