Sec. 17.
(1) Bonds issued under this act are securities in which all public officers and public agencies of the state and its political subdivisions and all banks, trust companies, savings and loan associations, investment companies, and others carrying on a banking business, all insurance companies and insurance associations and others carrying on an insurance business, all administrators, executors, guardians, trustees and other fiduciaries, and all other persons may legally and properly invest funds, including capital in their control or belonging to them.
(2) Bonds issued under this act are securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or other obligations of the state is authorized by law.
History: 1978, Act 639, Imd. Eff. Jan. 11, 1979 Compiler's Notes: See Compiler's note to MCL 120.130.
Structure Michigan Compiled Laws
Act 639 of 1978 - Hertel-Law-T. Stopczynski Port Authority Act (120.101 - 120.130)
Section 120.101 - Short Title.
Section 120.102 - Definitions.
Section 120.103 - Port Authority; Exercise of Powers and Duties; Jurisdiction.
Section 120.106 - Bond of Secretary-Treasurer.
Section 120.107 - Advisory Committees and Councils.
Section 120.108 - Port Authority; Powers Generally.
Section 120.109 - Port Authority; Additional Powers.
Section 120.110 - Port Authority; Additional Powers.
Section 120.111 - Port Authority; Liability.
Section 120.114a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.
Section 120.116 - Revenue Bonds; Trust Agreement.
Section 120.117 - Bonds as Securities; Investment; Deposit.
Section 120.119 - Validation of Bonds or Notes; Contesting Validity.
Section 120.120 - Contract for Use of Port Facilities; Increase in Charges; Duration of Contract.
Section 120.121 - Dock, Waterfront, or Riparian Property; Transfer, Possession, or Control.
Section 120.122 - Tax Exemption.
Section 120.124 - Operating Budget.
Section 120.125 - Surplus of Unencumbered Funds; Disposition.
Section 120.126 - Entry on Lands, Waters, and Premises; Purpose; Reimbursement for Actual Damages.
Section 120.128 - Annual Report; Audit.
Section 120.129 - Liberal Construction; Powers Cumulative.
Section 120.130 - Repeal of MCL 120.1 to 120.35; Effective Date of Subsection (1).