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
Structure Michigan Compiled Laws
Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118)
Section 129.111 - Short Title.
Section 129.112 - Definitions.
Section 129.113 - Placing Surplus Funds in Investment Pool; Contract With Financial Institution.
Section 129.114 - Contract Between Financial Institution and Local Unit; Required Provisions.
Section 129.116 - Powers and Duties of Depository.
Section 129.118 - Act as Additional Authority for Investment of Surplus Funds.