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
Structure Michigan Compiled Laws
Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150)
Section 129.141 - Short Title.
Section 129.142 - Definitions.
Section 129.144 - Authorization by Resolution.
Section 129.146 - Standard of Judgment and Care.
Section 129.147 - Separate Accounts.
Section 129.148 - Safekeeping Depositories; Security.
Section 129.149 - Default; Powers of Treasurer.
Section 129.150 - Orders or Warrants; Limitation; Liability for Overdraft.