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
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.