Terms Used In Michigan Laws 129.113

• Contract: A legal written agreement that becomes binding when signed.
• 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. See Michigan Laws 129.112
• Local unit: means a county, city, village, township, school district, authority, or any other political subdivision organized under the laws of this state. See Michigan Laws 129.112
• 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. See Michigan Laws 129.112