Michigan Laws 129.118 – Act as additional authority for investment of surplus funds
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Terms Used In Michigan Laws 129.118
- 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
This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted under Act No. 20 of the Public Acts of 1943, as amended, being section 129.91 to 129.93 of the Michigan Compiled Laws.