(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.

Terms Used In Michigan Laws 129.144

  • Contract: A legal written agreement that becomes binding when signed.
  • Governing body: means the board, council, or other official body that has general governing powers over a local unit. See Michigan Laws 129.142
  • Investment pool: means a local government investment pool authorized in section 3. See Michigan Laws 129.142
  • Local unit: means a county, city, village, township, authority created pursuant to state law or municipal charter, special assessment district, municipal board or commission established under state law or municipal charter, or intergovernmental board, commission, or council established pursuant to the urban cooperation act of 1967, Act No. See Michigan Laws 129.142
  • Participating county: means a county that has been authorized by the county governing body to enter into a contract with another local unit pursuant to section 4. See Michigan Laws 129.142
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