Michigan Laws 129.97a – Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report
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Terms Used In Michigan Laws 129.97a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Governing body: means the legislative body, council, commission, board, or other body having legislative powers of a public corporation. See Michigan Laws 129.91
- Investment officer: means the treasurer or other person designated by statute or charter of a public corporation to act as the investment officer. See Michigan Laws 129.91
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Public corporation: means a county, city, village, township, port district, drainage district, special assessment district, or metropolitan district of this state, or a board, commission, or another authority or agency created by or under an act of the legislature of this state. See Michigan Laws 129.91
(1) Notwithstanding any law or charter to the contrary, if a public corporation has a special revenue fund consisting of payments for park operations and maintenance, the governing body of the public corporation may by resolution provide its investment officer with the same authority to invest the assets of the special revenue fund as is granted an investment fiduciary under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140m.
(2) The investment officer shall prepare and issue an annual special revenue fund report. The investment officer shall make the annual special revenue fund report available to the citizens of the public corporation. The annual special revenue fund report shall include all of the following:
(a) The name of the special revenue fund.
(b) The special revenue fund’s investment fiduciaries.
(c) The special revenue fund’s assets and liabilities.
(d) The special revenue fund’s funded ratio.
(e) The special revenue fund’s investment performance.
(f) The special revenue fund’s expenses.