Michigan Laws 15.424 – Unauthorized investments prohibited

Local unit: means an entity required to make an annual financial report under section 4 of Act No. See Michigan Laws 15.422
state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o

This act does not authorize a local unit or this state to make investments not otherwise authorized by law.