Michigan Laws 129.143 – Contracts between participating county and local units; local government investment pool; management, investment, and reinvestment
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(1) A participating county may contract to accept money from local units within that county for management, investment, and reinvestment by the county treasurer. The treasurer of the participating county may pool that money with money deposited by other local units under this act in a local government investment pool for purposes of management, investment, and reinvestment.
(2) A local unit may enter into a contract with a participating county to place surplus funds in an investment pool.
Terms Used In Michigan Laws 129.143
- Contract: A legal written agreement that becomes binding when signed.
- 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
(3) The treasurer of a participating county shall manage, invest, and reinvest the money in the investment pool on behalf of each local unit that deposits money in the investment pool. The treasurer shall manage, invest, or reinvest the money in the investment pool in the same manner as surplus county funds under Act No. 20 of the Public Acts of 1943, being section 129.91 to 129.93 of the Michigan Compiled Laws.