Michigan Laws 141.1071 – Investment of sinking fund, money, or other fund by banking business, insurance business, or fiduciary in bonds or notes; bonds or notes as security for public deposits
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Terms Used In Michigan Laws 141.1071
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 141.1053
- Bonds: means bonds of the authority issued under this act with a maturity greater than 3 years. See Michigan Laws 141.1053
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Governmental unit: means this state, a county, city, township, village, school district, intermediate school district, community college, public university, authority, district, any other body corporate and politic or other political subdivision, any agency or instrumentality of the foregoing, or any group self-insurance pool formed pursuant to 1951 PA 35, MCL 124. See Michigan Laws 141.1053
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Notes: means an obligation of the authority issued as provided in this act, including commercial paper, with a maturity of 3 years or less. See Michigan Laws 141.1053
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Trustee: A person or institution holding and administering property in trust.
Notwithstanding any restriction contained in any other law, the state and a public officer, governmental unit, or agencies of the state or governmental unit; a bank, trust company, savings bank and institution, savings and loan association, investment company, or other person carrying on a banking business; an insurance company, insurance association, or other person carrying on an insurance business; or an executor, administrator, guardian, trustee, or other fiduciary may legally invest a sinking fund, money, or other fund belonging to them or within their control in bonds or notes issued under this act, and authority bonds or notes shall be authorized security for public deposits.