Michigan Laws 129.142 – Definitions
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As used in this act:
(a) “Governing body” means the board, council, or other official body that has general governing powers over a local unit.
Terms Used In Michigan Laws 129.142
- 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
- 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
(b) “Investment pool” means a local government investment pool authorized in section 3.
(c) “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. 7 of the Public Acts of the Extra Session of 1967, being section 124.501 to 124.512 of the Michigan Compiled Laws, or Act No. 8 of the Public Acts of the Extra Session of 1967, being section 124.531 to 124.536 of the Michigan Compiled Laws.
(d) “Participant” means a local unit participating in the investment pool.
(e) “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.
(f) “Safekeeping depository” means a federal reserve bank or other institution which is qualified to hold securities for safekeeping.