Michigan Laws 129.149 – Default; powers of treasurer
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If a default occurs in the payment of principal, interest, or other income of an investment of the investment pool, the treasurer of the participating county may do 1 or more of the following:
(a) Institute a proceeding to collect the matured principal, interest, or other income.
Terms Used In Michigan Laws 129.149
- Investment pool: means a local government investment pool authorized in section 3. 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
(b) Accept a compromise, adjustment, or disposition of the matured principal, interest, or other income as the county treasurer considers advisable for the purpose of protecting the money invested in the investment pool.
(c) Accept a compromise or adjustment as to future payments of principal, interest, or other income as the county treasurer considers advisable for the purpose of protecting money invested in the investment pool.