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Michigan Compiled Laws, Chapter 129. Public Funds § 129.95

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 5. (1) Not more than 180 days after the end of a public corporation's first fiscal year that ends after the effective date of the amendatory act that repealed section 2,  1 a governing body, in consultation with the investment officer, shall adopt an investment policy that, at a minimum, includes all of the following:

(a) A statement of the purpose, scope, and objectives of the policy, including safety, diversification, liquidity, and return on investment.

(b) A delegation of authority to make investments.

(c) A list of authorized investment instruments. If the policy authorizes an investment in mutual funds, it shall indicate whether the authorization is limited to securities whose intention is to maintain a net asset value of $1.00 per share or also includes securities whose net asset value per share may fluctuate on a periodic basis.

(d) A statement concerning safekeeping, custody, and prudence.

(2) A governing body that as of the effective date of the amendatory act that repealed section 2 has adopted an investment policy that substantially complies with the minimum requirements under subsection (1) is not in violation of this section as long as that policy remains in effect.

1 M.C.L.A. § 129.92, repealed by P.A.1997, No. 196, § 1, Imd. Eff. Dec. 30, 1997.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 129. Public Funds § 129.95 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-129-public-funds/mi-comp-laws-129-95/

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