MI HB4397

Amends Michigan's school finance law to authorize intermediate school districts and school districts to invest funds in certificates of deposit arranged through financial institutions that place deposits with insured depository institutions or insured credit unions.

Allows intermediate school districts to combine money from multiple funds for investments authorized by the surplus funds investment pool act, with earnings separately computed and credited to each originating fund.

Permits school districts to combine money from multiple funds for investments in investment pools, with the same requirement that earnings be separately tracked and credited to the appropriate fund.

Expands eligible investments to include mutual funds composed entirely of legal investment vehicles for both intermediate school districts and school districts.

Requires the act to take effect only if Senate Bill No. 195 of the 95th Legislature is enacted into law; effective date is May 5, 2009.