MI SB0195

Authorizes public corporations to invest funds in certificates of deposit through financial institutions that arrange placement in insured depository institutions or insured credit unions, provided the full principal and accrued interest is federally insured.

Requires the arranging financial institution to receive deposits from other insured institutions equal to or greater than the amount initially invested by the public corporation at the time of deposit and certificate issuance.

Permits public corporations using financial institutions with Michigan offices to invest in certificates of deposit under the expanded investment authority.

Maintains existing investment options including U.S. bonds, commercial paper, mutual funds, and local government investment pools while adding the new certificate of deposit provision.

Takes effect only upon enactment of House Bill No. 4397 of the 95th Legislature.