MI SB0583

Authorizes community college district treasurers to invest debt retirement funds, building funds, and general funds in specified eligible investments with board of trustees resolution approval.

Permits investment in U.S. bonds, certificates of deposit, bankers' acceptances, commercial paper, mutual funds, repurchase agreements, and investment pools meeting statutory requirements.

Allows certificates of deposit arranged through eligible financial institutions as long as funds are deposited in insured depository institutions or credit unions and fully insured by a U.S. agency.

Prohibits commingling of funds between different district accounts for investment purposes and requires all investment earnings to return to the originating fund.

Requires all investments and deposits to be made only through financial institutions eligible as state surplus fund depositories and mandates compliance with the divestment from terror act.