MI HB5287

Authorizes intermediate school districts and school districts to invest funds in deposit accounts that meet federal insurance requirements, with funds initially deposited through eligible financial institutions and arranged in insured depository institutions or credit unions.

Requires that deposit account investments be fully insured by a United States agency, held in custodial arrangements, and that the financial institution receive matching deposits from other customers on the same date as the school district's initial deposit.

Adds property occupied by public school academies, urban high school academies, and schools of excellence to the list of property types exempt from certain school operating millage taxes.

Excludes gas, steam, nuclear, coal, or oil-powered turbines used for electricity generation from the definition of industrial personal property for millage purposes, effective December 31, 2011.

Prohibits school districts with foundation allowances greater than $6,500 in 1994-95 from reducing millage exemptions for residential and agricultural property if their 2009-2010 foundation allowance was below the basic foundation allowance.