MI HB5289

Authorizes public corporations to invest funds in U.S. bonds, securities, commercial paper, bankers' acceptances, state and local obligations, mutual funds, and investment pools.

Permits investment in certificates of deposit and deposit accounts through intermediary financial institutions if the full principal and accrued interest are federally insured and the intermediary acts as custodian.

Requires that financial institutions used for deposits be eligible state depositories and maintain offices in Michigan, with specific eligibility standards based on federal banking definitions.

Allows governing bodies to authorize investment officers to pool or coordinate funds with other public corporations through written agreements that specify investment types, withdrawal rights, administration methods, and accountability measures.

Defines public corporations as counties, cities, villages, townships, port districts, drainage districts, and other local government entities, with investment officers typically being treasurers or designated officials.