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MI SB0854

Bill

Official Source

Status

Introduced

3/6/2014

Primary Sponsor

James Marleau

Click for details

Origin

Senate

97th Legislature

AI Summary

  • Amends 1943 PA 20 regarding investment of public corporation funds by modifying section 7 (MCL 129.97)
  • Allows public corporations with long-term or perpetual trust funds to authorize investment officers to manage fund assets through governing body resolution
  • Applies to trust funds including those consisting of money and royalties derived from oil and gas exploration on property or mineral rights owned by the public corporation
  • Grants investment officers the same authority as investment fiduciaries under the Public Employee Retirement System Investment Act (1965 PA 314, MCL 38.1132 to 38.1141)

Legislative Description

Local government; financing; investment of certain long-term or perpetual trust funds; modify. Amends sec. 7 of 1943 PA 20 (MCL 129.97).

Cemeteries and funerals, other

Last Action

Referred To Committee On Local Government And Elections

3/6/2014

Committee Referrals

Local Government And Elections3/6/2014

Full Bill Text

No bill text available