MI HB4757

Expands authorized investment options for Michigan public corporations to include corporate bonds, notes, and debt securities rated A or higher with maturities up to 5 years, capped at 25% of public funds with a 5% limit per issuer

Adds explicit authorization for investments in debt securities from government-sponsored enterprises including GNMA, FNMA, FHLMC, Federal Home Loan Banks, Tennessee Valley Authority, and Small Business Administration

Requires investment officers purchasing corporate securities to either use a fiduciary relationship with a registered investment adviser, bank, or insurance company, or hold approved professional certifications such as CFA or Certified Public Funds Investment Manager

Mandates public corporations file their approved investment policies annually with the Michigan Department of Treasury, with amended policies due within 180 days of fiscal year end

Broadens authority for public corporations to invest long-term trust funds and special revenue funds for perpetual maintenance of public buildings using the same investment powers granted to public employee retirement systems