Bill Text: MI HB6352 | 2017-2018 | 99th Legislature | Introduced

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Bill Title: Financial institutions; generally; investment reports to municipal clients; require. Amends 1943 PA 20 (MCL 129.91 - 129.97a) by adding sec. 6a.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-09-26 - Bill Electronically Reproduced 09/25/2018 [HB6352 Detail]

Download: Michigan-2017-HB6352-Introduced.html

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HOUSE BILL No. 6352

 

 

September 25, 2018, Introduced by Rep. Green and referred to the Committee on Financial Services.

 

     A bill to amend 1943 PA 20, entitled

 

"An act relative to the investment of funds of public corporations

of the state; and to validate certain investments,"

 

(MCL 129.91 to 129.97a) by adding section 6a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 6a. After each calendar quarter, a financial institution

 

must provide an optimization report to the investment officer and

 

governing body of each public corporation that has deposited or

 

invested funds in the financial institution under this act. The

 

report shall identify investment vehicles in which the public

 

corporation is eligible to invest and make recommendations

 

concerning how the public corporation can increase its investment

 

income.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.