Bill Text: MI SB0854 | 2013-2014 | 97th Legislature | Introduced

---

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-03-06 - Referred To Committee On Local Government And Elections [SB0854 Detail]

Download: Michigan-2013-SB0854-Introduced.html

---

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 854

 

 

March 6, 2014, Introduced by Senator MARLEAU and referred to the Committee on Local Government and Elections.

 

 

 

     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,"

 

by amending section 7 (MCL 129.97), as added by 2008 PA 220.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 7. Notwithstanding any law or charter provision to the

 

contrary, if a public corporation has a long-term or perpetual

 

trust fund, including, but not limited to, a fund consisting of

 

money and royalties or money derived from oil and gas exploration

 

on property or mineral rights owned by the public corporation, the

 

governing body of the public corporation may by resolution provide

 

its investment officer with the same authority to invest the assets

 

of the long-term or perpetual trust fund as is granted an

 

investment fiduciary under the public employee retirement system

 

investment act, 1965 PA 314, MCL 38.1132 to 38.1140m.38.1141.