Michigan § 129.112 - Definitions.
Full text of Michigan Michigan Compiled Laws § 129.112 — Definitions., with citation guidance and answers to common questions.
§ 129.112. Definitions.
As used in this act:
"Depository" means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed in an investment pool.
"Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States and which is eligible to be a depository of surplus funds belonging to the state under section 6 of 1855 PA 105, MCL 21.146.
"Local unit" means a county, city, village, township, school district, authority, or any other political subdivision organized under the laws of this state.
"Participant" means a local unit which has entered into a contract with a financial institution and has placed funds in an investment pool managed by that financial institution.
"Surplus funds" means money which belongs to or is under the control of the local unit and is available for investment, not being required by law or agreement with bondholders to be segregated and invested in a specified manner.
Assets acceptable for pledging to secure deposits of township funds are limited to any of the following:
Assets considered acceptable to the state treasurer under section 3 of 1855 PA 105, MCL 21.143, to secure deposits of state surplus funds.
Any of the following:
Securities issued by the federal home loan mortgage corporation.
Securities issued by the federal national mortgage association.
Securities issued by the government national mortgage association.
Securities considered acceptable to the township and the financial institution.
Frequently Asked Questions About Michigan § 129.112
What does Michigan Compiled Laws § 129.112 cover?
Section 129.112 ("Definitions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 129.112?
A common citation format is "Michigan Compiled Laws § 129.112" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 129.112 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.