The bill amends the 1943 Public Corporation Investment Act to enhance investment options for public corporations in Michigan. It introduces new permissible investment instruments, including corporate bonds, notes, and debentures with specific credit ratings, and establishes guidelines for investing in certificates of deposit and deposit accounts through financial institutions. The bill also clarifies definitions for terms such as "governing body," "funds," and "financial institution," ensuring that public corporations can make informed investment decisions while adhering to safety and prudence standards. Furthermore, it mandates that public corporations adopt an investment policy outlining their objectives and authorized instruments, which must be filed annually with the Department of Treasury.

Additionally, the bill introduces a new section, 38.1141, requiring the investment officer of a public corporation to prepare and issue an annual report on the special revenue fund, which must be accessible to the public. This report is required to include detailed information about the fund, such as its name, investment fiduciaries, assets and liabilities, funded ratio, investment performance, and expenses. The language regarding the report's requirements is modified by changing "shall" to "must," emphasizing the obligation to include the specified information. These changes aim to promote transparency and accountability in the management of public funds within public corporations.

Statutes affected:
House Introduced Bill: 129.91