The bill amends the 1943 Public Corporation Investment Act to enhance investment options for public corporations in Michigan. It introduces new categories of investments, including corporate bonds, notes, and debentures, while establishing specific credit rating requirements and limitations on the percentage of public funds that can be allocated to these securities. The definitions of "financial institution" and "governing body" are clarified, and public corporations are required to adopt and file their investment policies annually with the Department of Treasury. Furthermore, the bill allows public corporations to invest in long-term or perpetual trust funds and special revenue funds, providing greater flexibility in asset management.

A significant addition to the bill is the introduction of a new section, 38.1141, which requires the investment officer of a public corporation to prepare and issue an annual report on the special revenue fund. This report must be accessible to the public and include detailed information such as the fund's name, investment fiduciaries, assets and liabilities, funded ratio, investment performance, and expenses. The language regarding the report's availability is modified from "shall" to "must," reinforcing the obligation for transparency and accountability in managing special revenue funds within public corporations.