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 debt securities with specific credit ratings, while also establishing guidelines for investing in certificates of deposit and deposit accounts. The definition of "financial institution" is clarified, and the responsibilities of the investment officer are outlined, including the requirement to adopt an investment policy that meets certain criteria and to file this policy annually with the Department of Treasury.

Furthermore, the bill grants governing bodies of public corporations the authority to invest assets from long-term or perpetual trust funds and special revenue funds for the maintenance of public buildings and facilities. A new section, 38.1141, mandates that the investment officer prepare and issue an annual report on the special revenue fund, which must be accessible to the public and include detailed information about the fund. The language regarding the report's availability is modified from "shall" to "must," reinforcing the obligation to ensure transparency and accountability in managing special revenue funds within public corporations.

Statutes affected:
House Introduced Bill: 129.91