SB-1253, As Passed Senate, December 18, 2008

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 1253

     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,"

(MCL 129.91 to 129.97) by adding section 7a.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 7a. (1) Notwithstanding any law or charter to the

contrary, if a public corporation has a special revenue fund

consisting of payments for park operations and maintenance, the

governing body of the public corporation may by resolution provide

its investment officer with the same authority to invest the assets

of the special revenue fund as is granted an investment fiduciary

under the public employee retirement system investment act, 1965 PA

314, MCL 38.1132 to 38.1140m.

     (2) The investment officer shall prepare and issue an annual

special revenue fund report. The investment officer shall make the

annual special revenue fund report available to the citizens of the

public corporation. The annual special revenue fund report shall

include all of the following:

     (a) The name of the special revenue fund.

     (b) The special revenue fund's investment fiduciaries.

     (c) The special revenue fund's assets and liabilities.

     (d) The special revenue fund's funded ratio.

     (e) The special revenue fund's investment performance.

     (f) The special revenue fund's expenses.