April 15, 2008, Introduced by Senator PAPPAGEORGE and referred to the Committee on Local, Urban and State Affairs.
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 129.96) by adding section 7.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7. 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.