{"data":{"id":"us-mi/mich.-comp.-laws-124.476","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 124.476","heading":"Investments; use of investment income.","body":"Sec. 26.\n\nThe public authority may invest any of its money in 1 or more of the following:\n\nDirect obligations of the United States and obligations the principal and interest of which are unconditionally guaranteed by the United States.\n\nCertificates of deposit issued or bank accounts in any bank, trust company, or savings institution whose deposits are insured by the federal deposit insurance corporation or federal savings and loan insurance company.\n\nPrime commercial paper having the highest rating given by a rating service which the department of treasury determines rates the majority of the bond and note issues of the state.\n\nRepurchase agreements with any bank or trust company which is a member of the federal deposit insurance corporation and which are secured by any of the types of securities which are obligations described in subdivisions (a), (b), or (c).\n\nInvestment income may be used by the public authority for any purpose for which any other money of the public authority may be used and may be pledged or dedicated in whole or in part to a special purpose including payment of debt service on bonds or notes, as the board determines.","path":["MI Code","Chapter 124","Act Act-196-of-1986"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-124-476","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"920e7b856f85325eb474f528b007de667dc5bf1d9b1d440f9796754eb0087b69","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-124.475","next":"us-mi/mich.-comp.-laws-124.477"},"notice":"GroundRules: Original legal text. Not legal advice."}