Local government: financing; investment of surplus funds of political subdivisions; modify. Amends secs. 1, 5, 7 & 7a of 1943 PA 20 (MCL 129.91 et seq.).

HB 6155 updates Michigan laws to clarify how local government public corporations can invest their surplus funds. The bill explicitly lists a wide range of permissible investments, including U.S. government securities, specific types of corporate bonds, commercial paper, and obligations from other states. It also establishes new requirements for investment officers, mandating that they hold specific professional certifications or work under the supervision of a registered investment adviser. Additionally, the legislation allows local governments to enter into agreements to pool their funds for investment purposes and sets limits on how much money can be invested in certain corporate securities.