2250 Investment Income

The Board of Trustees authorizes the President to make investments of available monies from the several funds of the College in:

A. Bonds, bills, or notes of the United States; obligations, the principal and interest of which are fully guaranteed by the United States; or obligations of the state;

B. Certificates of Deposit issued by financial institutions organized and authorized to operate in this state;

C. Commercial paper rated prime at the time of purchase and maturing not more than 270 days after the date of purchase;

D. Governmental Investment pools;

E. Bankers Acceptances;

F. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government;

G. U.S. government or federal agency obligation repurchase agreements; and

H. Mutual funds composed entirely of investment vehicles that are legal for direct investment by a district.

Money in the several funds of the College shall not be commingled for the purpose of making an investment authorized by Section 380.1223 of the Revised School Code. The Board, however, may establish and maintain one common debt retirement fund for bond issues of like character.

Earnings on an investment shall become a part of the fund from which the investment was made.

M.C.L. 380.1223