Sec. 17. The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this act. This section shall not be construed to prohibit the trust from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state, an agency of the state, or an instrumentality of the state.
Mich. Comp. Laws § 390.1437
Preserving, investing, and expending assets of trust
Applied in 2 court decisions — leading case Michigan v. United States (1992)
Most recently applied in 802 F. Supp. 120 - State of Mich. v. United States (July 1992)
1986, Act 316, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.