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 4757 updates Michigan's rules for how local governments (like cities, counties, and townships) can invest surplus funds. It adds new investment options, including specific federal mortgage securities (like GNMA and FNMA bonds) and certificates of deposit from qualified financial institutions. The bill also sets a 25% limit on corporate bond investments and requires investment officers to use certified professionals or fiduciary advisors. These changes directly affect all local governments managing public funds, ensuring investments follow updated safety and rating standards.