Michigan § 397.284 - Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question.
Full text of Michigan Michigan Compiled Laws § 397.284 — Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question., with citation guidance and answers to common questions.
§ 397.284. Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question.
(1) A district library shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the district library, exceeds 5% of the state equalized valuation of the taxable property within the district.
(2) A district library shall not issue general obligation unlimited tax bonds unless all of the following conditions are met:
(a) The board adopts a resolution submitting the question of issuing general obligation unlimited tax bonds or notes to the electors of the district.
(b) The question of issuing general obligation unlimited tax bonds or notes is certified by the board and the election is conducted in the manner provided in sections 14 to 23 of the district library establishment act, 1989 PA 24, MCL 397.184 to 397.193, for an election for a districtwide tax.
(c) A majority of the qualified electors of the district voting on the question approve the issuing of the general obligation unlimited tax bonds.
(3) The question of issuing general obligation unlimited tax bonds pursuant to subsection (2) shall be submitted by ballot in substantially the following form:
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"Shall the district library, formed by |
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________, county[ies] of ________, State of |
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Michigan, borrow the sum of not to exceed |
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________ dollars ($________) and issue its |
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general obligation unlimited tax bonds for all |
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or a portion of that amount for the purpose of |
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________? |
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Yes [ ] No [ ]" |
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 397.284
What does Michigan Compiled Laws § 397.284 cover?
Section 397.284 ("Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 397.284?
A common citation format is "Michigan Compiled Laws § 397.284" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 397.284 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.