Michigan § 123.1071 - Borrowing money or issuing notes or bonds.
Full text of Michigan Michigan Compiled Laws § 123.1071 — Borrowing money or issuing notes or bonds., with citation guidance and answers to common questions.
§ 123.1071. Borrowing money or issuing notes or bonds.
(1) An authority shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the authority, exceeds 5% of the state equalized valuation of the taxable property within the geographical boundaries of the authority.
(2) An authority 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 to the electors of the participating municipalities residing within the geographical boundaries of the authority.
(b) The question of issuing general obligation unlimited tax bonds is certified by the board and the election is conducted in the manner provided in section 13 for an election for a tax.
(c) A majority of the qualified electors voting on the question approve the issuing of the general obligation unlimited tax bonds.
(3) The question of issuing general obligation unlimited tax bonds under subsection (2) shall be submitted by ballot in substantially the following term:
|
"Shall the community swimming pool authority, formed by the municipalities of _____________, borrow the sum of not to exceed _____________ dollars ($___________________) and issue its general obligation unlimited tax bonds for all or a portion of that amount for the purpose of ____________________? |
|
|
Yes [ ] No [ ]". |
(4) Refunding bonds or the refunding part of a bond issue is not within the 5% limitation of subsection (1), but is authorized in addition to the 5% limitation.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 123.1071
What does Michigan Compiled Laws § 123.1071 cover?
Section 123.1071 ("Borrowing money or issuing notes or bonds.") 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 § 123.1071?
A common citation format is "Michigan Compiled Laws § 123.1071" (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 § 123.1071 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.