Michigan § 123.1151 - Borrowing money or issuing bonds or notes.
Full text of Michigan Michigan Compiled Laws § 123.1151 — Borrowing money or issuing bonds or notes., with citation guidance and answers to common questions.
§ 123.1151. Borrowing money or issuing bonds or notes.
(1) An authority may borrow money and issue bonds or notes to finance the acquisition, construction, and improvement of a public swimming pool, a public recreation center, a public auditorium, a public conference center, a public park, or a public forest and natural resources area, including the acquisition of sites and the acquisition and installation of furnishings and equipment for these purposes.
(2) 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 2 mills of the taxable value of the taxable property within the district as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211.27a.
(3) Bonds or notes issued by an authority are a debt of the authority and not of the participating municipalities.
(4) A tax levied to pay a bond or note obligation by a recreational authority under this act must not exceed 5 years without the approval of a majority of the electors in each of the participating municipalities of the authority.
(5) All bonds or notes issued by a recreational authority under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 123.1151
What does Michigan Compiled Laws § 123.1151 cover?
Section 123.1151 ("Borrowing money or issuing bonds or notes.") 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 § 123.1151?
A common citation format is "Michigan Compiled Laws § 123.1151" (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 § 123.1151 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.