Michigan § 123.1155 - Refunding outstanding debt obligations.
Full text of Michigan Michigan Compiled Laws § 123.1155 — Refunding outstanding debt obligations., with citation guidance and answers to common questions.
§ 123.1155. Refunding outstanding debt obligations.
An authority may borrow money and issue its negotiable bonds and notes for the purpose of refunding outstanding debt obligations of the district by resolution of the board, without submitting the question to the electors of the authority.
Refunding bonds or the refunding part of a bond issue shall be considered to be within the 2-mill limitation of section 21(2).
An authority may borrow money and issue bonds or notes for refunding all or part of existing bonded or note indebtedness only if the net present value of the principal and interest to be paid on the refunding bonds or notes, excluding the cost of issuance, will be less than the net present value of the principal and interest to be paid on the bonds or notes being refunded, as calculated using a method approved by the department of treasury.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 123.1155
What does Michigan Compiled Laws § 123.1155 cover?
Section 123.1155 ("Refunding outstanding debt obligations.") 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 § 123.1155?
A common citation format is "Michigan Compiled Laws § 123.1155" (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 § 123.1155 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.