Michigan § 124.292a - Additional security for payment of municipality's contractual obligations; pledging full faith and credit and state sales tax moneys; resolution.
Full text of Michigan Michigan Compiled Laws § 124.292a — Additional security for payment of municipality's contractual obligations; pledging full faith and credit and state sales tax moneys; resolution., with citation guidance and answers to common questions.
§ 124.292a. Additional security for payment of municipality's contractual obligations; pledging full faith and credit and state sales tax moneys; resolution.
A municipality contracting with the authority, either under section 7, section 10, or section 12, as additional security for the payment of its contractual obligations, may by resolution of its governing body, irrevocably pledge its full faith and credit, and may further irrevocably pledge not to exceed 25% of the money derived from the state sales tax levied pursuant to law, and from time to time returned to it under section 10 of article 9 of the state constitution of 1963, to the payment of its contractual obligations. The resolution may also authorize and direct the county treasurer or other official charged with the disbursement of those funds, to withhold and pay over to the authority sufficient of the money to make up any deficiency in funds to meet its contractual obligations.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 124.292a
What does Michigan Compiled Laws § 124.292a cover?
Section 124.292a ("Additional security for payment of municipality's contractual obligations; pledging full faith and credit and state sales tax moneys; resolution.") 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 § 124.292a?
A common citation format is "Michigan Compiled Laws § 124.292a" (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 § 124.292a 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.