Michigan § 125.2047 - Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable.
Full text of Michigan Michigan Compiled Laws § 125.2047 — Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable., with citation guidance and answers to common questions.
§ 125.2047. Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable.
A municipality is hereby authorized to borrow or contract for loan insurance and loan guarantees from the fund pursuant to this act, notwithstanding any charter provision to the contrary, or other provision of law. Any amount borrowed by a municipality pursuant to this act shall not be included in, or charged against, any statutory or charter debt limitation of the municipality. A municipality shall not be required to seek or obtain the approval of the electors to borrow money pursuant to this act. The borrowing shall not be subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, nor to section 5(g) of the home rule city act, 1909 PA 279, MCL 117.5.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 125.2047
What does Michigan Compiled Laws § 125.2047 cover?
Section 125.2047 ("Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable.") 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 § 125.2047?
A common citation format is "Michigan Compiled Laws § 125.2047" (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 § 125.2047 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.