Michigan § 141.1003 - Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
Full text of Michigan Michigan Compiled Laws § 141.1003 — Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit., with citation guidance and answers to common questions.
§ 141.1003. Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
A city or county that meets the applicable conditions described in section 4 may borrow money and issue its bonds or obligations either for funding an operating deficit for a past fiscal year or years or for funding a projected operating deficit in the current fiscal year, or for funding both. The bonds or obligations may be issued as general obligation bonds or obligations, as bonds or obligations payable solely from a specified source or sources of revenues lawfully available to the city or county, or as a combination of general obligation bonds or obligations and bonds or obligations payable from a specified source or sources of revenues. The authority granted by this act is in addition to any power granted to a city or county by its charter or any other provision of law.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 141.1003
What does Michigan Compiled Laws § 141.1003 cover?
Section 141.1003 ("Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.") 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 § 141.1003?
A common citation format is "Michigan Compiled Laws § 141.1003" (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 § 141.1003 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.