Michigan § 141.2705 - Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement.
Full text of Michigan Michigan Compiled Laws § 141.2705 — Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement., with citation guidance and answers to common questions.
§ 141.2705. Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement.
Debt retirement funds, except in the case of a common debt retirement fund maintained by a school district pursuant to section 1223 of the revised school code, 1976 PA 451, MCL 380.1223, shall be accounted for separately and, debt retirement funds, except as provided in section 701(5), shall be used only to retire the municipal securities of the municipality for which the debt retirement fund was created. Debt retirement funds created for the following categories of debt evidenced by a municipal security may be pooled or combined for deposit or investment purposes only with other debt retirement funds created for the same category of debt evidenced by a municipal security:
Voted debt.
Nonvoted debt, other than special assessment debt.
Special assessment debt.
When any municipality completes the retirement of a debt evidenced by a municipal security or accumulates sufficient funds in the debt retirement fund for the retirement of the debts evidenced by a municipal security, the governing body of the municipality shall certify that the debt evidenced by a municipal security is retired or that the debt retirement fund is of sufficient amount to retire the debt evidenced by a municipal security to the county treasurer of the county in which the municipality is located, and the county treasurer shall no longer be required to recognize a levy for the debt or municipal security issue.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 141.2705
What does Michigan Compiled Laws § 141.2705 cover?
Section 141.2705 ("Debt retirement funds; accounting; use; pooled or combined for deposit or investment; certification of debt retirement.") 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 § 141.2705?
A common citation format is "Michigan Compiled Laws § 141.2705" (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 § 141.2705 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.