Michigan § 41.416 - Borrowing money; motion; application; referendum; issuing bonds; use of money borrowed.
Full text of Michigan Michigan Compiled Laws § 41.416 — Borrowing money; motion; application; referendum; issuing bonds; use of money borrowed., with citation guidance and answers to common questions.
§ 41.416. Borrowing money; motion; application; referendum; issuing bonds; use of money borrowed.
On a township board's own motion or after an application has been filed with the township board signed by at least 20% of the registered electors of the township, and subject to the referendum required in section 6a, the township board of an organized township may borrow money, not exceeding 5% of the assessed valuation of the township according to the assessed valuation of all the real and personal property of the township for the preceding December 31, on the faith and credit of the township. The township may issue bonds for the repayment of money borrowed under this section. The money borrowed shall be used for 1 or more of the following purposes:
Acquiring a site for, erecting, and furnishing a town hall, fire station, or library.
Making additions and improvements to an existing site, town hall, fire station, library, or other township public building.
Purchasing and furnishing a building to be used for a town hall, fire station, library, or other township public building.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 41.416
What does Michigan Compiled Laws § 41.416 cover?
Section 41.416 ("Borrowing money; motion; application; referendum; issuing bonds; use of money borrowed.") 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 § 41.416?
A common citation format is "Michigan Compiled Laws § 41.416" (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 § 41.416 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.