Michigan Laws 397.284 – Limitation on borrowing money or issuing bonds or notes; conditions to issuance of general obligation unlimited tax bonds; ballot question
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Terms Used In Michigan Laws 397.284
- Board: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- District: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- District library: means a library established pursuant to the district library establishment act or a library considered to be established pursuant to the district library establishment act under section 6 of that act. See Michigan Laws 397.282
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) A district library shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the district library, exceeds 5% of the state equalized valuation of the taxable property within the district.
(2) A district library shall not issue general obligation unlimited tax bonds unless all of the following conditions are met:
(a) The board adopts a resolution submitting the question of issuing general obligation unlimited tax bonds or notes to the electors of the district.
(b) The question of issuing general obligation unlimited tax bonds or notes is certified by the board and the election is conducted in the manner provided in section 14 to 23 of the district library establishment act, 1989 PA 24, MCL 397.184 to 397.193, for an election for a districtwide tax.
(c) A majority of the qualified electors of the district voting on the question approve the issuing of the general obligation unlimited tax bonds.
(3) The question of issuing general obligation unlimited tax bonds pursuant to subsection (2) shall be submitted by ballot in substantially the following form:
| “Shall the district library, formed by | |
| ________, county[ies] of ________, State of | |
| Michigan, borrow the sum of not to exceed | |
| ________ dollars ($________) and issue its | |
| general obligation unlimited tax bonds for all | |
| or a portion of that amount for the purpose of | |
| ________? | |
| Yes [ ] No [ ]” |