Michigan Laws 124.479 – Duration of financial obligation
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Terms Used In Michigan Laws 124.479
- 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.
- Political subdivision: means a county, city, village, or township. See Michigan Laws 124.452
Notwithstanding any other provision of this act, a political subdivision may obligate itself financially for a period over 5 years from the date the obligation is undertaken only if approved by majority vote of the electorate of the political subdivision.