§ 8.11. Limitations upon borrowing power.

Latest version.

(a)

The net bonded indebtedness incurred for all public purposes shall not at any time exceed ten per cent of the assessed value of all the real and personal property in the city; provided, that, in computing such net bonded indebtedness, there shall be excluded money borrowed under the provisions of section 8.10(a), clauses (2) to (8), inclusive, of this chapter. The resources of the sinking fund pledged for the retirement of any outstanding bonds shall also be deducted from the amount of the bonded indebtedness.

(b)

No bonds shall be sold to obtain funds for any purpose other than that for which they were specifically authorized, and, if any such bonds are not sold within three years after authorization, such authorization shall be null and void.

State law reference

Limitation on net bonded indebtedness incurred for all public purposes, MCL 117.4a(1).

                    
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