Michigan Compiled Laws, Chapter 123. Local Government § 123.1071

Sec. 11. (1) An authority shall not borrow money or issue bonds or notes for a sum that, together with the total outstanding bonded indebtedness of the authority, exceeds 5% of the state equalized valuation of the taxable property within the geographical boundaries of the authority.

(2) An authority shall not issue general obligation unlimited tax bonds unless all of the following conditions are met:

(3) The question of issuing general obligation unlimited tax bonds under subsection (2) shall be submitted by ballot in substantially the following term:

“Shall the community swimming pool authority, formed by the municipalities of __________, 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 [ ]”.

(4) Refunding bonds or the refunding part of a bond issue is not within the 5% limitation of subsection (1), but is authorized in addition to the 5% limitation.