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Michigan Compiled Laws, Chapter 397. Libraries § 397.284

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 4. (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 sections 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 [ ]”

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 397. Libraries § 397.284 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-397-libraries/mi-comp-laws-397-284/

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