{"data":{"id":"us-mi/mich.-comp.-laws-247.355","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 247.355","heading":"General obligation bonds.","body":"Sec. 5.\n\nGeneral obligation bonds issued under this act shall be issued only after their issuance has been authorized by a majority vote of the qualified electors of the township voting on the proposition of issuing the bonds at a general or special township election and only after the qualified electors of the township have voted an increase in the tax rate limitation imposed by section 6 of article IX of the state constitution of 1963, in an amount and for a period of time necessary to permit the collection of taxes in an amount sufficient to meet the principal and interest requirements on the proposed bonds. A township may not issue general obligation bonds under this act for an amount greater than 10% of the total assessed valuation of the township. The general obligation bonds shall be issued and sold subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.","path":["MI Code","Chapter 247","Act Act-111-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-247-355","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"256530c3d9cae5662b884021a8fd5b1881085e493a59e6d3f6ea16e4123dbaef","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-247.354","next":"us-mi/mich.-comp.-laws-247.356"},"notice":"GroundRules: Original legal text. Not legal advice."}