{"data":{"id":"us-mi/mich.-comp.-laws-380.503b","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 380.503b","heading":"Agreement between public school academy and third party; obligation of state or authorizing party; debt.","body":"Sec. 503b.\n\nAn agreement, mortgage, loan, or other instrument of indebtedness entered into by a public school academy and a third party does not constitute an obligation, either general, special, or moral, of this state or an authorizing body. The full faith and credit or the taxing power of this state or any agency of this state, or the full faith and credit of an authorizing body, may not be pledged for the payment of any public school academy bond, note, agreement, mortgage, loan, or other instrument of indebtedness.\n\nThis part does not impose any liability on this state or on an authorizing body for any debt incurred by a public school academy.","path":["MI Code","Chapter 380","Act Act-451-of-1976"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-380-503b","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"2a55c47dbb21131d017d2cfcb76f6f76b317a06ebfe5de666c5654d2b61c716f","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-380.503a","next":"us-mi/mich.-comp.-laws-380.503c"},"notice":"GroundRules: Original legal text. Not legal advice."}