{"data":{"id":"us-mi/mich.-comp.-laws-390.646","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 390.646","heading":"Board of governors; borrowing power.","body":"Sec. 6.\n\nThe board shall not borrow money on its general faith and credit, nor create any liens upon its property. The board, however, may borrow money to be used to acquire land or to acquire or erect buildings, or to alter, equip, or maintain them, to be used as dormitories, student centers, stadiums, athletic fields, gymnasiums, auditoriums, and other related activities, and it shall obligate itself for the repayment thereof, together with interest thereon, solely out of the fund derived from rentals or other income from the use and operation of the property so acquired, or from special fees and charges required to be paid by the students deemed by it to be benefited thereby; and may pledge all or any part of the fund as security therefor.","path":["MI Code","Chapter 390","Act Act-183-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-390-646","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c6e0f38b3bef2577071334e1d0c52f2464988c47d50df6cb0f96d9fad36b9bb4","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-390.645","next":"us-mi/mich.-comp.-laws-390.647"},"notice":"GroundRules: Original legal text. Not legal advice."}