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66 chapters · 621 sections in this title.
Mich. Comp. Laws § 141.1001 Short title.
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Sec. 1. This act shall be known and may be cited as the "fiscal stabilization act".
Mich. Comp. Laws § 141.1002 State administrative board; powers and duties; actions of board.
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Sec. 2. (1) The state administrative board, referred to in this act as the board, is vested with the following powers and duties relative to this act: (a) To receive, review, and approve or deny an application by a city or county to issue bonds or obligations under this act. (b) …
Mich. Comp. Laws § 141.1003 Cities or counties authorized to borrow money and issue general obligation bonds or obligations to fund operating deficit.
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Sec. 3. A city or county that meets the applicable conditions described in section 4 may borrow money and issue its bonds or obligations either for funding an operating deficit for a past fiscal year or years or for funding a projected operating deficit in the current fiscal year…
Mich. Comp. Laws § 141.1004 Application for order approving bonds or obligations; resolution; determination of accumulated operating deficit; conditions and determinations; statement; issuance of order; determinations and findings conclusive; maximum amount of bonds or obligations; exceptions; bonds or obligations not subject to revised municipal finance act; agency financing reporting act applicable.
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Sec. 4. (1) Before a city may make application to the board for approval to issue bonds or obligations under this act, the legislative body of the city shall determine by resolution that all of the following conditions exist: (a) The city had an accumulated operating deficit as o…