Michigan Const. art. IX, § 14

Michigan Constitution

Article IX, § 14 — State borrowing; short term

This text of Michigan Const. art. IX, § 14 (State borrowing; short term) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

JurisdictionMichigan DocumentConstitution

ArticleIX

Section§ 14

CitationMichigan Const. art. IX, § 14

Bluebook

Mich. Const. art. IX, § 14.

Full Text

Sec. 14. To meet obligations incurred pursuant to appropriations for any fiscal year, the legislature may by law authorize the state to issue its full faith and credit notes in which case it shall pledge undedicated revenues to be received within the same fiscal year for the repayment thereof. Such indebtedness in any fiscal year shall not exceed 15 percent of undedicated revenues received by the state during the preceding fiscal year and such debts shall be repaid at the time the revenues so pledged are received, but not later than the end of the same fiscal year.

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Sec. 14. To meet obligations incurred pursuant to appropriations for any fiscal year, the legislature may by law authorize the state to issue its full faith and credit notes in which case it shall pledge undedicated revenues to be received within the same fiscal year for the repayment thereof. Such indebtedness in any fiscal year shall not exceed 15 percent of undedicated revenues received by the state during the preceding fiscal year and such debts shall be repaid at the time the revenues so pledged are received, but not later than the end of the same fiscal year.

History

History: Const. 1963, Art. IX, § 14, Eff. Jan. 1, 1964.

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Bluebook (online)

Michigan Const. art. IX, § 14, Counsel Stack Legal Research, https://law.counselstack.com/constitution/mi/IX/14.