Michigan § 390.646 Board of governors; borrowing power.

Michigan Statutes

§ 390.646 — Board of governors; borrowing power.

Michigan § 390.646

Ch. 390UNIVERSITIES AND COLLEGES

Act 183 of 1956WAYNE STATE UNIVERSITY (390.641-390.649)

This text of Michigan § 390.646 (Board of governors; borrowing power.) 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.

Bluebook

Mich. Comp. Laws § 390.646 (2026).

Text

WAYNE STATE UNIVERSITY (EXCERPT) Act 183 of 1956 390.646 Board of governors; borrowing power. Sec.

6.The 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

Free access — add to your briefcase to read the full text and ask questions with AI

WAYNE STATE UNIVERSITY (EXCERPT) Act 183 of 1956 390.646 Board of governors; borrowing power. Sec. 6. The 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.