The Michigan Authorization to Increase Bonded Indebtedness refers to the legal process through which the state of Michigan grants permission for a government entity or organization to issue additional bonds to finance various projects or initiatives. Bonded indebtedness refers to the total amount of outstanding bonds that the entity has already issued and is liable to repay. In Michigan, there are different types of authorizations to increase bonded indebtedness, each having specific purposes and guidelines. These include: 1. General Obligation Bonds: General obligation bonds are secured by the full faith and credit of the issuing entity, usually a municipality or county. Such bonds are backed by the entity's taxing power, meaning the government can raise taxes to meet its debt obligations. These bonds are typically used to finance public infrastructure projects like schools, roads, bridges, and parks. 2. Revenue Bonds: Revenue bonds are secured by a specific source of income, such as tolls, user fees, or lease revenues, generated by the project being financed. The revenue generated through these sources is used for both the operation and repayment of the bonds. Examples of revenue bond projects include airports, stadiums, water treatment facilities, and parking structures. 3. Special Assessment Bonds: Special assessment bonds are issued to finance improvements that benefit specific properties or areas. The debt service on these bonds is typically repaid through special assessments levied on the benefited properties. Common projects financed by special assessment bonds include street and sidewalk improvements, sewer and water line extensions, and landscaping projects. The Michigan Authorization to Increase Bonded Indebtedness plays a crucial role in the state's development by enabling public entities to fund essential infrastructure and other public projects. It ensures responsible debt management and the proper allocation of resources to support the growth and welfare of communities across Michigan.
Michigan Authorization to increase bonded indebtedness
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