Sec. 1. The purpose of this act is to provide for the payment of the principal of and interest on obligations of this state issued pursuant to section 14, 15, or 16 of article 9 of the state constitution of 1963, which are full faith and credit obligations of this state. For purposes of this act, "obligations" means any obligation issued by the state pursuant to section 14, 15, or 16 of article 9 of the state constitution of 1963, which are full faith and credit obligations of this state.
Mich. Comp. Laws § 12.61
Purpose of act; “obligations” defined
Applied in 3 court decisions — leading case Michigan v. United States (1994)
Most recently applied in State of Michigan and Michigan Education Trust v. United States (February 1995)
1982, Act 259, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.