Mich. Const. art. IX, § 14

Stateborrowing;shortterm. Sec. 14. To meet obligations incurred pursuant to appropriations for any fiscal year, the legislaturemaybylawauthorizethestatetoissueitsfullfaithandcreditnotesinwhichcase 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 shallberepaidatthetimetherevenuessopledgedarereceived,butnotlaterthantheendof thesamefiscalyear. History: Const.1963,Art.IX,§14,Eff.Jan.1,1964.