Mich. Const. art. IX, § 15

Longtermborrowingbystate. Sec. 15. The state may borrow money for specific purposes in amounts as may be provided byactsofthelegislatureadoptedbyavoteoftwo-thirdsofthememberselectedtoandserving in each house, and approved by a majority of the electors voting thereon at any general election. The question submitted to the electors shall state the amount to be borrowed, the specificpurposetowhichthefundsshallbedevoted,andthemethodofrepayment. History: Const.1963,Art.IX,§15,Eff.Jan.1,1964.