Are there any new requirements for ballot language authorizing the issuance of bonds?
Yes. MCL 211.24f also requires a ballot to state: 1) the principal amount to be borrowed; 2) the maximum number of years the bonds may be outstanding, exclusive of any refunding; and 3) a clear statement of the purpose for which the bonds proceeds will be used. If the bonds are to be paid from a separate revenue source or from taxes levied in less than the whole city or village, you must indicate the estimated millage to be levied for the bonds in the first year and an estimated annual millage required to retire the debt, as well as the source of revenue to be used to pay off the indebtedness.
