Michigan

Decision instrument

Long-term state borrowing needs two-thirds of each house and a majority of the electors. The question has to name the amount, the purpose, and how it will be repaid.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Constitution, Article IX, Section 15, and Note 13 of the annual report for the year ended September 30, 2025. The report also says debt may be incurred without a vote to make loans to school districts. General-obligation notes for those loans are recorded in the School Bond Loan Fund. The report says short-term notes may not exceed 15% of undedicated revenues of the preceding year and must be repaid within the fiscal year. In November 2002 the voters approved $1.0 billion of general-obligation bonds for water-quality loans. The report says $800.0 million of those proceeds have been recognized, leaving $200.0 million of authorization.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended September 30, 2025, Note 13. County dollar rows are not attached.

Debt limit

A county stops at 10% of its assessed valuation.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article VII, Section 11. The section does not itself require a vote, and it does not set the city’s limit. City dollar rows are not attached.

Conflict rule

A public servant may not be a party to a contract with the public body the servant works for, and may not solicit a contract with a company in which the servant owns more than 1% of unlisted stock.

Which ethics statute covers local officers, what counts as an interest, and who is left out? MCL 15.322. The same bar covers being a partner, a member, or an employee of the firm, and being a director, an officer, or an employee of the corporation. Listed stock is covered when its market value is more than $25,000. Sections 3 and 3a allow some contracts after disclosure. If the direct benefit is more than $5,000, the disclosure is at a public meeting and the vote waits at least 7 days. A benefit under $250 and under 5% of the public cost of the contract can be handled by a sworn affidavit.

Geography

Eighty-three counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census county codes. County seats are not in the financial report, so they are not filled in. Cities also borrow. Dollar rows stay blank.

Primary money record

General obligation bond principal: $600.6 million, as of September 30, 2025. The payable with premium is $635.3 million.

Which audited report is the state's own number, and as of what date? Note 13, in millions, and the statistical schedule of net general-obligation bonded debt. The rollforward ends at $600.6. Unamortized premium is $34.7. Those add to the $635.3 on the statistical schedule. The series lines in the same note add to $600.8, and the note’s own total line prints $600.6. A budget-office summary also says $600.8 million. The $0.2 million is left as printed. Two school-loan series in that table print $12.3 million and $132.0 million. General Fund appropriations pay the principal and the interest. The bonds are backed by the full faith and credit of the state.

Who pays the coupon

In the year ending September 30, 2026, general-obligation bonds need $74.5 million of principal and $21.9 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? Note 13, in millions. The rollforward also shows $74.5 million due within one year. The debt-service principal column prints a total of $604.9 million, and the year lines of that column add to $605.0 million. Neither is the same as the $600.6 million outstanding. The report does not print a single line that explains the difference. The interest column prints $118.0 million, and those year lines add to the same figure. The General Fund is the source the report names for general-obligation debt service.

Other obligors

Revenue-dedicated bonds: $5,941.8 million. Do not add them to the $600.6 million.

Which authorities and districts borrow beside the state and must not be added to its total? Note 13, in millions. Transportation-related bonds print $3,043.6. State Building Authority bonds print $2,898.3. Those two add to $5,941.9, and the report’s total line prints $5,941.8. The next-year transportation payment is principal of $148.8 million and interest of $141.1 million. The next-year Building Authority payment is principal of $89.0 million and interest of $108.7 million. Building Authority commercial paper is $15.2 million. It is not general-obligation debt. Unamortized premium on revenue-dedicated debt is $484.0 million. The report’s combined general-obligation and revenue-dedicated principal is $6,542.4 million. That combined figure is the report’s own addition. It is not a second kind of bond, and the premium is not inside it.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.