Sec. 350c.
(1) Expenditures of state government which exceed the sum of the following amounts shall not be incurred in any fiscal year:
(i) The revenue limit established in section 350b.
(ii) A surplus from a previous year.
(iii) Federal aid.
(iv) Taxes imposed for the payment of principal and interest on bonds, approved by the voters and authorized under section 15 of article IX of the state constitution of 1963 .
(v) Loans to school districts authorized under section 16 of article IX of the state constitution of 1963.
(vi) The dollar amount of an emergency established pursuant to section 27 of article IX of the state constitution of 1963.
(vii) Other amounts excluded from the calculation of the revenue limit under the definition established in section 350a.
(2) For the purposes of this section, an amount withdrawn from the countercyclical budget and economic stabilization fund created pursuant to section 351 shall be considered a surplus.
History: Add. 1988, Act 504, Imd. Eff. Dec. 29, 1988
Popular Name: Act 431
Popular Name: DMB