To meet obligations incurred pursuant to appropriations for any fiscal year, the
legislature may by law authorize the state to issue its full faith and credit notes in which case
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
shall be repaid at the time the revenues so pledged are received, but not later than the end of
the same fiscal year.
Structure Michigan constitution