Acts 1 and 2 of the 1973 session of the Michigan legislature established procedures under which the Detroit School District might fund an accumulated operating deficit that approximated $70 million on June 30, 1973. This legislation also signaled a clear legislative intent that the district is to cease deficit financing by requiring “the (State) department (of Education) shall take any steps necessary, subject to the district’s contracts and statutory obligations, to assure that the expenditures of a school district which receives moneys under this amendatory act shall not exceed revenues on an annual basis and that the school district maintains a balanced budget.”