There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 92 of 2005
| AN ACT to prescribe the procedures, terms, and conditions for the qualification or approval of school bonds and other bonds; to authorize this state to make loans to certain school districts for the payment of certain bonds and to authorize schools to borrow from this state for that purpose; to prescribe the terms and conditions of certain loans to school districts; to prescribe the powers and duties of certain state agencies and certain state and local officials; to provide for certain fees; to prescribe certain penalties; and to repeal acts and parts of acts.
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| Document | Description |
| Section 388.1921 | Short title. |
| Section 388.1922 | Purpose of act. |
| Section 388.1923 | Definitions. |
| Section 388.1924 | Qualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification. |
| Section 388.1925 | Preliminary qualification; application. |
| Section 388.1926 | Disposition of fees; carrying forward unexpended funds. |
| Section 388.1927 | Qualification of bonds; determination by state treasurer; order; specifications; loan agreement; reapplication; qualification of refunding bonds. |
| Section 388.1928 | Submission of ballot to electors; notice of requirement to continue levy of mills. |
| Section 388.1929 | Amount of borrowing; limitation; payment date for outstanding qualified loans; order; debt service; maintenance of separate accounts for each school district; duration of mills levy; amended and restated repayment agreements; waiver of portion of millage levy; findings; interest; computation of annual cost. |
| Section 388.1930 | Certificates of qualification or approval; file; delivery. |
| Section 388.1931 | Rules. |
| Section 388.1932 | Failure to apply for prequalification, qualification, or approval of bond before issuance. |
| Section 388.1933 | School district owing revolving loan fund; filing annual loan activity application required; borrowing for debt service on qualified bonds; draw request; duties of state treasurer upon receipt of qualified loan confirmation; filing loan activity statement; statement of repayment amount; remittance. |
| Section 388.1934 | Failure of school district to pay principal and interest due on qualified bonds; notice; payment by state treasurer; billing of school district for amount paid; remittance. |
| Section 388.1935 | Default; repayment. |
| Section 388.1936 | Disposition of fees. |
| Section 388.1937 | False statement or unauthorized use of proceeds; violation as felony; penalty. |
| Section 388.1938 | Use of remaining proceeds. |
| Section 388.1939 | Actions by designee. |
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