2006 Michigan Compiled Laws - Act 92 of 2005


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.

History: 2005, Act 92, Imd. Eff. July 20, 2005

The People of the State of Michigan enact:

Section 388.1921Short title.
Section 388.1922Purpose of act.
Section 388.1923Definitions.
Section 388.1924Qualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification.
Section 388.1925Preliminary qualification; application.
Section 388.1926Disposition of fees; carrying forward unexpended funds.
Section 388.1927Qualification of bonds; determination by state treasurer; order; specifications; loan agreement; reapplication; qualification of refunding bonds.
Section 388.1928Submission of ballot to electors; notice of requirement to continue levy of mills.
Section 388.1929Amount 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 388.1930Certificates of qualification or approval; file; delivery.
Section 388.1931Rules.
Section 388.1932Failure to apply for prequalification, qualification, or approval of bond before issuance.
Section 388.1933School 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 388.1934Failure 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 388.1935Default; repayment.
Section 388.1936Disposition of fees.
Section 388.1937False statement or unauthorized use of proceeds; violation as felony; penalty.
Section 388.1938Use of remaining proceeds.
Section 388.1939Actions by designee.

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