2010 Michigan Compiled Laws
Chapter 388 - SCHOOLS AND SCHOOL AID
Act 151 of 1955 - STATE LOANS TO SCHOOL DISTRICTS (388.931 - 388.938)

STATE LOANS TO SCHOOL DISTRICTS
Act 151 of 1955
AN ACT to provide for loans by the state of Michigan to school districts for the payment of principal and interest upon school bonds; to prescribe the terms and conditions thereof, and the conditions upon which levies for bond principal and interest shall be included in computing the amount to be so loaned by the state; to prescribe the duties of the superintendent of public instruction in relation to such loans; to provide for the repayment of such loans; and to provide for other matters in respect to such loans.

History: 1955, Act 151, Imd. Eff. June 7, 1955

• Section 388.931 - Purpose of act.
• Section 388.932 - State loans to school districts; basis; limitations.
• Section 388.933 - State loans to school districts; qualification of bonds by superintendent of public instruction.
• Section 388.934 - State loans to school districts; procedure; receipts.
• Section 388.935 - State loans to school districts; repayment to state; interest.
• Section 388.936 - State loans to school district; false statements, concealment; penalty.
• Section 388.937 - State loans to school district; levy; default, nondistribution of primary school interest or school aid funds.
• Section 388.938 - State loans to school districts; qualification fee; rules and regulations.