2010 Michigan Compiled Laws
Chapter 388 - SCHOOLS AND SCHOOL AID
Act 92 of 2005 - SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (388.1921 - 388.1939)

SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT
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

• 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.
• 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.