There Is a Newer Version of the Michigan Compiled Laws
2011 Michigan Compiled Laws
Chapter 388 — SCHOOLS AND SCHOOL AID
Act 92 of 2005 — SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (388.1921 - 388.1939)
- 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.
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