Section 388.1931 – Rules; Bulletins.
388.1931 Rules; bulletins. Sec. 11. The state treasurer may promulgate rules to implement this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, and may issue bulletins as authorized by this act. History: 2005, Act 92, Imd. Eff. July 20, 2005 ;– Am. 2012, Act 437, Eff. Mar. […]
Section 388.1932 – Failure to Apply for Prequalification, Qualification, or Approval of Bond Before Issuance.
388.1932 Failure to apply for prequalification, qualification, or approval of bond before issuance. Sec. 12. If a school district does not apply for prequalification or qualification or approval of a bond issue before the issuance of those bonds, the state treasurer shall not approve or qualify those bonds as qualified bonds under this act. History: […]
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; Notification of No Need to Borrow by School District; Invoice for Repayment Amount; Remittance.
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; notification of no need to borrow by school district; invoice for repayment amount; remittance. Sec. 13. (1) If a school district owes a […]
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.
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. Sec. 14. (1) If any paying agent for a school district’s qualified bonds notifies the state treasurer that the school district has failed to deposit sufficient funds to […]
Section 388.1935 – Default; Repayment.
388.1935 Default; repayment. Sec. 15. (1) If a school district that owes this state loan repayments relating to qualified bonds fails to levy at least the computed millage upon its taxable value for debt retirement purposes for qualified bonds and for repayment of a qualified loan made under this act while any part of the […]
Section 388.1936 – Charging and Disposition of Fees.
388.1936 Charging and disposition of fees. Sec. 16. (1) The state treasurer may charge a prequalification application fee, a qualification application fee, and an annual loan activity fee in the amounts determined by the state treasurer to be required to pay the estimated administrative expenses incurred under this act for the fiscal year in which […]
Section 388.1937 – False Statement or Unauthorized Use of Proceeds; Violation as Felony; Penalty.
388.1937 False statement or unauthorized use of proceeds; violation as felony; penalty. Sec. 17. A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this act or for the purpose of obtaining a qualified loan under this act, or who knowingly uses […]
Section 388.1938 – Use of Remaining Proceeds.
388.1938 Use of remaining proceeds. Sec. 18. If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified bonds, a school district may use any remaining proceeds of the qualified bonds as follows: (a) To pay debt service on the qualified bonds. […]
Section 388.1939 – Actions by Designee.
388.1939 Actions by designee. Sec. 19. The state treasurer may designate in writing a person or persons to take any actions required to be taken by the state treasurer under this act. The signature of any designee shall have the same force and effect as the signature of the state treasurer for all purposes of […]
Section 388.1951 – Definitions.
388.1951 Definitions. Sec. 1. As used in this act: (a) “Debt or expenses repayment” means debt or expenses connected to a recipient’s student loans. (b) “Department” means the department of education. (c) “Designated recipient” means an individual who is enrolled in, and in good standing at, as determined by the program, a graduate-level mental health […]