Section 388.1926 – Prequalification of Bonds; Determination by State Treasurer.
388.1926 Prequalification of bonds; determination by state treasurer. Sec. 6. The state treasurer shall prequalify bonds of a school district if the state treasurer determines all of the following: (a) The issuance of additional qualified bonds will not prevent the school district from repaying its outstanding qualified bonds, the proposed bonds, all outstanding qualified loans, […]
Section 388.1927 – Qualification of Bonds; Determination by State Treasurer; Order; Specifications; Loan Agreement; Failure to Issue Bonds Within Certain Time; Reapplication; Qualification of Refunding Bonds.
388.1927 Qualification of bonds; determination by state treasurer; order; specifications; loan agreement; failure to issue bonds within certain time; reapplication; qualification of refunding bonds. Sec. 7. (1) The state treasurer shall qualify bonds of a school district if the state treasurer determines all of the following: (a) A majority of the school district electors have […]
Section 388.1928 – Submission of Ballot to Electors; Ballot.
388.1928 Submission of ballot to electors; ballot. Sec. 8. A ballot submitted to the school electors of a school district after November 8, 2005 requesting authorization to issue unlimited tax general obligations that will be guaranteed by this state in accordance with section 16 of article IX of the state constitution of 1963 shall inform […]
Section 388.1929 – Amount of Borrowing; Limitation; Payment Date for Outstanding Qualified Loans; Order; Maintenance of Separate Accounts for Each School District; Duration of Millage Levy; Amended and Restated Repayment Agreements; Waiver of Portion of Millage Levy; Findings; Interest; Final or Later Mandatory Repayment Date.
388.1929 Amount of borrowing; limitation; payment date for outstanding qualified loans; order; maintenance of separate accounts for each school district; duration of millage levy; amended and restated repayment agreements; waiver of portion of millage levy; findings; interest; final or later mandatory repayment date. Sec. 9. (1) Except as otherwise provided in this act, a school […]
Section 388.1930 – Certificates of Qualification or Approval; File; Delivery.
388.1930 Certificates of qualification or approval; file; delivery. Sec. 10. The state treasurer shall keep all certificates of qualification or approval in a permanent file and shall deliver copies of the certificates to the school district. History: 2005, Act 92, Imd. Eff. July 20, 2005
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 […]