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 388.1921 – Short Title.
388.1921 Short title. Sec. 1. This act shall be known and may be cited as the “school bond qualification, approval, and loan act”. History: 2005, Act 92, Imd. Eff. July 20, 2005
Section 388.1922 – Purpose of Act.
388.1922 Purpose of act. Sec. 2. The purpose of this act is to implement section 16 of article IX of the state constitution of 1963 and to provide for loans to school districts. History: 2005, Act 92, Imd. Eff. July 20, 2005
Section 388.1923 – Definitions.
388.1923 Definitions. Sec. 3. As used in this act: (a) “Computed millage” means the number of mills in any year, not less than 7 mills and not more than 13 mills, determined on the date of issuance of the order qualifying the bonds or on a later date if requested by the school district and […]
Section 388.1924 – Qualification of New Bonds; Terms and Conditions Applicable to Outstanding Qualified Bonds; Application for Prequalification.
388.1924 Qualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification. Sec. 4. (1) A school district may issue and market bonds as qualified bonds if the state treasurer has issued an order granting qualification under this act. (2) Except with regard to qualification of new bonds, nothing in this […]