380.1351 Borrowing money and issuing bonds; purposes; limitations; bonds or notes as full faith and credit tax limited obligations. Sec. 1351. (1) Until May 1, 1994, a school district may borrow money and issue bonds of the district to defray all or a part of the cost of purchasing, erecting, completing, remodeling, improving, furnishing, refurnishing, […]
380.1351a Borrowing money and issuing bonds. Sec. 1351a. (1) Beginning with bonds issued after May 1, 1994, a school district, including, but not limited to, a school district that is a community district or a qualifying school district, shall not borrow money and issue bonds of the district under section 1351(1). However, a school district, […]
380.1351b Appreciation or sale at discount. Sec. 1351b. Beginning with bonds issued after May 1, 1995, bonds issued under section 1351a shall not in whole or in part appreciate in principal amount or be sold at a discount of more than 10%. History: Add. 1994, Act 278, Imd. Eff. July 11, 1994 Popular Name: Act […]
380.1352 Borrowing money or issuing bonds; contract for legal representation. Sec. 1352. The board of a school district or intermediate school district shall not contract for legal representation by an attorney or law firm in connection with borrowing money and issuing bonds under this act unless the board or intermediate school board does all of […]
380.1356 Operating deficit; notes or bonds as school financing stability bonds; resolution; determination of deficit amount; pledge as security; agreement; lien; revenues held in trust; maturity; interest; installments; redemption; valid and binding general obligations; payment; use of proceeds; review and approval of budget. Sec. 1356. (1) Notwithstanding section 1351, a school district that has an […]
380.1361 Bonds; election; ballot; surplusage. Sec. 1361. (1) School district elections upon the issuance of bonds shall be held and conducted in accordance with this act and chapter XIV of the Michigan election law, MCL 168.301 to 168.315. Members of the school board shall not serve on a board of election inspectors. (2) The question […]
380.1362 Bonds; issuance; conditions prescribed by school district board. Sec. 1362. (1) The board of a school district that votes to borrow a sum of money may issue the bonds of the district. (2) The board shall prescribe all of the following: (a) The form of the bonds. (b) The amount of the bonds, which […]
380.1363 School districts subject to revised municipal finance act; handling moneys received to discharge indebtedness. Sec. 1363. Money raised by taxes or otherwise received by a school district for the purpose of paying and discharging the principal and interest of the indebtedness is subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 […]
380.1364 Tax for payment of principal and interest. Sec. 1364. The board of a school district which borrows money shall impose an annual tax on the taxable property in the district for the purpose of paying the principal borrowed, or a part thereof, and the interest thereon, to be levied and collected as other school […]
380.1371 Debt retirement fund; duties of treasurer. Sec. 1371. The treasurer of the board of education shall have custody of money, securities, and other evidences of value belonging or pertaining to the debt retirement fund and shall pay out money of the fund, or transfer the securities or evidences of value therein, only upon the […]
380.1372 Debt retirement fund; record of moneys; securities, and transactions; reports. Sec. 1372. The treasurer of a board of education shall keep a proper record of the moneys and securities on hand in the debt retirement fund and of the transactions relating thereto. The treasurer shall periodically, and when requested by the board, make a […]
