388.921 School loan bonds or notes; issuance, redemption, execution, interest, sale. Sec. 1. The people of the state of Michigan by constitutional amendments having authorized the state to borrow not to exceed $100,000,000.00, pledge its faith and credit and issue its bonds or notes therefor, for the purpose of making loans to school districts for […]
388.922 School loan bonds or notes; deposit of proceeds. Sec. 2. The proceeds of sale of the bonds or notes shall be deposited in the state treasury, and shall constitute a fund to be known as “the school bond loan fund”, hereby created in the state treasury as a special trust fund, and shall be […]
388.923 School loan bonds or notes; continuing appropriation for payment. Sec. 3. For the prompt payment of the principal and interest upon each bond or note issued under this act, the full faith and credit of the state are pledged, and there is hereby appropriated each year during the life of these bonds or notes, […]
388.924 School loans; repayment, reimbursement. Sec. 4. Any moneys repaid by school districts on loans made from the school bond loan fund shall first be used to pay principal and interest on outstanding bonds or notes issued under the provisions of this act, and shall next be used to reimburse the general fund of the […]
388.925 School loans; notes; interest; maximum. Sec. 5. As an alternative method of providing funds for the purpose of making loans to school districts for the payment of principal and interest on school bonds heretofore or hereafter issued on certain conditions, the state administrative board is hereby authorized and empowered on behalf of the state […]
