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 […]
Section 388.1925 – Preliminary Qualification; Application.
388.1925 Preliminary qualification; application. Sec. 5. (1) A school district may apply to the state treasurer for preliminary qualification of a proposed school bond issue by filing an application in the form and containing the information required by this act. (2) An application for preliminary qualification of a school bond shall contain all of the […]
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 […]
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 […]