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Act 112 of 1961
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STATE LOANS TO SCHOOL DISTRICTS

Act 112 of 1961

AN ACT to authorize and provide for the issuance, sale, and refunding of bonds, notes, or commercial paper of the state; to provide funds for making loans to school districts for payment of principal and interest on certain school bonds; to provide for use of moneys repaid to the state by school districts; and to make an appropriation.


History: 1961, Act 112, Eff. Sept. 8, 1961 ;-- Am. 1991, Act 64, Imd. Eff. July 3, 1991 ;-- Am. 2000, Act 245, Imd. Eff. June 29, 2000


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 388.981SectionState loans to school districts; bonds, notes, or commercial paper.
Section 388.981aSectionIssuance of bonds by state administrative board.
Section 388.981bSectionSecurity for payment or purchase of bonds, notes, or commercial paper; authorization and approval by state administrative board; authority of state treasurer or deputy treasurer.
Section 388.981cSectionBonds and notes; revised municipal finance act inapplicable; agency financing reporting act applicable.
Section 388.982SectionSale of refunding bonds, notes, or commercial paper; disposition of proceeds; payment.
Section 388.983SectionAppropriation for payment of principal and interest on bonds or notes.
Section 388.984SectionMoney repaid by school districts on loans from school loan revolving fund; deposit; assignment of loans or repayments on loans.
Section 388.985SectionState loans to school districts; notes.