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SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT Act 92 of 2005 AN ACT to prescribe the procedures, terms, and conditions for the qualification or approval of school bonds and other bonds; to authorize this state to make loans to certain school districts for the payment of certain bonds and to authorize schools to borrow from this state for that purpose; to prescribe the terms and conditions of certain loans to school districts; to prescribe the powers and duties of certain state agencies and certain state and local officials; to provide for certain fees; to prescribe certain penalties; and to repeal acts and parts of acts.
History: 2005, Act 92, Imd. Eff. July 20, 2005 © 2009 Legislative Council, State of Michigan The People of the State of Michigan enact:
Section 388.1921 Section Short title.
Section 388.1922 Section Purpose of act.
Section 388.1923 Section Definitions.
Section 388.1924 Section Qualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification.
Section 388.1925 Section Preliminary qualification; application.
Section 388.1926 Section Prequalification of bonds; determination by state treasurer.
Section 388.1927 Section Qualification of bonds; determination by state treasurer; order; specifications; loan agreement; reapplication; qualification of refunding bonds; requirements.
Section 388.1928 Section Submission of ballot to electors; ballot.
Section 388.1929 Section 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.
Section 388.1930 Section Certificates of qualification or approval; file; delivery.
Section 388.1931 Section Rules; bulletins.
Section 388.1932 Section Failure to apply for prequalification, qualification, or approval of bond before issuance.
Section 388.1933 Section 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.
Section 388.1934 Section 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.
Section 388.1935 Section Default; repayment.
Section 388.1936 Section Charging and disposition of fees.
Section 388.1937 Section False statement or unauthorized use of proceeds; violation as felony; penalty.
Section 388.1938 Section Use of remaining proceeds.
Section 388.1939 Section Actions by designee.