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Michigan Compiled Laws Complete Through PA 140 of 2017
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Act 92 of 2005
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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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 388.1921SectionShort title.
Section 388.1922SectionPurpose of act.
Section 388.1923SectionDefinitions.
Section 388.1924SectionQualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification.
Section 388.1925SectionPreliminary qualification; application.
Section 388.1926SectionPrequalification of bonds; determination by state treasurer.
Section 388.1927SectionQualification of bonds; determination by state treasurer; order; specifications; loan agreement; failure to issue bonds within certain time; reapplication; qualification of refunding bonds.
Section 388.1928SectionSubmission of ballot to electors; ballot.
Section 388.1929SectionAmount 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 388.1930SectionCertificates of qualification or approval; file; delivery.
Section 388.1931SectionRules; bulletins.
Section 388.1932SectionFailure to apply for prequalification, qualification, or approval of bond before issuance.
Section 388.1933SectionSchool 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 388.1934SectionFailure 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 388.1935SectionDefault; repayment.
Section 388.1936SectionCharging and disposition of fees.
Section 388.1937SectionFalse statement or unauthorized use of proceeds; violation as felony; penalty.
Section 388.1938SectionUse of remaining proceeds.
Section 388.1939SectionActions by designee.
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