MCL - Act 92 of 2005


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

The People of the State of Michigan enact:
Document Type Description
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; failure to issue bonds within certain time; reapplication; qualification of refunding bonds.
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.