MCL - 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
| 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. |