December 6, 2011, Introduced by Senator BOOHER and referred to the Committee on Appropriations.
A bill to amend 2005 PA 92, entitled
"School bond qualification, approval, and loan act,"
by amending section 6 (MCL 388.1926).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
6. The state treasurer shall may
prequalify bonds of a
school district if the state treasurer determines all of the
following:
(a) The issuance of additional qualified bonds will not
prevent the school district from repaying its outstanding qualified
loans on the earlier of the dates described in section 9.
(b) The form of the ballot conforms with the requirements of
this act.
(c) The school district has not owed a balance on outstanding
qualified loans in the 5 years immediately preceding the date of
the application for prequalification of bonds.