Michigan Compiled Laws 451-1976-2-17 Part 17 Bonds And Notes (380.1351...380.1372)

• Section 380.1351 Borrowing Money And Issuing Bonds; Purposes; Limitations; Bonds Or Notes As Full Faith And Credit Tax Limited Obligations.
  (1) Until May 1, 1994, a school district may borrow money and issue bonds of the district to defray all or a part of...
• Section 380.1351a Borrowing Money And Issuing Bonds.
  (1) Beginning with bonds issued after May 1, 1994, a school district shall not borrow money and issue bonds of the district under section...
• Section 380.1351b Appreciation Or Sale At Discount.
  Beginning with bonds issued after May 1, 1995, bonds issued under section 1351a shall not in whole or in part appreciate in principal amount...
• Section 380.1352 Borrowing Money Or Issuing Bonds; Contract For Legal Representation.
  The board of a school district or intermediate school district shall not contract for legal representation by an attorney or law firm in connection...
• Section 380.1356 Operating Deficit; Notes Or Bonds; Determining Amount Of Deficit; Resolution; Pledge Of Security; Maturity; Interest; Installments; Redemption; Valid And Binding General Obligations; Payment; Use Of Proceeds; Review And Approval Of Budget.
  (1) Notwithstanding section 1351, a school district that has an operating or projected operating deficit in excess of $100.00 per membership pupil may borrow...
• Section 380.1361 Bonds; Election; Ballot; Surplusage.
  (1) School district elections upon the issuance of bonds shall be held and conducted in accordance with this act and chapter XIV of the...
• Section 380.1362 Bonds; Issuance; Conditions Prescribed By School District Board.
  (1) The board of a school district that votes to borrow a sum of money may issue the bonds of the district. (2) The...
• Section 380.1363 School Districts Subject To Revised Municipal Finance Act; Handling Moneys Received To Discharge Indebtedness.
  Money raised by taxes or otherwise received by a school district for the purpose of paying and discharging the principal and interest of the...
• Section 380.1364 Tax For Payment Of Principal And Interest.
  The board of a school district which borrows money shall impose an annual tax on the taxable property in the district for the purpose...
• Section 380.1371 Debt Retirement Fund; Duties Of Treasurer.
  The treasurer of the board of education shall have custody of money, securities, and other evidences of value belonging or pertaining to the debt...
• Section 380.1372 Debt Retirement Fund; Record Of Moneys; Securities, And Transactions; Reports.
  The treasurer of a board of education shall keep a proper record of the moneys and securities on hand in the debt retirement fund...

Last modified: October 10, 2016