Michigan Compiled Laws Act 112 Of 1961 State Loans To School Districts (388.981 - 388.985)

AN ACT to authorize and provide for the issuance, sale, and refunding of bonds, notes, or commercial paper of the state; to provide funds for making loans to school districts for payment of principal and interest on certain school bonds; to provide for use of moneys repaid to the state by school districts; and to make an appropriation.

History: 1961, Act 112, Eff. Sept. 8, 1961 ;-- Am. 1991, Act 64, Imd. Eff. July 3, 1991 ;-- Am. 2000, Act 245, Imd. Eff. June 29, 2000

Section 388.981 State Loans To School Districts; Bonds, Notes, Or Commercial Paper.
(1) The people of this state by virtue of the provisions of section 16 of article IX of the state constitution of 1963 having...
Section 388.981a Issuance Of Bonds By State Administrative Board.
The state administrative board may issue bonds, notes, or commercial paper to refund bonds, notes, or commercial paper issued under this act by the...
Section 388.981b Security For Payment Or Purchase Of Bonds, Notes, Or Commercial Paper; Authorization And Approval By State Administrative Board; Authority Of State Treasurer Or Deputy Treasurer.
(1) The state administrative board may authorize and approve insurance contracts; agreements for lines of credit; letters of credit; commitments to purchase bonds, notes,...
Section 388.981c Bonds And Notes; Revised Municipal Finance Act Inapplicable; Agency Financing Reporting Act Applicable.
(1) Bonds and notes issued under this act are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821....
Section 388.982 Sale Of Refunding Bonds, Notes, Or Commercial Paper; Disposition Of Proceeds; Payment.
The proceeds of sale of refunding bonds, notes, or commercial paper issued under this act shall be applied as determined by the state administrative...
Section 388.983 Appropriation For Payment Of Principal And Interest On Bonds Or Notes.
(1) For the prompt payment of the principal and interest upon each bond or note issued under this act, the full faith and credit...
Section 388.984 Money Repaid By School Districts On Loans From School Loan Revolving Fund; Deposit; Assignment Of Loans Or Repayments On Loans.
Any money repaid by school districts on loans made from the school loan revolving fund established under section 16c of the shared credit rating...
Section 388.985 State Loans To School Districts; Notes.
In addition to issuing bonds under section 1 for the purpose of making loans to school districts for the payment of principal and interest...

Last modified: October 10, 2016