Michigan Compiled Laws Act 74 Of 1955 State Loans To School Districts (388.921 - 388.925)

AN ACT to authorize and provide for the issuance and sale of bonds of the state; to provide funds for making loans to school districts for payment of principal and interest on certain school bonds; and to provide for use of moneys repaid to the state by school districts.

History: 1955, Act 74, Imd. Eff. May 26, 1955

Section 388.921 School Loan Bonds Or Notes; Issuance, Redemption, Execution, Interest, Sale.
The people of the state of Michigan by constitutional amendments having authorized the state to borrow not to exceed $100,000,000.00, pledge its faith and...
Section 388.922 School Loan Bonds Or Notes; Deposit Of Proceeds.
The proceeds of sale of the bonds or notes shall be deposited in the state treasury, and shall constitute a fund to be known...
Section 388.923 School Loan Bonds Or Notes; Continuing Appropriation For Payment.
For the prompt payment of the principal and interest upon each bond or note issued under this act, the full faith and credit of...
Section 388.924 School Loans; Repayment, Reimbursement.
Any moneys repaid by school districts on loans made from the school bond loan fund shall first be used to pay principal and interest...
Section 388.925 School Loans; Notes; Interest; Maximum.
As an alternative method of providing funds for the purpose of making loans to school districts for the payment of principal and interest on...

Last modified: October 10, 2016