Michigan Compiled Laws Act 92 Of 2005 School Bond Qualification, Approval, And Loan Act (388.1921 - 388.1939)

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

Section 388.1921 Short Title.
This act shall be known and may be cited as the "school bond qualification, approval, and loan act". History: 2005, Act 92, Imd. Eff....
Section 388.1922 Purpose Of Act.
The purpose of this act is to implement section 16 of article IX of the state constitution of 1963 and to provide for loans...
Section 388.1923 Definitions.
As used in this act: (a) "Computed millage" means the number of mills in any year, not less than 7 mills and not more...
Section 388.1924 Qualification Of New Bonds; Terms And Conditions Applicable To Outstanding Qualified Bonds; Application For Prequalification.
(1) A school district may issue and market bonds as qualified bonds if the state treasurer has issued an order granting qualification under this...
Section 388.1925 Preliminary Qualification; Application.
(1) A school district may apply to the state treasurer for preliminary qualification of a proposed school bond issue by filing an application in...
Section 388.1926 Prequalification Of Bonds; Determination By State Treasurer.
The state treasurer shall prequalify bonds of a school district if the state treasurer determines all of the following: (a) The issuance of additional...
Section 388.1927 Qualification Of Bonds; Determination By State Treasurer; Order; Specifications; Loan Agreement; Failure To Issue Bonds Within Certain Time; Reapplication; Qualification Of Refunding Bonds.
(1) The state treasurer shall qualify bonds of a school district if the state treasurer determines all of the following: (a) A majority of...
Section 388.1928 Submission Of Ballot To Electors; Ballot.
A ballot submitted to the school electors of a school district after November 8, 2005 requesting authorization to issue unlimited tax general obligations that...
Section 388.1929 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.
(1) Except as otherwise provided in this act, a school district may borrow from the state an amount not greater than the difference between...
Section 388.1930 Certificates Of Qualification Or Approval; File; Delivery.
The state treasurer shall keep all certificates of qualification or approval in a permanent file and shall deliver copies of the certificates to the...
Section 388.1931 Rules; Bulletins.
The state treasurer may promulgate rules to implement this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to...
Section 388.1932 Failure To Apply For Prequalification, Qualification, Or Approval Of Bond Before Issuance.
If a school district does not apply for prequalification or qualification or approval of a bond issue before the issuance of those bonds, the...
Section 388.1933 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.
(1) If a school district owes a balance due to the revolving loan fund or has been identified as a potential borrower, the school...
Section 388.1934 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.
(1) If any paying agent for a school district’s qualified bonds notifies the state treasurer that the school district has failed to deposit sufficient...
Section 388.1935 Default; Repayment.
(1) If a school district that owes this state loan repayments relating to qualified bonds fails to levy at least the computed millage upon...
Section 388.1936 Charging And Disposition Of Fees.
(1) The state treasurer may charge a prequalification application fee, a qualification application fee, and an annual loan activity fee in the amounts determined...
Section 388.1937 False Statement Or Unauthorized Use Of Proceeds; Violation As Felony; Penalty.
A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this...
Section 388.1938 Use Of Remaining Proceeds.
If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified...
Section 388.1939 Actions By Designee.
The state treasurer may designate in writing a person or persons to take any actions required to be taken by the state treasurer under...

Last modified: October 10, 2016