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MICHIGAN STATUTES AND CODES
Act 92 of 2005 - SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (388.1921 - 388.1939)
- Section 388.1921 - Short title.
- Section 388.1922 - Purpose of act.
- Section 388.1923 - Definitions.
- Section 388.1924 - Qualification of new bonds; terms and conditions applicable to outstanding qualified bonds; application for prequalification.
- Section 388.1925 - Preliminary qualification; application.
- Section 388.1926 - Disposition of fees; carrying forward unexpended funds.
- Section 388.1927 - Qualification of bonds; determination by state treasurer; order; specifications; loan agreement; reapplication; qualification of refunding bonds.
- Section 388.1928 - Submission of ballot to electors; notice of requirement to continue levy of mills.
- Section 388.1929 - Amount of borrowing; limitation; payment date for outstanding qualified loans; order; debt service; maintenance of separate accounts for each school district; duration of mills levy
- Section 388.1930 - Certificates of qualification or approval; file; delivery.
- Section 388.1931 - Rules.
- Section 388.1932 - Failure to apply for prequalification, qualification, or approval of bond before issuance.
- 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 u
- 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.
- Section 388.1935 - Default; repayment.
- Section 388.1936 - Disposition of fees.
- Section 388.1937 - False statement or unauthorized use of proceeds; violation as felony; penalty.
- Section 388.1938 - Use of remaining proceeds.
- Section 388.1939 - Actions by designee.
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