Sec. 4.
(1) A school district may issue and market bonds as qualified bonds if the state treasurer has issued an order granting qualification under this act.
(2) Except with regard to qualification of new bonds, nothing in this act shall be construed to alter the terms and conditions applicable to outstanding qualified bonds issued in accordance with former 1961 PA 108. Unless otherwise amended as permitted by this act, outstanding qualified loans incurred in association with outstanding qualified bonds described in this subsection shall bear interest as provided in section 9(8) but otherwise shall be due and payable as provided in the repayment agreements entered into between the school district and the state before the effective date of this act.
(3) The state treasurer may qualify bonds for which the state treasurer has received an application for prequalification on or before May 25, 2005 without regard to the requirements of section 5(2)(f) if the electors of the school district approve the bonds at an election held during 2005.
History: 2005, Act 92, Imd. Eff. July 20, 2005 ;-- Am. 2012, Act 437, Eff. Mar. 28, 2013
Structure Michigan Compiled Laws
Chapter 388 - Schools and School Aid
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 388.1925 - Preliminary Qualification; Application.
Section 388.1926 - Prequalification of Bonds; Determination by State Treasurer.
Section 388.1928 - Submission of Ballot to Electors; Ballot.
Section 388.1930 - Certificates of Qualification or Approval; File; Delivery.
Section 388.1931 - Rules; Bulletins.
Section 388.1935 - Default; Repayment.
Section 388.1936 - Charging and Disposition of Fees.
Section 388.1937 - False Statement or Unauthorized Use of Proceeds; Violation as Felony; Penalty.