Sec. 8.
A ballot submitted to the school electors of a school district after November 8, 2005 requesting authorization to issue unlimited tax general obligations that will be guaranteed by this state in accordance with section 16 of article IX of the state constitution of 1963 shall inform the electors that if the school district expects to borrow from this state to pay debt service on the bonds, the estimated total amount of the principal of that borrowing and the interest to be paid on that borrowing, the estimated duration of the millage levy, and the estimated computed millage rate for that levy. The ballot shall also inform the electors of the total amount of qualified bond and loan debt currently outstanding and that the estimated computed millage rate may change based on changes in certain circumstances.
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.