Michigan Compiled Laws
Act 92 of 2005 - School Bond Qualification, Approval, and Loan Act (388.1921 - 388.1939)
Section 388.1932 - Failure to Apply for Prequalification, Qualification, or Approval of Bond Before Issuance.

Sec. 12.
If a school district does not apply for prequalification or qualification or approval of a bond issue before the issuance of those bonds, the state treasurer shall not approve or qualify those bonds as qualified bonds under this act.
History: 2005, Act 92, Imd. Eff. July 20, 2005

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Structure Michigan Compiled Laws

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 388.1924 - Qualification of New Bonds; Terms and Conditions Applicable to Outstanding Qualified Bonds; Application for Prequalification.

Section 388.1925 - Preliminary Qualification; Application.

Section 388.1926 - Prequalification of Bonds; Determination by State Treasurer.

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.

Section 388.1928 - Submission of Ballot to Electors; Ballot.

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...

Section 388.1930 - Certificates of Qualification or Approval; File; Delivery.

Section 388.1931 - Rules; Bulletins.

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 Upon Receipt of Qualified Loan Confirmation; Notifi...

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 - Charging and 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.