Sec. 18.
If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified bonds, a school district may use any remaining proceeds of the qualified bonds as follows:
(a) To pay debt service on the qualified bonds.
(b) To repay this state.
(c) If in the opinion of the school district's bond counsel use of the remaining proceeds for the purposes described in subdivisions (a) and (b) would adversely affect the federal tax treatment of interest on the qualified bonds, to pay for enhancements to the projects approved by the school electors as described in the ballot language proposing the qualified bonds.
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.