Sec. 2.
If the minimum amount necessary to be levied in any calendar year for the payment of principal and interest on the bonds of a school district issued prior to July 1, 1962, after deducting any funds pledged to and available for the payment thereof, shall exceed 13 mills on each dollar of its assessed valuation as last equalized by the state, then the state of Michigan shall loan such school district the amount of such excess, but all loans so made shall not exceed in the aggregate the sum of $100,000,000.00 and shall be subject to the terms and conditions prescribed in this act.
History: 1955, Act 151, Imd. Eff. June 7, 1955
Structure Michigan Compiled Laws
Chapter 388 - Schools and School Aid
Act 151 of 1955 - State Loans to School Districts (388.931 - 388.938)
Section 388.931 - Purpose of Act.
Section 388.932 - State Loans to School Districts; Basis; Limitations.
Section 388.934 - State Loans to School Districts; Procedure; Receipts.
Section 388.935 - State Loans to School Districts; Repayment to State; Interest.
Section 388.936 - State Loans to School District; False Statements, Concealment; Penalty.
Section 388.938 - State Loans to School Districts; Qualification Fee; Rules and Regulations.