Section 388.1928 Submission of Ballot to Electors; Ballot.

MI Comp L § 388.1928 (2019) (N/A)

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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

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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.

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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 of Millage Levy; Findings; Interest; Final or Later Mandatory Repayment Date.