Mich. Admin. Code R. 388.8 - Annual loan activity application

Rule 8. A completed annual loan activity application shall include submission to the department of all of the following:

(a) A cover transmittal letter.

(b) An annual loan activity application consisting of a certified resolution in the form prescribed by the department providing for all of the following:

(i) Designation and authorization of a school district official to complete all required and necessary documents related to the school loan revolving fund.

(ii) Approval of the estimated amount to be disbursed from or repaid to the school loan revolving fund.

(iii) Certification of the amount of qualified debt millage to be levied.

(iv) Agreement to take actions or refrain from taking actions, as necessary, to maintain the tax-exempt status of any bonds or notes issued by the state in accordance with the state constitution of 1963 or by the Michigan finance authority, or its successor, in accordance with the act.

(c) An annual loan activity worksheet in a form prescribed by the department.

(d) Copies of reconciled bank statements to support the debt fund balance reported on the annual loan activity worksheet.

(e) Financial analysis confirming that the current computed millage or recalculated computed millage is sufficient to repay principal and interest on all qualified bonds and loans not later than the final mandatory repayment date, unless otherwise provided for in the act.

(f) Any other documentation and information necessary to determine the amount of the disbursement or repayment.

Notes

Mich. Admin. Code R. 388.8

2007 AACS; 2014 AACS