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Board Resolution and Exhibit A School Bond Loan Program - Preliminary Loan Application - michigan

Board Resolution and Exhibit A School Bond Loan Program - Preliminary Loan Application - michigan 2025

Board Resolution and Exhibit A School Bond Loan Program - Preliminary Loan Application - michigan Preview on Page 1

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The document is a Preliminary Loan Application for participation in the Michigan School Bond Loan Fund, detailing the procedures and requirements for school districts to obtain loans. It includes a certification by the Secretary of the Board of Education, a resolution adopted by the Board, and representations and covenants regarding the use of loan proceeds. The document outlines compliance with legal requirements, tax millage levies, and responsibilities of district officials in managing the loan process.

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How to use or fill out Board Resolution and Exhibit A School Bond Loan Program - Preliminary Loan Application - Michigan

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Click ‘Get Form’ to open it in the editor.
Begin by entering the legal name of your school district and its corresponding district code number in the designated fields.
In the Certificate section, specify whether the meeting was regular or special, and fill in the date of the meeting. Ensure that both the Secretary and Treasurer's names are typed or printed clearly, followed by their signatures.
Proceed to complete the Resolution section by filling in details such as who called the meeting to order and listing present and absent members. Include any necessary preamble statements as required.
In the 'NOW, THEREFORE, BE IT RESOLVED THAT' section, provide estimates for borrowing amounts and accrued interest. Confirm agreement on tax millage levies as indicated in Exhibit B.
Complete Exhibit A by making necessary representations and covenants regarding bond usage. Ensure compliance with all requirements outlined.

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How do school bonds work in Michigan?

A minimum debt millage must be levied before a district can borrow from the state. Unlimited qualified bonds may be issued by a school district for a period of up to 30 years. Qualified bonds require approval by the State Treasurer and an affirmative vote from the electors to authorize the district to issue the bonds.

How do local school bonds work?

A bond is basically a loan that a school district takes out, and which property owners in that school district pay back through an increase in property taxes. In the last decade, an average of 59% of local school bonds passed in every given year.

How do old school bonds work?

Old School Bonds are in-game items, tradable to fellow players and redeemable for membership, unlocking the ability to fund your Old School adventures using your in-game wealth. Bonds are also redeemable for name change cooldown bypasses.

How does bond work in Michigan?

A cash bond is returned to the person who posted the bond. If someone posts a 10% bond (such as $1,000 or 10% ($100)), they will get 90% of the amount posted back at the conclusion of the case. If the defendant violates the bond or absconds from the court, the entire bond can be forfeited, and nothing is returned.

What are bonds used for in schools?

This money can be used for large-cost projects, such as new construction, purchasing property or other assets, remodeling, large maintenance or repair projects, furnishing, equipping buildings, technology upgrades, curriculum, and classroom improvements.