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84 chapters · 650 sections in this title.
Mich. Comp. Laws § 388.921 School loan bonds or notes; issuance, redemption, execution, interest, sale.
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Sec. 1. The people of the state of Michigan by constitutional amendments having authorized the state to borrow not to exceed $100,000,000.00, pledge its faith and credit and issue its bonds or notes therefor, for the purpose of making loans to school districts for the payment of …
Mich. Comp. Laws § 388.922 School loan bonds or notes; deposit of proceeds.
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Sec. 2. The proceeds of sale of the bonds or notes shall be deposited in the state treasury, and shall constitute a fund to be known as "the school bond loan fund", hereby created in the state treasury as a special trust fund, and shall be paid out in no other manner or for any o…
Mich. Comp. Laws § 388.923 School loan bonds or notes; continuing appropriation for payment.
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Sec. 3. For the prompt payment of the principal and interest upon each bond or note issued under this act, the full faith and credit of the state are pledged, and there is hereby appropriated each year during the life of these bonds or notes, from the general fund, a sufficient a…
Mich. Comp. Laws § 388.924 School loans; repayment, reimbursement.
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Sec. 4. Any moneys repaid by school districts on loans made from the school bond loan fund shall first be used to pay principal and interest on outstanding bonds or notes issued under the provisions of this act, and shall next be used to reimburse the general fund of the state to…