Michigan Laws 388.1938 – Use of remaining proceeds
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Terms Used In Michigan Laws 388.1938
- School district: means a general powers school district organized under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 388.1923
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified bonds, a school district may use any remaining proceeds of the qualified bonds as follows:
(a) To pay debt service on the qualified bonds.
(b) To repay this state.
(c) If in the opinion of the school district’s bond counsel use of the remaining proceeds for the purposes described in subdivisions (a) and (b) would adversely affect the federal tax treatment of interest on the qualified bonds, to pay for enhancements to the projects approved by the school electors as described in the ballot language proposing the qualified bonds.