The Michigan Municipal Bond Authority (MMBA), housed within the Department of Treasury's Bureau of Bond Finance, was recently honored by The Bond Buyer for having the Midwest Deal of the Year in municipal finance. MMBA was recognized for its $500 million issue of taxable school revolving fund revenue and refunding bonds, sold through the School Loan Revolving Fund or SLRF.

"The School Loan Revolving Fund provides a win-win for school districts and the State of Michigan," said Treasurer Robert J. Kleine. "The SLRF creates a self-sustaining fund that assists school districts with infrastructure projects without adding to the state's General Obligation debt burden."

The SLRF loans help school districts make debt service payments on state qualified bonds issued under the School Bond Qualification and Loan Program. Monies repaid by school districts on the SLRF loans are then deposited back into the fund for future use.

As a result of having the program named Midwest Deal of the Year, the School Loan Revolving Fund was considered for National Deal of the Year. While the SLRF program did not garner the top prize, Treasurer Kleine was pleased with the national attention it received. "The creation of this program took time and a great deal of effort," Kleine said. "In the end, with significant benefits for both school districts and the State, it was well worth it."

The Bond Buyer considered deals closed between October 1, 2006 and September 30, 2007 in naming awardees. The School Loan Revolving Fund was one of one hundred nominations.