|
1. Borrower Selects Note Counsel |
| Selected note
counsel must be recognized by The Bond Buyer's Municipal Marketplace
Directory (a.k.a. the "Red Book"). You may contact the Authority for a
listing of recognized note counsel, if necessary. |
|
2. Borrower Completes Application and
Cash Flow |
| Application
and cash flow can be downloaded from the Authority's website at:
www.michigan.gov/mmba |
|
3. Borrower's Board of Education Adopts
Borrowing Resolution |
| The Borrowing
Resolution should be adopted prior to the Authority's application due
date (see step #4). Contact your note counsel for the Borrowing
Resolution. |
|
4. School District Submits Documentation
to the Authority by June 27, 2008 |
| Completed
application with monthly and weekly cash flows (weekly cash flow for the
month with largest deficit).
Borrowing Resolution adopted by school district's board of education.
Completed wiring instructions (located at
the end of the application on the website).
Most recently amended board-approved
budget for fiscal year 2008-2009. |
|
5. School District May Need to Obtain
Approval from Michigan Department of Treasury, Local Audit and Finance
Division (LAFD) to issue the note. |
| Contact
your note counsel for assistance, if needed. Note counsel may assist
with the application process for approval from LAFD, if school district
does not have "Qualified Status" for the fiscal year. |
|
| 6.
Authority Prices the Notes and Borrower Signs Purchase Contract |
August 5, 2008 - the
Authority is scheduled to price the notes in the afternoon and will send
an e-mail to the school district and note counsel with interest
rate notification.
August 6, 2008 by 10:00 A.M. - the school district notifies
the Authority pursuant to the instructions in the e-mail of the
acceptance of the interest rate.
August 6, 2008 - the Authority will mail the purchase contract
via overnight mail. An Authorized Officer, as defined by the
Borrowing Resolution, must sign three (3) copies of the contract.
August 7, 2008 - a signed copy of the Purchase Contract must be
faxed to the Authority by 4:00 p.m.
On or before August 11, 2008 - one original signed copy of
the purchase contract must be returned to the Authority pursuant to the
instructions included in the Purchase Contract mailing. |
| 7.
School District's Note Counsel Submits All Signed Closing Documents and
Borrower Receives Funds |
| The Authority will deliver
the forms of the closing documents to the school district's note
counsel in advance of the closing date.
Each school district must coordinate with
its note counsel to complete all required closing documents and
obtain the appropriate signatures on the closing documents.
On or before August 15, 2008 -
each school district's note counsel must deliver all required
documents to the Authority.
On the closing date, August 20, 2008
- the Authority's trustee will wire note proceeds according to
the instructions provided by the borrower. |
|
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