- Principal and interest on the Note may not exceed 70%
of the borrower's state aid that is not already pledged for FY 2010.
- Cash flows must demonstrate the ability to repay the
Note by July 20, 2010.
- Borrowers must demonstrate a cash flow deficit.
- Applications must be received by May 15, 2009.
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- All Michigan Public Schools are required to become
Qualified or seek Prior Approval before borrowing money for operating
expenses.
- This includes loans designed to 'bridge the gap'
between the beginning of the educational fiscal year and state aid
payments, regardless of lender.
- Qualification can take up to 30 business days from date
of application.
- It is strongly recommended that all schools apply for
qualification even if they do not anticipate a future need. In the event a
financial emergency occurs, the process will not be delayed.
- Schools, which anticipate borrowing should file a
Qualifying Statement Application, signed by the School Board designated
Chief Administrative Officer, as soon as possible to expedite the process.
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