Michigan Public Educational Facilities Authority
Issued under authority of Executive Order 2002-3 and P.A. 227 of 1985, as
amended.
1.
Borrower Selects Local Counsel
Selected local counsel must be
recognized by The Bond Buyer's Municipal Marketplace Directory
(a.k.a. the "Red Book"). Contact the Michigan Public Educational
Facilities Authority (MPEFA) for a listing of recognized local counsel,
if necessary.
2.
Borrower Completes Application and Cash Flow
The State Aid Note Program
Application, Form 4039, and the Current/Projected Cash Flow,
Form 4046, are available from the MPEFA Web site at
www.michigan.gov/mpefa.
3.
Borrower's Board of Education Directors Adopts Borrowing Resolution
4.
Borrower Submits Required Documentation to MPEFA
Application is due on or before May 15, 2009.
Mailing on the due date is not sufficient. Full application package
includes all of the following items:
Completed State Aid Note Program Application (Form
4039)
Completed Current/Projected Cash Flow (Form 4046)
Projected 2009-2010 monthly cash flow from all
borrowers
Projected 2009-2010 weekly cash flow for the
month with the greatest deficit from borrowers interested in the
tax-exempt pool
Current Fiscal Year 2008-2009 monthly cash flow
from all borrowers
Audited financial reports for last three fiscal
years (June 2006, June 2007 and June 2008)
Current Operating Budget, including any amendments
(2008-2009)
Proposed Operating Budget (2009-2010)
LAFD Qualification or proof of application (see #5)
Educational Service Provider agreement (management
contract), if any
5.
Borrower Must Obtain Prior Approval or Pre-Qualification from Treasury,
Local Audit and Finance Division (LAFD)
Your local counsel may assist you with
the application process for fiscal year 2008. Qualifying letter or a
copy of the application must be submitted with the State Aid Note
Application.
6.
Borrower Provides Wiring Instructions to MPEFA
MPEFA will e-mail a form requesting
instructions on where to wire the proceeds of your note. The completed
form must be submitted to MPEFA's trustee two weeks prior to the closing
date.
7.
MPEFA Prices the Notes and Borrower Signs Purchase Contract
MPEFA will price the notes and notify borrowers of
the interest rates obtained.
Expected pricing: June 23, 2009.
After pricing, MPEFA will e-mail the purchase
contract. An authorized officer must sign six copies of the contract,
and a signed copy must be faxed to MPEFA no later than 10:00 a.m. on
June 24, 2009.
One originally signed copy of the purchase contract
must be returned to MPEFA by June 25, 2009.
MPEFA will also circulate the form to be used by
tax-exempt borrowers for cash flow draws (to be returned by Closing).
8.
Local Counsel Submits all Closing Documents and Borrower Receives Funds
MPEFA will e-mail form copies of all required
documents to your local counsel in advance of the closing date.
Each borrower must coordinate with its counsel and
complete six copies of all required closing documents, and obtain the
appropriate signatures.
Each local counsel must deliver all required
documents to the SAN Note Counsel by 10:00 a.m., July 2, 2009.
On the closing date, MPEFA's trustee will wire note
proceeds according to the instructions provided by the borrower (see
#6).
Location:
Michigan Public Facilities
Authority
Austin Building
430 W. Allegan
Lansing, MI 48922
US Mail:
Michigan Public Facilities
Authority
Department of Treasury
430 W. Allegan
Lansing, MI 48922
Overnight:
Michigan Public Facilities
Authority
Department of Treasury Operations Center
7285 Parsons Dr.
Dimondale, MI 48821
Printer Friendly
Text Version
Twitter
Facebook
Yahoo
Google
Digg
reddit
Newsvine
StumbleUpon
Bookmark
Email Page