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State Aid Note Program (SAN)

Offers a streamlined loan programs to finance short-term operational cash flow needs for traditional public schools. Michigan Finance Authority ("MFA") facilitates the process by pooling the loans, soliciting bids and obtaining the highest possible short-term rating, resulting in competitive interest rates and typically lower costs for the schools.

State Aid Note Program:  August Loan, Series 2011C

Application Materials: August Loan, Series 2011C

Richard H. Austin Building, 1st Floor
430 W. Allegan
Lansing, MI 48922
Phone: (517) 335-0994
Fax: (517) 241-9509
www.michigan.gov/mfa
TreasMFA-StateAidNote@michigan.gov

Rate Summary:

  2009 C1
(Set Asides)
2009 C2/3
(No Set Asides)
2010 D1
(Set Asides)
2010 D2/3
(No Set Asides)
2011 C1
(Set Asides)
2011 C2/3
(No Set Asides)
Closing Date 20-Aug09 20-Aug-09 20-Aug-10 20-Aug-10 22-Aug-11 22-Aug-11
Maturity Date 20-Aug-10 20-Aug-10 19-Aug-11 22-Aug-11 20-Aug-12 20-Aug-12
Note Interest Rate 1.40% 0.85% 0.80% 0.40% 0.60% 0.31%
Interest Rate to Borrowers 1.63% 2.96% 0.98% 2.29% 0.78% 1.81%
Credit Rating SP-1+ SP-1+ SP-1+ SP-1+ SP-1 SP-1+

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