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• State Aid Note Program (SAN) The SAN is a streamlined loan program 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 of borrowing. | • School Bond Qualification and Loan Program (SBQLP) Qualified bonds provide school districts access to the State's credit rating, which will usually result in a lower interest rate and cost, and the ability to borrow for the principal and interest requirements on outstanding qualified bonds (subject to a minimum debt millage). | • Local Government Loan Program (LGLP) Provides competitive interest rates for 3 to 30 year loans. Typically, tax-exempt bonds or installment purchase contracts are issued under this program. All Michigan units of local government and public entities are eligible to apply. |
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• Public School Academy State Aid Note (PSA SAN) Offers a streamlined loan programs to finance short-term operational cash flow needs for public school academies. 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. | • Public School Academy Project Finance Provides public school academies (PSAs) with effective, low-cost, facilities finance options to finance or refinance the acquisition, construction, improvement or alteration of land, facilities, equipment, machinery, parking, the payment of project costs, or to refinance existing debt. |
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• Qualified School Construction Bond (QSCB) Program On October 21, 2010, the Department of Treasury accepted applications for Qualified School Construction Bond (QSCB) reallocations. Applications received were more than double the amount available. |
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