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PSA
State Aid Note Loan Program |
|
| June 1 | Phase I: Applications Due |
| June 29 | Phase II: Budget & Cash Flows Due |
| July 30 | Pricing |
| August 3 | Signed Purchase Contracts Due |
| August 13 | Closing Documents Due |
| August 20 | Note Proceeds Wired to Borrowers |
| August 20, 2013 | Final Payment is Due |
* Preliminary, subject to change UPDATED: May 10, 2012 |
|
August 20, 2012
Application Phase I Due: June 1, 2012
Application Phase II Due: June 29. 2012
The Michigan Finance Authority ("MFA") offers a streamlined loan program 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.
General Information
Documents due on or before June 1, 2012 (Phase I)
- PSA State Aid Note Loan Program Application (Form 4039A)
- Certificate of Authorizing Body (Form of)
- LAFD Qualification or Proof of Application
- Educational Service Provider Agreement (management contract), if any
Documents due on or before June 29, 2012 (Phase II)
- PSA State Aid Note Loan Program Cash Flow Attachment (Form 4046A)
- Academy Board Resolution Authorizing Bridge Note Borrowing (Form of)
- Academy General Fund Budget
- Fiscal Year End 6/30/2012, as amended
- Fiscal Year End 6/30/2013, as adopted
