State Aid Note Program (SAN)


Closing: August 21, 2017

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.

August 2017 SAN: General Information

August 2017 SAN: Application

All application materials must be submitted  to MFA  by Note Counsel  on or before June 28, 2017: A complete application packet includes the following:

  • Application: SAN Loan Program—August Series 2017 (form 4384A) Word icon  
    • Enclose required documentation (see below)
    • Submit to Note Counsel as a Word document
  • Cash Flow Workbook – 2017 SAN Loan Program (form 4385A) Excel [right-click the link and choose Save target as... to avoid an Internet Explorer error.]
    • Complete both Borrowing Summary and Cash Flow tabs
    • Submit to Note Counsel as an Excel spreadsheet
  • The following documents are required for a complete application:
    • Treasury Qualified Status Approval Letter (Fiscal Year End June 30, 2016) , Prior Approval Letter, or proof of application
    • Board-Approved General Fund Budgets (Fiscal Year End June 30, 2017 as amended and June 30, 2018 as adopted)
    • Board-Approved Borrowing Resolution
    • Documentation required by Form 4384A (if any)

Michigan Finance Authority

Richard H. Austin Building, 1st Floor
430 W. Allegan
Lansing, MI 48922
Phone: 517-335-0994
Fax: 517-241-9509