- Qualified Bonds
Bonds qualified by the State Treasurer provide school districts with:
Prior to applying for state qualification, a district should have conducted a thorough local level study regarding the district's facility needs and options for financing those needs.
- Access to the State's credit rating; which will usually result in a lower interest rate and cost.
- Ability to borrow for the principal and interest requirements of outstanding qualified bonds (subject to a minimum debt millage).
- SBQLP Frequently Asked Questions
- SBQLP Administrative Rules
- Bond Qualification Process
A school district that seeks State qualification of its bond issue is required to file a preliminary qualification (PQ) application. The PQ application is the mechanism to seek preliminary qualification. Prior to completing the PQ application, a district should conduct a thorough study to determine facility needs and gauge the level of support that exists within the community.
- Preliminary Qualification Application (Form 3881)
- Preliminary Qualification Instructions
- Worksheet 1: Useful Life Calculation
- Cost per Square Foot Parameters (Effective June 30, 2017)
School district bond elections must be held in accordance with Public Act 166 of 1954 (MCL 408.551-408.558), more information can be obtained from the school district's legal counsel.
- Ballot Requirements for State Qualified Bond Elections
- Election Results
If a majority of the district's citizens vote in favor of the proposition, the district applies for final qualification.
- Final Qualification Application and Instructions (Form 3451)
- Qualification Fee Schedule
Once an Order Qualifying Bonds is issued the district can proceed to sell the bonds to prospective investors.
- Bond Structures with Variable Rate and Derivative Transactions
- Qualification and Loan Reports
- School Loan Revolving Fund