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School Loan Revolving Fund

The School Loan Revolving Fund (SLRF) is a self-sustaining fundThe School Loan Revolving Fund (SLRF) is a self-sustaining fund that makes loans to school districts to assist with making debt service payments on state qualified bonds issued under the School Bond Qualification and Loan Program. Any money repaid by school districts on loans made by the SLRF are deposited back into the fund for future use.

In order to borrow from the state for debt service needs the district must:

  • Have the bond issue qualified.
  • Levy a minimum of 7 debt mills.

School Loan Revolving Fund participants must submit a board authorized application due annually every August 1st. Additional Details Click here for information regarding the loans available for public school districts.

2014 Annual Activity Application
School District Loan Account Statements

Program Requirements

When a school district intends to borrow from the SLRF, it is important to understand the ongoing annual administrative effort that will be required for obtaining disbursements and accounting for borrowing and repayments until the debt is repaid.

School Loan Revolving Fund Process PDF

SBQLP Administrative Rules PDF icon
Computed Millage Waiver Request (Form 5108) PDF icon

Borrowing for Debt Service

A district may request a loan from the state for the additional
A district may request a loan from the state for the additional portion of the funds required to make full debt service payment rather than increase its current debt millage. Funds are disbursed to the district before the May and November debt service payments.

Debt Service Repayment

While loan repayment is deferred until the required debt millage yields enough to pay the district's debt service obligations, interest accumulation does begin once funds are disbursed.While loan repayment is deferred until the required debt millage yields enough to pay the district's debt service obligations, interest accumulation does begin once funds are disbursed.



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