State Aid Note Program (SAN)
Closing: August 20, 2020
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 2020 SAN: General Information
- SAN Program Memo 2020
- Borrowing Options 2020
- Application and Loan Process 2020
- Financing Schedule 2020
- State Aid Status Reports
- Deficit District Information and Required Forms
August 2020 SAN: Application
All application materials must be submitted to MFA by Note Counsel on or before July 2, 2020: A complete application packet includes the following:
- Application: SAN Loan Program—August Series 2020 (Form 4384A)
- Enclose required documentation (see below)
- Submit to Note Counsel as a Word document
- Cash Flow Workbook – 2020 SAN Loan Program (Form 4385A)
[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, 2019) , Prior Approval Letter, or proof of application
- Board-Approved General Fund Budgets (Fiscal Year End June 30, 2020 as amended and June 30, 2021 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
www.michigan.gov/mfa
TreasMFA-StateAidNote@michigan.gov