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State Aid Note Program (SAN)

State Aid Note Program (SAN)

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 2023 SAN General Information
·  SAN Program Memo 2023

·  Borrowing Options 2023

·  Application and Loan Process 2023

·  Financing Schedule 2023

·  State Aid Status Report

·  Deficit District Information and Required Forms


August 2023 SAN - Application
All application materials must be submitted to MFA by Note Counsel on or before July 5, 2023: A complete application packet includes the following:

Application: SAN Loan Program-August Series 2023 (Form 4384A)

  • Enclose required documentation (see below)
  • Submit to Note Counsel as a Word document

Cash Flow Workbook – 2023 SAN Loan Program (Form 4385A)

  • 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, 2022) , Prior Approval Letter, or proof of application
  • Board-Approved General Fund Budgets (Fiscal Year End June 30, 2023 as amended and June 30, 2024 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