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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 2022 SAN - Application
All application materials must be submitted to MFA by Note Counsel on or before July 5, 2022: A complete application packet includes the following:
Application: SAN Loan Program-August Series 2022 (Form 4384A)
- Enclose required documentation (see below)
- Submit to Note Counsel as a Word document
Cash Flow Workbook – 2022 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, 2021) , Prior Approval Letter, or proof of application
- Board-Approved General Fund Budgets (Fiscal Year End June 30, 2022 as amended and June 30, 2023 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