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School District Debt
2025 School Bond Qualification and Loan Program Annual Report
School District Debt
The total amount of outstanding school district debt, including Qualified, Non-qualified and Limited Tax Bonds was $20.4 billion on December 31, 2025. The amount of School Bond Loan Fund and School Loan Revolving Fund Loans outstanding was $1.2 billion on September 30, 2025. Non-qualified and limited tax bonds may also be issued by a school district to pay for capital improvement projects. These types of bonds do not go through the state qualified bond approval process. Information on non-qualified and limited tax bonds was obtained from the Municipal Advisory Council of Michigan
The amount of qualified bonded debt issued by school districts increased in 2025. Exhibit 1 shows the amount of new qualified bonds issued, retired, and outstanding for each of the last 20 years.
School District Qualified Bonds
Exhibit 1 summarizes trends in Michigan qualified school bonds over a 10-year period. The table compares annual bond issuance, retirement activity, and total outstanding debt balances. The data show that qualified school bond debt remained significant statewide, with outstanding balances approaching 16 billion dollars in 2025. Annual issuance and retirement levels fluctuated over time in response to school capital improvement needs and refinancing activity.
|
Year Ended 31- Dec |
Bonds Issued |
Bonds Retired |
Bonds Outstanding End of Period |
|---|---|---|---|
|
2016 |
2,890,695,000 |
2,464,661,000 |
13,675,928,000 |
|
2017 |
1,781,116,000 |
1,993,660,000 |
13,463,384,000 |
|
2018 |
949,470,000 |
1,261,512,000 |
13,129,970,000 |
|
2019 |
2,190,230,000 |
2,878,156,000 |
13,817,896,000 |
|
2020 |
2,753,735,000 |
1,787,154,000 |
14,784,477,000 |
|
2021 |
2,024,210,000 |
2,648,409,000 |
14,160,278,000 |
|
2022 |
1,528,615,000 |
1,496,297,000 |
14,192,596,000 |
|
2023 |
2,082,355,000 |
1,294,901,000 |
14,980,050,000 |
|
2024 |
1,478,170,000 |
1,240,319,000 |
15,217,901,000 |
|
2025 |
2,085,115,000 |
1,414,484,000 |
15,888,532,000 |
Exhibit 1 Bonds Issued, Retired and Outstanding (01/01/2016 through 12/31/2025) from the Municipal Advisory Council of Michigan
School District Qualified Bonds – Projected Qualified Annual Debt Service
Exhibit 2 presents projected annual debt service requirements for Michigan school district debt outstanding at the end of 2025. The chart demonstrates how repayment obligations are distributed over future years. Debt service gradually declines over time as existing obligations mature and are repaid.
|
Year |
As of 12/31/21 |
As of 12/31/22 |
As of 12/31/23 |
As of 12/31/24 |
As of 12/31/25 |
|---|---|---|---|---|---|
|
2026 |
1,338,948,950 |
1,409,191,065 |
1,568,886,318 |
1,675,390,462 |
1,806,217,863 |
|
2027 |
1,377,654,307 |
1,459,434,257 |
1,599,288,742 |
1,680,325,624 |
1,792,189,108 |
|
2028 |
1,203,838,250 |
1,266,740,178 |
1,399,110,230 |
1,476,200,761 |
1,586,842,818 |
|
2029 |
1,119,471,444 |
1,186,577,642 |
1,315,284,149 |
1,391,819,418 |
1,493,848,970 |
|
2030 |
992,033,119 |
1,066,285,137 |
1,194,845,512 |
1,270,894,249 |
1,378,696,789 |
|
2031 |
870,470,206 |
946,606,325 |
1,075,740,761 |
1,156,558,917 |
1,271,603,560 |
|
2032 |
784,441,762 |
862,069,413 |
992,196,803 |
1,074,711,485 |
1,190,998,589 |
|
2033 |
719,325,008 |
797,726,072 |
931,272,287 |
1,017,546,469 |
1,134,220,728 |
|
2034 |
631,923,893 |
711,288,986 |
845,497,702 |
929,933,671 |
1,049,795,796 |
|
2035 |
541,824,791 |
631,734,278 |
757,338,805 |
842,249,499 |
973,081,724 |
|
2036 |
484,201,749 |
573,780,946 |
698,804,303 |
784,325,484 |
917,857,384 |
|
2037 |
453,475,343 |
544,211,485 |
667,628,172 |
754,684,210 |
892,729,872 |
|
2038 |
416,668,812 |
505,303,653 |
630,069,847 |
717,274,322 |
855,265,610 |
|
2039 |
371,532,764 |
456,840,830 |
579,138,474 |
666,835,900 |
802,898,600 |
|
2040 |
318,085,506 |
403,729,184 |
527,066,559 |
608,839,497 |
738,282,709 |
|
2041 |
285,107,756 |
367,046,331 |
489,016,037 |
571,244,425 |
701,233,550 |
|
2042 |
246,113,993 |
317,784,305 |
439,789,443 |
521,613,556 |
651,103,374 |
|
2043 |
219,154,483 |
289,403,677 |
403,289,334 |
484,952,115 |
613,047,390 |
|
2044 |
192,797,754 |
259,217,448 |
361,773,005 |
441,583,411 |
572,976,411 |
|
2045 |
165,296,190 |
224,752,446 |
323,290,478 |
402,200,053 |
532,254,390 |
|
2046 |
151,253,679 |
206,575,641 |
306,129,454 |
382,762,148 |
466,212,542 |
|
2047 |
117,962,603 |
168,858,641 |
257,015,091 |
329,537,991 |
413,824,822 |
|
2048 |
106,221,323 |
141,411,173 |
216,920,038 |
287,579,682 |
372,861,576 |
|
2049 |
69,992,062 |
105,829,081 |
162,142,958 |
224,653,590 |
309,668,977 |
|
2050 |
50,165,312 |
82,538,399 |
131,908,533 |
176,454,646 |
243,450,121 |
|
2051 |
14,024,337 |
38,601,762 |
87,827,408 |
129,396,296 |
171,351,440 |
|
2052 |
N/A |
17,370,456 |
67,612,180 |
108,933,761 |
146,488,999 |
|
2053 |
N/A |
N/A |
17,776,312 |
58,872,750 |
100,391,112 |
|
2054 |
N/A |
N/A |
N/A |
23,451,625 |
63,297,050 |
|
2055 |
N/A |
N/A |
N/A |
N/A |
20,624,350 |
|
Total |
13,241,985,396 |
15,040,908,811 |
18,046,658,935 |
20,190,826,017 |
23,263,316,224 |
Exhibit 2 Projected Debt Service