MI SB0084

Expands allowable uses of sinking fund taxes to include any purpose for which a school district may borrow money and issue bonds under section 1351a, in addition to real estate purchase and school building construction or repair.

Changes the tax base calculation from "state equalized valuation" to "taxable value" of real and personal property in the school district.

Requires school districts that levy a sinking fund tax to undergo annual independent audits of sinking fund uses and submit reports to the Department of Treasury.

Allows the Department of Treasury to require repayment of misused sinking fund money from a school district's operating funds and prohibits future sinking fund tax levies if misuse is determined.

Maintains the 5 mill maximum tax rate, 20-year maximum levy period, and the 15 mill constitutional tax limitation, with sinking fund taxes subject to voter approval at a school election.