MI SB1386

Amends the Shared Credit Rating Act to modify Section 7 by adding authority power to enter into agreements with the state treasurer to implement the school loan revolving fund established under section 16c, including provisions for return of state contributions and assignment of loans and repayments.

Modifies Section 8(5) by removing the 7.5% annual cap on principal amount of qualified bonds purchased by the authority from school districts in any calendar year.

Allows the authority to purchase qualified bonds issued by school districts not later than September 30, 2004 to obtain funds for repaying outstanding loan balances under former 1961 PA 108.

Authorizes the authority to issue bonds in amounts sufficient to cover reasonable costs of issuance incurred by school districts when purchasing school district qualified bonds for loan repayment purposes.