MI HB6087

Appropriates up to $45,000,000 from the general fund for fiscal year 2011-2012 to reimburse school districts and intermediate districts for borrowing costs related to cash-flow timing between school and state fiscal years.

Eligible districts must have borrowed money and issued notes under MCL 380.1225 in the preceding state fiscal year, with those notes purchased by the Michigan Finance Authority.

Eligible districts must have maintained a general operating fund balance not exceeding 18% of their general operating budget at the end of the school fiscal year.

Reimbursement amount equals the total interest liability for the notes described in the eligibility requirements.

Funds are exempt from proration and shall be paid in full as part of the December installment payment.