MI SB0770

Establishes procedures for school districts to issue qualified bonds with state backing and borrow from the state to pay debt service through the school loan revolving fund.

Requires school districts to recalculate computed millage rates annually beginning October 1, 2013, adjusting levy rates based on changes in taxable values, bond qualifications, and loan interest rates to ensure sufficient funds for debt repayment by the final mandatory repayment date.

Sets the final mandatory repayment date for qualified loans at 72 months after the qualified bonds are due and payable, with computed millage rates remaining between 7-13 mills unless waived by the state treasurer.

Requires school districts to submit annual loan activity applications, draw requests, and loan confirmations to the state treasurer with specific financial documentation, and allows the state treasurer to charge administrative fees for prequalification, qualification, and annual loan activity.

Allows school districts to use remaining bond proceeds for debt service payment, state repayment, or project enhancements if approved by bond counsel as not adversely affecting federal tax treatment of bond interest.