MI SB0771

Authorizes the state administrative board to borrow money on the state's full faith and credit to make loans to school districts, including funds to reimburse amounts advanced by the state or Michigan finance authority to the school loan revolving fund.

Designates bonds, notes, or commercial paper issued for school loans as "school loan bonds, notes, or commercial paper" with flexible terms including maturity dates, interest rates, and redemption provisions determined by the state administrative board.

Authorizes the state administrative board to pay issuance costs from bond proceeds, including fees for placement, insurance, letters of credit, and security agreements.

Requires proceeds from bonds issued to reimburse the state or Michigan finance authority to be applied as determined by the state administrative board, while other bond proceeds must be deposited in the school loan revolving fund.

Permits money repaid by school districts on loans to be deposited back into the school loan revolving fund and used for additional school loans unless assigned to the state by the Michigan finance authority.