MI SB0870

Changes the state treasurer's authority regarding school bond prequalification from mandatory ("shall") to discretionary ("may").

Requires the state treasurer to determine that issuance of additional qualified bonds will not prevent the school district from repaying its outstanding qualified loans on schedule before granting prequalification.

Requires the ballot form to conform with the requirements of the School Bond Qualification, Approval, and Loan Act.

Adds a new condition that if a school district had an outstanding balance on qualified loans within the 5 years preceding the prequalification application, the new bond issue cannot result in additional qualified loans being made earlier than 5 years after the prior balance was fully repaid.