MI HB5392

School districts may use unexpended bond proceeds remaining after project completion, not exceeding 15% of the bond issue amount, for school construction, buses, equipment, technology, or site acquisition/development with superintendent of public instruction approval.

Upon project completion, school districts must use any remaining unexpended bond proceeds (beyond the 15% threshold) to redeem callable bonds, purchase bonds on the open market at fair market value before the first call date, or reduce principal and interest levy requirements.

These provisions apply to school district bonds issued before or after the bill's effective date.

The provisions do not apply to school district bonds qualified under the School Bond Qualification, Approval, and Loan Act (2005 PA 92).