MI SB0751

Reduces the maximum percentage of state school aid that school districts and intermediate school districts can borrow against through notes issued during a fiscal year from 70% to 60%.

Reduces the maximum percentage of state school aid that can be pledged for notes issued during the last 4 months of a fiscal year (for the next fiscal year) from 50% to 43%.

Replaces references to the "local government and school district fiscal accountability act, 2011 PA 4" with the "local fiscal stability and choice act, 2012 PA 436" for emergency manager provisions.

Removes prior approval requirement from the state board for repayment agreements and allows schools to enter multi-year repayment agreements with lending institutions only with approval from the department of treasury.

Maintains existing provisions allowing school boards to obtain lines of credit with state treasurer approval, pledging up to 30% of state school aid for repayment.