MI SB0956

Allows school districts with operating or projected deficits exceeding $100 per pupil to borrow and issue "school financing stability bonds" through the Michigan Finance Authority with state treasurer approval.

Permits school districts with outstanding state aid anticipation notes issued under section 1225 to refund or refinance those notes through bonds issued under this section.

Requires school districts to submit certified information to the state treasury demonstrating the deficit exists, that efforts were made to offset it, and that an approved plan exists to balance future budgets and repay borrowed funds.

Establishes that bonds may mature serially over up to 10 years with annual maturities and bear interest at rates determined by the school board, with first principal payment due within 18 months.

Makes the bill effective only if Senate Bills 952, 953, and 955 of the 97th Legislature are also enacted into law.