MI HB4703

Increases general fund appropriation for fiscal year ending September 30, 2017 from $218,900,000.00 to $256,075,000.00 for public schools and education-related purposes.

Allocates up to $1,175,000.00 from general fund to dissolved school districts retaining separate identity solely for debt purposes to pay off remaining bonded debt.

Allocates up to $36,000,000.00 from general fund to dissolved school districts with separate identity for debt to pay off amounts owed to the school bond loan revolving fund created under the shared credit rating act.

Applies to school districts that have been dissolved under the revised school code but levy 13 mills for debt satisfaction in the name of the dissolved district.

Maintains existing appropriations from state school aid fund ($12,052,309,300.00), community district education trust fund (up to $72,000,000.00), and drinking water emergency reserve fund ($100.00).