MI SB0947

Requires public school academies, urban high school academies, schools of excellence, and strict discipline academies to obtain board approval for real property leases or purchases and ensure terms are at or below prevailing market rates as determined by a licensed independent appraiser, beginning 1 year after the effective date.

Mandates that authorizing bodies review all new real property lease or purchase agreements for these schools and notify the superintendent of public instruction and state board if they suspect terms exceed prevailing market rates.

Adds requirement that binding legal agreements entered into by these schools comply with sections 7 and 18 of the state school aid act of 1979 (MCL 388.1607 and 388.1618).

Changes language regarding bonds issued by these schools from "shall be" to "are" full faith and credit obligations.

Bill is contingent upon the enactment of Senate Bill No. 944 of the 102nd Legislature.