Mich. Admin. Code R 388.1 — Definitions

Rule 1. (1) As used in these rules:
(a) "Act" means the school bond qualification, approval, and loan act, 2005 PA 92,
MCL 388.1921 to 388.1939.
(b) "Business day" means any day that does not fall on a Saturday, Sunday, or state
legal holiday.
(c) "Calendar day" means any day represented on the yearly calendar including
Saturday, Sunday, and state legal holidays.
(d) "Debt service” means principal and interest payments on qualified bond issues
and associated fees related to those bonds.
(e) "Department" means the Michigan department of treasury.
(f) "Pro forma debt service projection” has the meaning associated with it in section
5 of the act.
(g) "Qualification" means the process of qualifying bonds or loans in accordance
with the act.
(h) "Refunding bond" means a bond issued to refund or refinance an existing
qualified bond or outstanding qualified loan owed to the state under this act.
(i) “Repayment mode” is the loan status given to a school district whose annual tax
collections exceed, or are projected in the next succeeding year to exceed, its annual debt
service on qualified bonds, at which point the school district must begin repaying to the
state its outstanding qualified loan balances.
(j) "State legal holiday" means those days designated in section 1 of 1865 PA 124,
MCL 435.101.
(k) "Treasurer" means the Michigan state treasurer as defined by the act.
(l) All terms not defined in these rules have the same meaning as when used in the
act.