Mich. Admin. Code R 388.12 — Repayment; invoices

Rule 12. (1) The department shall issue an invoice to the school district at least
once a year when the information contained in a loan activity statement demonstrates
that the revenue generated by a school district's levy of the computed millage will
exceed the annual debt service on the bonds.
(2) The school district shall remit the amount specified in the invoice to the
department not later than the next succeeding May 15 after the dated date of the
invoice.
(3) The school district shall promptly submit to the department an explanation of
any difference between the invoiced payment due and the payment remitted.