Mich. Admin. Code R 388.3 — Qualification of bonds

Rule 3. (1) To obtain final qualification of bonds, a school district shall, along with
meeting any other requirements of section 7 of the act, MCL 388.1927, submit a final
qualification application and supporting documentation in the form prescribed by the
department.
(2) Supporting documentation shall include all of the following:
(a) A cover letter from legal counsel indicating the requested approval date and
delivery date if known at the time of submission.
(b) The certificate of determination of election results and vote count approving
the bonds.
(c) An updated pro forma debt service projection.
(d) A copy of any adopted resolution authorizing the issuance of bonds.
(e) A copy of any resolution authorizing the sale of bonds if such a resolution is
applicable.
(3) Supporting documentation for refunding bond issues shall include additional
financial schedules that document net present value savings of the refunding bond
issue.
(4) Notwithstanding the repayment requirements of these rules, all bonds
qualified under the act and article IX of the state constitution of 1963 shall be
considered qualified upon issuance of the order qualifying bonds by the state treasurer
until final maturity.