SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (EXCERPT) Act 92 of 2005
388.1925 Preliminary qualification; application.
Sec. 5.
(1) A school district may apply to the state treasurer for preliminary qualification of a proposed school bond issue by filing an application in the form and containing the information required by this act.
(2) An application for preliminary qualification of a school bond shall contain all of the following information:
(a) The proposed ballot language to be submitted to the electors.
(b) A description of the project or projects proposed to be financed.
(c) A pro forma debt service projection showing the estimated mills the school district will levy to provide revenue the school district will use to pay the qualified bonds. For the purpose of the pro forma debt service projection, the school district may assume for the first 5 years following the date of the application the average growth in taxable value for the 5 years preceding the date of the application and the lesser of that average growth rate or 3% for the remaining term of the proposed bonds.
(d) Evidence that the rate of utilization of each project to be financed will be at least 85% for new buildings and 60% for renovated facilities. If the projected enrollment of the district would not otherwise support utilization at the rates described in this subsection, the school district may include an explanation of the actions the school district intends to take to address the underutilization, including, if applicable, actions to close school buildings or other actions designed to assure continued assured use of the facilities being financed.
(e) Evidence that the cost per square foot of the project or projects will be reasonable in light of economic conditions applicable to the geographic area in which the school district is located.
(f) Evidence that the school district will repay all outstanding qualified loans at the times described in section 9.
(g) The weighted average age of all school buildings in the school district based on square footage.
(h) The overall utilization rate of all school buildings in the school district, excluding special education purposes.
(i) The taxable value per pupil.
(j) The total bonded debt outstanding of the school district and the total taxable value of property in the school district for the school district fiscal year in which the application is filed.
(k) A statement describing any environmental or usability problems to be addressed by the project or projects.
(l) An architect's analysis of the overall condition of the facilities to be renovated or replaced as a part of the project or projects.
(m) An amortization schedule demonstrating that the weighted average maturity of the qualified bond issue does not exceed 120% of the average reasonably expected useful life of the facilities, excluding land and site improvements, being financed or refinanced with the proceeds of the qualified bonds, determined as of the later of the date on which the qualified bonds will be issued or the date on which each facility is expected to be placed in service.
SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (EXCERPT) Act 92 of 2005
388.1925 Preliminary qualification; application.
Sec. 5.
(1) A school district may apply to the state treasurer for preliminary qualification of a proposed school bond issue by filing an application in the form and containing the information required by this act.
(2) An application for preliminary qualification of a school bond shall contain all of the following information:
(a) The proposed ballot language to be submitted to the electors.
(b) A description of the project or projects proposed to be financed.
(c) A pro forma debt service projection showing the estimated mills the school district will levy to provide revenue the school district will use to pay the qualified bonds. For the purpose of the pro forma debt service projection, the school district may assume for the first 5 years following the date of the application the average growth in taxable value for the 5 years preceding the date of the application and the lesser of that average growth rate or 3% for the remaining term of the proposed bonds.
(d) Evidence that the rate of utilization of each project to be financed will be at least 85% for new buildings and 60% for renovated facilities. If the projected enrollment of the district would not otherwise support utilization at the rates described in this subsection, the school district may include an explanation of the actions the school district intends to take to address the underutilization, including, if applicable, actions to close school buildings or other actions designed to assure continued assured use of the facilities being financed.
(e) Evidence that the cost per square foot of the project or projects will be reasonable in light of economic conditions applicable to the geographic area in which the school district is located.
(f) Evidence that the school district will repay all outstanding qualified loans at the times described in section 9.
(g) The weighted average age of all school buildings in the school district based on square footage.
(h) The overall utilization rate of all school buildings in the school district, excluding special education purposes.
(i) The taxable value per pupil.
(j) The total bonded debt outstanding of the school district and the total taxable value of property in the school district for the school district fiscal year in which the application is filed.
(k) A statement describing any environmental or usability problems to be addressed by the project or projects.
(l) An architect's analysis of the overall condition of the facilities to be renovated or replaced as a part of the project or projects.
(m) An amortization schedule demonstrating that the weighted average maturity of the qualified bond issue does not exceed 120% of the average reasonably expected useful life of the facilities, excluding land and site improvements, being financed or refinanced with the proceeds of the qualified bonds, determined as of the later of the date on which the qualified bonds will be issued or the date on which each facility is expected to be placed in service.
SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (EXCERPT) Act 92 of 2005
388.1925 Preliminary qualification; application.
Sec. 5.
(1) A school district may apply to the state treasurer for preliminary qualification of a proposed school bond issue by filing an application in the form and containing the information required by this act.
(2) An application for preliminary qualification of a school bond shall contain all of the following information:
(a) The proposed ballot language to be submitted to the electors.
(b) A description of the project or projects proposed to be financed.
(c) A pro forma debt service projection showing the estimated mills the school district will levy to provide revenue the school district will use to pay the qualified bonds. For the purpose of the pro forma debt service projection, the school district may assume for the first 5 years following the date of the application the average growth in taxable value for the 5 years preceding the date of the application and the lesser of that average growth rate or 3% for the remaining term of the proposed bonds.
(d) Evidence that the rate of utilization of each project to be financed will be at least 85% for new buildings and 60% for renovated facilities. If the projected enrollment of the district would not otherwise support utilization at the rates described in this subsection, the school district may include an explanation of the actions the school district intends to take to address the underutilization, including, if applicable, actions to close school buildings or other actions designed to assure continued assured use of the facilities being financed.
(e) Evidence that the cost per square foot of the project or projects will be reasonable in light of economic conditions applicable to the geographic area in which the school district is located.
(f) Evidence that the school district will repay all outstanding qualified loans at the times described in section 9.
(g) The weighted average age of all school buildings in the school district based on square footage.
(h) The overall utilization rate of all school buildings in the school district, excluding special education purposes.
(i) The taxable value per pupil.
(j) The total bonded debt outstanding of the school district and the total taxable value of property in the school district for the school district fiscal year in which the application is filed.
(k) A statement describing any environmental or usability problems to be addressed by the project or projects.
(l) An architect's analysis of the overall condition of the facilities to be renovated or replaced as a part of the project or projects.
(m) An amortization schedule demonstrating that the weighted average maturity of the qualified bond issue does not exceed 120% of the average reasonably expected useful life of the facilities, excluding land and site improvements, being financed or refinanced with the proceeds of the qualified bonds, determined as of the later of the date on which the qualified bonds will be issued or the date on which each facility is expected to be placed in service.
