State Codes and Statutes
Statutes > Michigan > Chapter-388 > Act-92-of-2005 > Section-388-1938SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN ACT (EXCERPT)
Act 92 of 2005
388.1938 Use of remaining proceeds.
Sec. 18.
If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified bonds, a school district may use any remaining proceeds of the qualified bonds as follows:
(a) To pay for enhancements to the projects approved by the school electors as described in the ballot proposing the qualified bonds.
(b) To pay debt service on the qualified bonds.
(c) To repay this state.
History: 2005, Act 92, Imd. Eff. July 20, 2005
