Section R. 388.22 - Permissive mandatory repayment date extensionsRule 22.
(1) As permitted by the act, these rules, or any other guidance published by the department including, but not limited to, global instructions, policies, procedures, or guidelines, a school district may request approval from the treasurer for a later final mandatory repayment date.(2) Requests may be granted only if the following conditions are met:(a) The school district agrees to levy a higher millage, at a minimum of 2 mills, and as approved by the treasurer, subject to any maximum millage provided by law.(b) The school district agrees to levy the higher millage described in subdivision (a) of this subrule for so long as the extended final mandatory repayment remains applicable.(c) The school district agrees to revert back to the original mandatory repayment date if and when projections support that action.(d) At the time of the request, the school district is at or within 15 years of its mandatory repayment date.(e) At the time of the request, the school district has not previously requested such an extension for the final mandatory repayment date stated in its current loan agreement.(f) The extension is necessary for the school district to receive preliminary or final qualification of a new money bond issue.(g) The school district will enter repayment mode upon completion of the bond issuance described in subdivision (f) of this subrule.(h) The final mandatory repayment date is not extended by more than 3 years.(3) Approvals shall be documented in writing either as part of the qualification order for the bonds, or in another written communication with the school district.Mich. Admin. Code R. 388.22