Section R. 388.12 - Repayment; invoicesRule 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.Mich. Admin. Code R. 388.12
2007 AACS; 2014 AACS; 2022 MR 3, Eff. 2/15/2022