Section R. 388.15 - Refunding bondsRule 15.
(1) Bonds issued to refund qualified bonds or outstanding qualified loans shall comply with the provisions of the act and the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.(2) The term of the refunding bond shall be no longer than the term of the original bond issue being refunded.(3) Qualified bonds issued to refund outstanding qualified loans shall not be issued for a term longer than the projected repayment term of the qualified loans as of the date of the refunding.(4) The department shall consider requests to issue qualified refunding bonds to refund outstanding qualified loans, despite the school districts current or prospective computed millage equaling a level greater than the maximum levy permitted by law, and despite the school districts current inability to comply with its final mandatory repayment date, so long as the issuance of the qualified refunding bonds will not further extend the school districts anticipated repayment date of its outstanding qualified loan balance, will result in a savings, will improve the districts projected qualified loan repayment date, and otherwise complies with the act and these rules.Mich. Admin. Code R. 388.15