Reset Form
Michigan Department of Treasury
Application No. SBL
3451 (Rev. 09-16)
Application for Final Qualification of Bonds
for Participation in the Michigan School Bond Qualification and Loan Program
Issued under authority of Public Act 92 of 2005, as amended.
Legal Name of School District
District Code Number
Telephone Number
Address
City
County
ZIP Code
Name of Person Responsible for Preparation of this Application
Title
CERTIFICATION
I, the undersigned, Secretary of the Board of Education, do certify hereby that the following constitutes a true and
complete copy of a resolution adopted by the Board of Education of this School District, at a
regular or
special meeting held on the ________ day of __________________________, ____________ ,
and that the meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with
Act 267 of the Public Acts of 1976 (Open Meetings Act).
Name of Secretary (Print or Type)
Signature of Secretary
Date
PARTICIPANTS
Secretary, Board of Education
Superintendent of Schools
Treasurer, Board of Education
Architectural Firm
Bond Counsel
Construction Manager
Financial Advisor
Paying Agent
Senior Underwriter
SALE TYPE
Competitive Bid
Negotiated Sale
RESoLuTion
A meeting was called to order by __________________________ , President.
Present: Members _______________________________________________________________________________
Absent: Member ________________________________________________________________________________
The following preamble and resolution were offered by Member ________________________________ and supported
by Member ____________________________________________________.
Reset Form
Michigan Department of Treasury
Application No. SBL
3451 (Rev. 09-16)
Application for Final Qualification of Bonds
for Participation in the Michigan School Bond Qualification and Loan Program
Issued under authority of Public Act 92 of 2005, as amended.
Legal Name of School District
District Code Number
Telephone Number
Address
City
County
ZIP Code
Name of Person Responsible for Preparation of this Application
Title
CERTIFICATION
I, the undersigned, Secretary of the Board of Education, do certify hereby that the following constitutes a true and
complete copy of a resolution adopted by the Board of Education of this School District, at a
regular or
special meeting held on the ________ day of __________________________, ____________ ,
and that the meeting was conducted and public notice of said meeting was given pursuant to and in full compliance with
Act 267 of the Public Acts of 1976 (Open Meetings Act).
Name of Secretary (Print or Type)
Signature of Secretary
Date
PARTICIPANTS
Secretary, Board of Education
Superintendent of Schools
Treasurer, Board of Education
Architectural Firm
Bond Counsel
Construction Manager
Financial Advisor
Paying Agent
Senior Underwriter
SALE TYPE
Competitive Bid
Negotiated Sale
RESoLuTion
A meeting was called to order by __________________________ , President.
Present: Members _______________________________________________________________________________
Absent: Member ________________________________________________________________________________
The following preamble and resolution were offered by Member ________________________________ and supported
by Member ____________________________________________________.
3451 Page 2
BAckgRound
1.
Act 92 of the Public Acts of Michigan, 2005, as amended, (“Act 92”) enacted pursuant to Article IX, Section 16, of the
Michigan Constitution of 1963, provides the procedure, terms and conditions for the final qualification of bonds for
participation in the School Bond Qualification and Loan Program.
2.
This district has taken all necessary actions to comply with all legal and procedural requirements for final qualification
of this bond issue.
AcTion oF ThE BoARd
1.
The district hereby applies for final qualification of bonds by the State Treasurer for the purpose of:
Financing the school construction and/or
Refinancing existing debt as described in this application.
2.
The bonds of the district qualified by the State Treasurer will conform to all the requirements of law pertaining generally
to school bonds and specifically to school bonds qualified under Section 16, Article IX of the 1963 Michigan Constitution,
Act 92, and Act 112, Public Acts of 1961, as amended.
3.
Any moneys obtained through the sale of the qualified bonds of the district as herein proposed will be used only for
the purpose of:
Financing the projects described in the application including such limited changes allowed by statute,
that have
been
submitted
to
the State Treasurer for preliminary qualification of bonds numbered
SBL______________________________/and/ or
Refinancing existing qualified debt and for no other purpose unless such change of purpose is permitted by
law and has the prior approval of the State Treasurer.
4.
The district agrees to annually certify and levy its debt millage tax by filing an Annual Loan Activity Statement in
accordance with the requirements of Act 92 and to determine the amounts, if any, to be borrowed from or repaid to the
School Loan Revolving Fund (“SLRF”). The district agrees to deposit proceeds of debt millage upon receipt into an
account established solely for debt service with the appointed banking institution as defined in Section 9. The district
agrees to comply with the provisions of Act 92 governing the periodic recalculation of its millage, the adjustment of its
millage levy when necessary, and the repayment of funds to the SLRF, where applicable.
5.
The district agrees to enter into a loan agreement and file all necessary applications for qualified loans from the SLRF
along with all supporting information for repayment to the SLRF within statutory application dates and in accordance
with forms and procedures as prescribed by the State Treasurer. The (insert title of authorized school district official(s))
___________________________________are/is authorized and directed to execute and deliver the loan agreement
and any other documents that may be required by the loan agreement on behalf of the district. The district covenants to
comply with the terms of any applicable qualified loan agreement it is now or may be a party to, including the provisions
related to its millage levy.
6.
The district agrees to take actions and refrain from taking actions as necessary to maintain the tax-exempt status of
tax-exempt debt issued by the State of Michigan or the Michigan Finance Authority for the purpose of financing the
School Bond Loan Fund or the School Loan Revolving Fund as defined in P.A. 227 of 1985, as amended.
7.
The district agrees that if these bonds are issued as tax exempt bonds, it will use the proceeds of these bonds only for
the purposes that are allowed for tax exempt bonds and that none of such proceeds will be used for more than the first
advance refunding of any original bond issued after 1985, nor more than the second advance refunding of any original
bond issued before 1986, and the district further agrees that proceeds of bonds issued as Qualified Zone Academy
Bonds, Qualified School Construction Bonds, Build America Bonds or Recovery Zone Economic Development Bonds[
will only be used for the purposes that are allowed for such bonds.
8.
The district agrees to use any funds borrowed from the SLRF only for the payment of principal and interest on qualified
bonds that is immediately payable to bondholders and not to fund escrow or sinking funds.
3451 Page 3
9.
The district agrees to appoint a banking institution that performs paying agent services in general, and to execute a
signed agreement that provides, at a minimum, the following procedures:
a.
If the district has not established an irrevocable escrow account with a qualified escrow agent, the district agrees
to submit debt service payments for its qualified bonds in immediately available funds to its banking institution no
less than five business days prior to the debt service due date, and agrees not to withdraw, or cause a debit to
be drawn against, such funds except to pay debt service.
b.
The district agrees to use an existing or establish a new interest bearing, money market or investment account
with the banking institution that performs paying agent services for the subject bonds, that allows the district to
provide written investment instructions for the investment of collected funds on hand preceding the debt service
due date.
c.
The paying agent will implement notification procedures that provide that if sufficient funds for full payment
of debt service do not reach the banking institution five business days prior to the debt service payment due
date, the paying agent will notify the district of the amount of insufficient funds four business days prior to the
debt service payment due date. In the event that the district does not immediately resolve the insufficient funds
situation, the paying agent will notify the Michigan Department of Treasury of the delinquency three business
days before the payment due date.
d.
The district agrees to furnish written notification to the paying agent and the Department of Treasury of any bonds
that have been refunded.
10. The district agrees to deposit all federal interest credits received with respect to its qualified bonds issued as direct
credit type bonds into the debt retirement fund payable for such bonds.
11.
The district requests that the State Treasurer increase its computed millage if at any time the full amount of any tax
credit related to direct credit type bonds is not received or the amount of debt service on its qualified bonds increases
for any reason and the current computed millage is not sufficient to repay all outstanding qualified loans by the final
mandatory repayment date.
12. The district agrees that if Treasury determines that the district will not be able to make all or part of the debt service
payment, Treasury will process an emergency loan from the SLRF. If the district incurs an emergency loan it shall be a
legal debt of the district and the State Treasurer shall bill the school district for the amount paid and the school district
shall remit the amount to the state.
13.
The board directs the school district administration to report any failure to perform as a result of this application. In
the event that the district fails to perform any actions as identified in this application or required by law, the district
will submit to the State Treasurer a board approved resolution which indicates the actions taken and procedures
implemented to assure future compliance.
14.
The district board members have read this application, approved all statements and representations contained herein
as true to the best knowledge and belief of said board, and authorized the Secretary of the Board of Education to sign
this Final Application and submit same to the State Treasurer for his or her review and approval.
Ayes: Members _______________________________________________________________________________
Nays: Members
_______________________________________________________________________________
3451 Page 4
Bond dETAiL
1.
PURPOSE: Specify the purpose of bond issue exactly as stated on the ballot and as it is to be cited in the Order
Qualifying Bonds (or attach an official copy).
2.
ELECTION DATA:
a.
Date of election: _____________________
b.
Attach a copy of the Certified Official Canvass of Election (if not already on file).
3.
FINAL MATURITY SCHEDULE:
a.
Total amount of this issue .............................................................................. $ __________________
b.
Due date annually for principal payments: May 1st
c.
Due date semi-annually for interest payments: May 1st/Nov 1st
d.
Attach a copy of the bond amortization and millage impact schedules.
4.
DEBT AMOUNTS:
a.
Amount of this bond issue ............................................................................. $ __________________
b.
Total amount of bonded debt prior to this issue ............................................ $
__________________
c.
Total amount of bonds being refunded .......................................................... $
__________________
d.
Total amount of proposed and existing debt (4a + b - c) ............................... $
__________________
5.
PROPERTY VALUATION: Taxable valuation as of this date ................................. $ __________________
6.
CHANGES IN FINANCIAL STRUCTURE: Specify any changes in financial structure since Preliminary Qualification or
original Order Qualifying Bonds was approved:
7.
Bond Type(s) (Check all that apply):
Fixed Rate
Variable Rate
Tax Exempt
Taxable
Qualified Zone Academy Bond
3451 Page 5
instructions for Form 3451,
Application for Final Qualification of Bonds
for Participation in the Michigan School Bond Qualification and Loan Program
PREPARATION
The following options are available to complete the Final Application:
1.
Application for Final Qualification of Bonds, Form 3451, available on the School Bond Loan Program Web
site at
www.michigan.gov/sblf.
2.
Hard copies of Form 3451 may be obtained by contacting the School Bond Loan Program at (517) 335-0994.
PRocESSing
The following instructions provide a brief recap of the general requirements for bond qualification required by the State
Treasurer.
1.
To receive qualification, a bond issue must conform to the provisions of Act No. 92, Public Acts of 2005, as amended.
Further information on this act and other information pertaining to the qualification of bonds are contained in Bulletin
No. 3160, Michigan School Bond Qualification and Loan Program, Bond Qualification Process. Copies of this bulletin
may be obtained at www.michigan.gov/sblf.
2.
Complete the application using the following instructions as well as any further clarifications that have been issued
by the Department of Treasury. Attach to the application any additional statements and information that will help to
explain any part of the application. Refer to the Procedural section on page 7 for a list of forms and attachments
required for final qualification of bonds.
3.
The district’s professional consultants and/or administration should complete all information items contained on the
official Application for Final Qualification of Bonds prior to considering the application at a public school board meeting.
4.
The local board of education should conduct a careful final review of the information contained in the application and
the requirements being agreed upon before voting on a resolution to apply for final qualification.
5.
After approval, the board member attendance and voting record should be recorded and the board secretary should
certify the application.
6.
Send a completed original application packet to the school district’s bond counsel for their review and submission to
the Michigan Department of Treasury.
7.
Refer questions regarding the completion of this application to the Department of Treasury, School Bond Qualification
and Loan Program at (517) 335-0994. Submit the original application to:
U.S. P.S. Mail
Express/Overnight Delivery
Michigan Department of Treasury
Michigan Department of Treasury
School Bond Qualification and Loan Program
School Bond Qualification and Loan Program
Lansing, MI 48922
7285 Parsons Dr.
Dimondale, MI 48821
Hand Delivery
School Bond Qualification and Loan Program
Richard H. Austin Building
430 W. Allegan
Lansing, MI 48922