Upon the authorization of the Board of Education and with the approval of the Michigan Department of Treasury or Michigan Department of Education, the Superintendent or designee shall prepare the data and applications regarding the borrowing of funds against State Aid Notes, Tax Anticipation Notes, and Bond Issues. Such borrowing shall be in accordance with the provisions of Section 1225 of the School Code.

For short-term loans, borrowing may be done through the Michigan Municipal Bond Authority or directly by the District. If the borrowing is done directly by the District then quotations shall be solicited, and funds shall be borrowed from the responsible organization offering the most favorable terms, as approved by the Board.

M.C.L.A. 134.1 et seq., 188.761 et seq., 380.1225

Revised 10/6/03