The Revised Municipal Finance Act became effective on March 1, 2002. This act materially changes the way bonds and notes are approved in Michigan. Effective March 1 all municipalities are required to submit a Qualifying Statement (Form 3883). This statement may be easily submitted online. The department will determine within 30 business days if the municipality qualifies to issue municipal securities without further Treasury oversight. You can verify the status of a municipality's qualification by checking the Local Government/Municipal Finance website.