The
Michigan Municipal Bond Authority was established by the Shared
Credit Rating Act, Public Act 227 of 1985, to provide Michigan
local units of government and schools an alternative source of
financing for infrastructure projects and cash flow needs through
low cost access to the public finance market
Eligible
Borrowers
• Cities
• Villages
• Townships
• Counties
• Commissions and Authorities
• Public School Districts
• Community Colleges
• Public Colleges & Universities
• Special Purpose units, such as:
Drainage Districts, Fire Protection,
Libraries, Transit, Waste
Management,
and Parks and Recreation
Executive
Director
School Finance & School Law
Department of Education
Representative
for State Treasurer:
Tom Saxton
Deputy State Treasurer
Authority
Mission
The
Michigan Municipal Bond Authority will provide an alternative source of
financing for infrastructure projects and low cost access to the public
finance market for Michigan local units of government.
MMBA
Finance Programs
The basis of the Authority's financing programs is the pooling of local government loans. The Authority sells a similar amount of debt in the regional and national public finance market and lends the monies received from the sale to the participating municipal borrowers. As borrowers make repayments to the Authority, the Authority in turn repays its bond or note holders. Each borrower pays a pro rata share of costs of issuance and is only responsible for their own loan. Any financing legally authorized may be issued through the Authority.
Provides
competitive interest rates for 3 to 30 year loans. Typically,
tax-exempt bonds or installment purchase contracts are issued
under this program.(More)
Installment
Purchase Program
Provides
borrowers with a streamlined process to purchase essential use equipment.
The borrowing term matches the useful life of the purchased asset up to a
maximum loan term of 15 years. (More)
The State
School Aid Act (the "Act"), as amended by Public Act 142 of
1997, provided appropriations as part of a settlement both to school
districts involved in the Durant litigation and school districts not
involved in the litigation (referred to as Non-Durant school districts). (More)
Location: Austin
Building, 1st Floor (Formerly Treasury Building) 430 W. Allegan
Lansing, MI 48922
Mail: P.O. Box 15128
Lansing, MI 48901
Phone: (517) 335-0994 Fax: (517) 241-9509
treasMMBA@michigan.gov www.michigan.gov/mmba
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The
Michigan Municipal Bond Authority was established by the 