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Qualified Bonds
Qualified Bonds provide school districts with:

    Access to the State's credit rating; which will usually result in a lower interest rate and cost.
    Ability to borrow for the principal and interest requirements of outstanding qualified bonds (subject to a minimum debt millage).

Prior to applying for state qualification, a district should have conducted a thorough local level study regarding the district's facility needs and options for financing those needs.

Bond Qualification Process PDF icon
SBQLP Administrative Rules
2008 Cost per Square Foot Parameters *New* PDF icon

Preliminary Qualification

• Preliminary qualification enables the district to proceed with calling for an election and presenting the bonding proposition to the district's citizens. The preliminary qualification approval process involves:

- Treasury SBQLP personnel meeting with the school district and its representatives (bond counsel, financial advisor, construction manager and architect) to discuss the bond issue and the projects being financed by the proceeds.
- Various information which pertains to the bond issue, project construction costs, enrollment projections and debt service amortization schedules are reviewed and verified.
- An on-site inspection of existing facilities is conducted in order to evaluate the condition of the facilities and determine whether the proposed projects are warranted.

• Preliminary Qualification Instructions PDF icon

• Preliminary Qualification Application (Form 3881) Excel icon

• Worksheet 1: Useful Life Calculation Excel icon

• Worksheet 2: Weighted Average Age Excel icon


Final Qualification

• If a majority of the district's citizens vote in favor of the proposition, the district applies for final qualification.

• Final Qualification Application and Instructions (Form 3451) PDF icon

• Qualification Fee Schedule PDF icon

• Election Results


Bond Issuance

• Once an Order Qualifying Bonds is issued the district can proceed to sell the bonds to prospective investors.

• Qualification and Loan Reports


Stay Informed
SBQLP Electronic Mailing List
SBQLP Listserv subscription information. Keep up to date regarding program changes and deadlines.

Contact SBQLP
School Bond Qualification and Loan Program
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) 241-1233

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