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Final Reminder: Qualifying Statements Must Be Filed by December 31
The December 31, 2014 Qualifying Statement filing deadline is fast approaching. School officials should take the necessary steps to ensure that the Qualifying Statement form is filed with the Michigan Department of Treasury (“Treasury”) on or before the deadline to avoid late fees and other negative consequences.
The annual filing of the Qualifying Statement form is required to obtain “qualified status” for 2015. Obtaining qualified status permits municipalities to more swiftly issue most types of municipal financings (bonds, state aid notes, and tax notes) and reduces the related state filing fees.
The Qualifying Statement form (Form 5047) is a fillable PDF form that must be completed and uploaded as a PDF file. School officials should review Treasury Bulletin 6 in detail before completing the Qualifying Statement. Bulletin 6, the Qualifying Statement form can be accessed using the Michigan Department of Treasury – Municipal Finance link at www.thrunlaw.com/links. If your school has not obtained a username and password from Treasury for uploading the completed Qualifying Statement since May 1, 2013, it will be necessary to contact Treasury at (517)-373-3227 in order to obtain those credentials. Please also note that Bulletin 6 allows the school’s chief administrative officer to authorize the school’s auditor to file the Qualifying Statement with Treasury on the school’s behalf.
School officials should ensure that the school’s annual audit has been filed with Treasury before filing the Qualifying Statement.
As part of our service to our retainer and regular finance clients, Thrun Law Firm’s finance attorneys will review a preliminary draft of a Qualifying Statement upon request for no additional charge. We urge our clients to use this service to avoid being wrongfully denied qualified status. If you would like to have a Qualifying Statement reviewed before submission to Treasury, please contact the Thrun Law Firm attorney who regularly handles your school’s bond and finance matters.