The Michigan Finance Authority (MFA) again is offering its annual State Aid Note Loan Program this summer. The MFA expects to post on its website this year’s application and cash flow forms and make the authorizing resolution available through local note counsel by May 1.
We encourage clients to take advantage of this early start by preparing application documents, including cash flow, and coordinating with your note counsel in May. In contrast to previous years, the early availability of the authorizing resolution allows schools to adopt the resolution at a regular school board meeting in May, rather than waiting until June. Getting a head start on these tasks will provide school officials and note counsel with valuable time to finalize the application and cash flow before they are due at the end of June.
Stay tuned for additional information about the MFA’s 2019 State Aid Note Loan Program. We will update our retainer and regular state aid note clients when the application materials become available. We also will report any important changes to the MFA’s borrowing parameters. If you have any questions about the MFA program or the application documents, please contact the Thrun Law Firm attorney who assists your school with finance matters.