For a school that wants to borrow money, obtaining “qualified status” each year from the Michigan Department of Treasury is critical. Before a school issues most types of debt, it must either have qualified status or Treasury’s prior approval.
The costlier and more time-consuming prior approval process often causes significant delays, which can be a hurdle if the need to borrow is unexpected. Treasury has up to 30 business days (i.e., six calendar weeks) to evaluate a prior approval...