The Michigan Finance Authority (“MFA”) is expected to offer its August Note Pool program in 2013 with several changes from previous years. The anticipated date to file the application materials with MFA is tentatively planned for June 28, 2013. The application, instructions, cash flow form, and information about the August note pool program are expected to be posted on MFA’s website on or about mid-May. We encourage clients to check MFA’s website (www....
As part of its service to its retainer clients, Thrun Law Firm, P.C., will host its annual client seminar at five locations this spring. Below is a link to the printable registration form. Online registration is also available at www.ThrunLaw.com/Spring2013. You must be logged into our website to...
In response to the debt ceiling crisis of 2011, Congress passed the Budget Control Act of 2011 (“BCA”) as a legislative compromise to control the federal deficit while simultaneously raising the debt ceiling. As you may be aware, the recent failure of Congress to enact a deficit elimination bill under the BCA has triggered...
Unlike prior years, the Michigan Finance Authority (“MFA”) will not offer a spring 2013 state aid note pool (i.e., the “bridge loan” program). However, school districts demonstrating an operating cash flow deficit between now and August 20, 2013, may still be eligible to issue state aid notes or tax anticipation notes through a bank. Similarly, public school academies may be eligible to issue state aid notes through a bank.
If your school district or academy needs to borrow...
The Michigan Legislature recently altered the School Bond Qualification and Loan Program through Public Act 437 of 2012 (effective December 31, 2012). This law caps the loan aspect of the Program when the total School Bond Loan Fund balance reaches $1.8 billion (expected to occur in 2014). Once the cap is reached, the State of Michigan will not permit new voted bond issues under the Program that project an anticipated borrowing. After June 30, 2016, that cap will expire. During the cap...
Effective December 31, 2012, Public Act 528 of 2012 amended the Open Meetings Act to address certain posting and notice requirements.
Public notice of rescheduled regular and special meetings must be made at both the public body’s principal office and on the publicly accessible portion of the public body’s website “if the...
Last month, we reported on new legislation that requires schools to: (1) erect and maintain U.S. flags on school premises; (2) provide students with a daily opportunity to recite the Pledge of Allegiance; and (3) display flags in classrooms or instructional areas where the Pledge is recited. However, the article incorrectly...
As you are now no doubt aware, on December 11, 2012, Governor Snyder signed Public Act 349 of 2012 ("PA 349"), which amends the Public Employment Relations Act ("PERA") by incorporating "Right-to-Work" provisions. The purpose of this brief memorandum is to share with you our initial assessment of this legislation.
The importance of obtaining “qualified” status each year from the Michigan Department of Treasury (“Treasury”) cannot be overemphasized. School districts, intermediate school districts, and public school academies that do not obtain qualified status may experience significant delays in issuing bonds and notes during calendar year 2013, which may be especially problematic for cash flow borrowings such as state aid notes (“SANs”) and tax anticipation notes (“TANs”).
The Revised...