State and Authority Finance IconSchool Bond Qualification & Loan

Qualified Bonds

Revolving Fund

  • School Loan Revolving Fund

    • The School Loan Revolving Fund (SLRF) is a self-sustaining fund that makes loans to school districts to assist with making debt service payments on state qualified bonds issued under the School Bond Qualification and Loan Program. Any money repaid by school districts on loans made by the SLRF are deposited back into the fund for future use.

      In order to borrow from the state for debt service needs the district must:

      • Have the bond issue qualified.
      • Levy a minimum of 7 debt mills.

      School Loan Revolving Fund participants must submit a board authorized application due annually every August 1.


    • November 2021 Semi-Annual Application PDF icon
    • School District Loan Account Statements

    Program Requirements

    Borrowing for Debt Service

    • Borrowing for Debt Service

      A district may request a loan from the state for the additional portion of the funds required to make full debt service payment rather than increase its current debt millage. Funds are disbursed to the district before the May and November debt service payments.

    Debt Service Repayment

    • Debt Service Repayment

      While loan repayment is deferred until the required debt millage yields enough to pay the district's debt service obligations, interest accumulation does begin once funds are disbursed.

Reports & Elections

Stay Informed

  • School Bond Qualification and Loan Program
    School Bond Qualification and Loan Program

    Austin Building, 1st Floor
    430 W. Allegan
    Lansing, MI 48922

    Phone: 517-335-0994
    Fax: 517-241-1233