{"data":{"id":"us-mi/mich.-comp.-laws-390.925a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 390.925a","heading":"Loans to educational institutions for refunding of certain outstanding obligations; conditions.","body":"Sec. 5a.\n\nThe authority may lend money or participate in the lending of money to educational institutions for the refunding of outstanding obligations issued by educational institutions for the acquisition, construction, or alteration of educational facilities. An educational loan for refunding shall not be made unless the authority is reasonably satisfied that all of the following conditions exist:\n\nThere will be made available to the institution from the loan and other sources all the funds that may be required to complete and pay for the acquisition, construction, or alteration of educational facilities.\n\nThe revenues and income generally available and to become available to the institution for allocation to repayment of the loan and interest on the loan when due will be sufficient for repayment.\n\nThe facility or alteration was needed, has not resulted in unnecessary duplication of existing facilities, and has been well planned.\n\nThe facility or alteration is consistent with an orderly development and provision of educational services in the area.\n\nThe acquisition, construction, or alteration of the educational facility has been paid and completed.\n\nThe outstanding obligations of the educational institution to be refunded constitute a financial hardship to the educational institution, and the refunding of the obligations will enhance the ability of the educational institution to provide educational services.\n\nThe loan shall not exceed the amount of principal and accrued interest outstanding with respect to the obligations to be refunded and incidental costs related to the issuance of bonds by the authority to provide funds to make the loan.\n\nThe authority may lend money or participate in the lending of money to educational institutions as described in subsection (1) whether the loan is secured or unsecured, if the authority considers the action proper.","path":["MI Code","Chapter 390","Act Act-295-of-1969"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-390-925a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"4bb41564df87159aa309ad39a710bdbc0d39128800da145bf5bf62457df1d465","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-390.925","next":"us-mi/mich.-comp.-laws-390.926"},"notice":"GroundRules: Original legal text. Not legal advice."}