As Michigan public schools prepare their 2024-2025 budgets, schools should be aware of the short-term borrowing options available to cover their projected operating cash-flow shortfalls....more
Michigan’s new Prevailing Wage for State Projects Act (the “Act”) became effective on February 13, 2024, and is substantially similar to a prior statutory prevailing wage requirement which was repealed in 2018.
The Act...more
Under the Michigan Revised School Code, a school district with voter approval may levy a sinking fund tax to pay for certain allowable capital improvement projects and purchases, which include the construction and renovation...more
As Michigan public schools navigate the preparation of their 2023-2024 budgets, we wanted to again provide you with a reminder of the short-term borrowing options available to cover projected operating cash-flow shortfalls....more
This practice guide discusses generally the Michigan sales tax obligations of Michigan public schools under the Michigan General Sales Tax Act, Act 167, Public Acts of Michigan, 1933, as amended (MCL §205.51 et.seq.) The Act...more
On June 15, 2022, Michigan Governor Gretchen Whitmer signed legislation amending Act 57, Public Acts of Michigan, 1988 (“Act 57"), to authorize an emergency services authority, established under Act 57 by municipalities to...more
As Michigan public schools navigate the preparation of their 2021-2022 budgets, we wanted to again provide you with a reminder of the short-term borrowing options available to cover projected operating cash-flow shortfalls....more
School district board members, administrators and employees are required to abide by the Michigan Campaign Finance Act. The Act prohibits the contribution of public funds or resources to a campaign for a candidate or ballot...more
As Michigan school districts navigate their 2020-2021 budgets, with looming cuts to school aid and other consequences of the COVID-19 pandemic, we want to remind you of the available operating cash-flow borrowing options....more
Every continuing disclosure undertaking entered into under Section (b)(5)(i) of Rule 15c2-12 (the “Rule”) of the Securities and Exchange Commission (“SEC”) requires the issuer or obligated person (as defined in the Rule)...more
In a recent press release, the Governor has encouraged businesses to donate essential medical supplies and personal protection equipment to local health care providers to be used in their COVID-19 efforts. The release listed...more
Many Michigan school districts experience periodic operating cash-flow shortfalls during a school year, which often make it necessary for these schools to borrow on a short-term basis to cover the shortfalls. These shortfalls...more
With the July 1, 2019 implementation date fast approaching for the new GASB 84 accounting guidance for fiduciary activities, school districts in Michigan have been working through various issues which have arisen in the...more
As we head into another election season, we thought it would be helpful to provide you with an update of the current election and campaign finance laws applicable to school district ballot proposals. The May 2019 election...more
As reported in our October 10, 2018 alert, the Securities and Exchange Commission has amended Rule 15c2-12 (the "Rule"), which governs continuing disclosure by state and local governmental borrowers to add two new material...more
Issuers or obligated persons (together, an "Issuer") of municipal securities will be required to add two new events to the list of reportable material events in their continuing disclosure undertakings entered into after...more
On July 24, 2018, Standard & Poor's raised its credit rating for the State of Michigan's general obligation bonds from AA- to AA. This upgrade will affect bonds issued by local governments that benefit from State credit...more
On Jan. 9, 2017, Michigan Governor Snyder signed into law a package of bills, all with immediate effect, that would exempt certain taxes levied for library purposes from being captured by tax increment financing authorities,...more
On July 7, Michigan Governor Snyder signed into law a package of bills, all with immediate effect and most with a tie bar to at least one of the other bills in the package, creating an early warning system to identify the...more
Michigan Governor Snyder signed a series of bills on June 30, 2015 amending the Michigan Election Law. The legislation eliminates the regular election date on the fourth Tuesday in February, as well as the March election in...more
The Michigan Legislature recently passed a package of bills to create an early warning system to identify the potential for financial distress in local school districts, intermediate school districts (ISDs) and public school...more
Municipal securities issuers have the opportunity to self-report material misstatements in official statements regarding prior compliance with continuing disclosure undertakings under a new initiative introduced by the...more
The U.S. Securities and Exchange Commission Enforcement Division recently announced a program intended to resolve violations of federal securities laws regarding continuing disclosures in bond offering documents. The program,...more
Last fall, the federal Securities Exchange Commission (SEC) issued new rules (Rule) regulating municipal advisors and underwriters, now scheduled to become effective July 1, 2014.
In 2010, President Obama signed into...more
On January 9, 2014 the Municipal Securities Rulemaking Board (MSRB) issued proposed Rule G-42 on the standards of conduct and duties of municipal advisors when engaging in municipal advisory activities other than making...more