Bill Text: MI HB6144 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Education: financing; interest-free loans to school districts and intermediate schools districts from the state's surplus funds; allow under certain circumstances. Amends 1855 PA 105 (MCL 21.141 - 21.147) by adding sec. 2g.
Sponsorship: Partisan Bill (Democrat 15)
Status: (Introduced) 2026-07-01 - Bill Electronically Reproduced 06/30/2026 [HB6144 Detail]
Download: Michigan-2025-HB6144-Introduced.html
HOUSE BILL NO. 6144
A bill to amend 1855 PA 105, entitled
"An act to regulate the disposition of the surplus funds in the state treasury; to provide for the deposit of surplus funds in certain financial institutions; to lend surplus funds pursuant to loan agreements secured by certain commercial, agricultural, or industrial real and personal property; to authorize the loan of surplus funds to certain municipalities; to authorize the participation in certain loan programs; to authorize an appropriation; and to prescribe the duties of certain state agencies,"
(MCL 21.141 to 21.147) by adding section 2g.
the people of the state of michigan enact:
Sec. 2g. (1) Subject to subsection (2), each year, if the general appropriations bills for the succeeding fiscal year are not enacted into law before October 1, the state treasurer may loan, without interest, surplus funds to a school district or intermediate school district if both of the following conditions are met:
(a) The loan amount does not exceed the amount that the school district or intermediate school district received from the school aid fund for the same month from the immediately preceding year.
(b) The loan is for a period not to exceed 1 year.
(2) Subsection (1) applies until the general appropriations bills for the succeeding fiscal year are enacted into law.
(3) In addition to the conditions provided in subsection (1), the state treasurer may prescribe additional terms of a loan issued under this section.
(4) As used in this section:
(a) "Intermediate school district" means that term as defined in section 4 of the revised school code, 1976 PA 451, MCL 380.4.
(b) "School district" means that term as defined in section 6 of the revised school code, 1976 PA 451, MCL 380.6.
