Summary: Michigan State School Bond Loan Fund Program; School State Program Aug 06

Standard & Poors, August 2006

Abstract
The rating outlook on bonds participating in the Michigan State School Bond Loan Fund Program has been revised to negative from stable, reflecting the outlook revision on the state of Michigan's GO debt. The rating remains 'AA'. Section 16 of Article 9 of Michigan's constitution (adopted in 1963) created the Michigan School Bond Loan Fund Program to provide districts access to funds to avoid a default on qualified debt. Under this program, if a school district fails to meet its debt service obligation for qualified debt, the state treasurer is notified. The treasurer pays the required debt service, and payment to bondholders is uninterrupted. If the balance in the state's loan fund is insufficient to cover obligations, the state is...

Action: Affirmed
Action: Outlook: Negative

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