Form 1428 - Application For State Treasurer'S Approval To Issue Long-Term Securities Page 5
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51428 , Page 5
INSTRUCTIONS FOR SECURITIES
PRIOR APPROVAL
1. The following constitutes a completed filing and
other municipalities relating to the proposed
shall be submitted in total at the time of filing the
securities, or when a municipality other than the
request:
issuer shall have pledged revenues or its full faith
and credit to secure repayment of the securities,
a. The completed application with a satisfactory
then each municipality shall file a separate
response to all requested information.
application, completing the following sections:
b. A fee payment (payable to the “State of
a. Certification
Michigan”) of .03% of securities not less than
b. Security
$800 or greater than $2,000.
c. Tax information
c. Copies of all federal, state and local permits
d. State equalized valuation information
for the project(s).
e. Debt information
d. A certified copy of the resolution or ordinance
f. Ten largest property taxpayers
adopted by the governing body authorizing the
issuance of the securities, specifying the secu-
g. Ten largest employers and employment data
rities details (including the notice of sale, if
3. If municipal securities are to be qualified school
any, and authorizing the utilization of a credit
bonds, a school district shall file a letter of
enhancement, if any). If a negotiated sale is
preliminary qualification from the Department of
chosen, the resolution indicating the reason a
Treasury before the granting of a prior approval.
negotiated sale was chosen.
4. The project cost sheet shall include the anticipated
e. Certified copies of all other resolutions, ordi-
interest to be earned on the securities proceeds,
nances, offer and acceptance forms on grants,
including supporting documentation indicating
or other legal documents as may be required.
how the municipality arrived at the amount.
f. A copy of the General Fund and applicable
5. All securities greater than $5 million shall be rated
Enterprise Fund budget or proposed General
by a nationally recognized rating agency unless
Fund and applicable Enterprise Fund budget
the securities will be purchased by a government
for the current fiscal year (unless previously
agency, or an exemption from this requirement
submitted).
has been granted by the State Treasurer prior to
g. A copy of any credit enhancement the munici-
the sale.
pality is authorized to enter into.
6. An official statement or preliminary official
h. A feasibility study, if one has been prepared.
statement shall not be mailed, or authorized to be
mailed, or otherwise distributed as a sales
i. If the authorizing resolution or ordinance was
document to prospective purchasers before the
adopted at a special meeting and if any member
issuance of an order of approval.
of the governing body was absent, notarized
proofs of call and posting of special meeting
or a waiver or waivers of notice.
j. If the security is voted, a copy of the ballot
and election results.
k. Qualifying statement if not previously filed and
a $100 late fee, if necessary.
2. When the issuer of the security is a municipality
with a contractual agreement with one (1) or more
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