Michigan § 388.1938 - Use of remaining proceeds.
Full text of Michigan Michigan Compiled Laws § 388.1938 — Use of remaining proceeds., with citation guidance and answers to common questions.
§ 388.1938. Use of remaining proceeds.
If a school district has completed the projects approved by the school electors of the school district to be funded from proceeds of qualified bonds, a school district may use any remaining proceeds of the qualified bonds as follows:
(a) To pay debt service on the qualified bonds.
(b) To repay this state.
(c) If in the opinion of the school district's bond counsel use of the remaining proceeds for the purposes described in subdivisions (a) and (b) would adversely affect the federal tax treatment of interest on the qualified bonds, to pay for enhancements to the projects approved by the school electors as described in the ballot language proposing the qualified bonds.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 388.1938
What does Michigan Compiled Laws § 388.1938 cover?
Section 388.1938 ("Use of remaining proceeds.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 388.1938?
A common citation format is "Michigan Compiled Laws § 388.1938" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 388.1938 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.