Michigan Finance Authority's series 2011C local government loan program revenue bonds (state qualified school bonds) have been rated 'AA-' and are being used to purchase municipal obligations from one school district, the proceeds of which will be used by the district to finance and refinance public improvements and other municipal purposes. In order to generate additional savings, the district is issuing municipal obligations through the Michigan Finance Authority instead of issuing debt on a stand-alone basis. The rating reflects the obligation's qualification in the Michigan State School Loan Revolving Fund Program under Act 92 of Public Acts of Michigan, enacted pursuant to Article 9 Section 16 of Michigan's constitution of 1963. The Michigan School Loan Revolving Fund Program provides districts
