R 388.21 Computed millage exception for qualified bonds and qualified loans in final year of repayment.

Rule 21. If a school district with an outstanding qualified loan balance can demonstrate to the satisfaction of the department that repayment in full of the outstanding qualified loan balance will be achieved in the school district’s next fiscal year by levying a millage that is less than 7 mills, or less than the computed millage stated on the school district’s most recent order qualifying bonds or loan agreement, then the department shall not object to the school district certifying a levy for that supported lesser millage amount.