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Proposal Text
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GOBLES PUBLIC SCHOOLS BONDING PROPOSAL Shall Gobles Public Schools, Van Buren and Allegan Counties, Michigan, borrow the sum of not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: acquiring, installing, and equipping educational technology for school district buildings, together with related infrastructure improvements; purchasing school buses; and remodeling, furnishing and refurnishing, and equipping and re-equipping school district buildings? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2014, under current law, is 2 mills ($2.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding for any single series, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.08 mills ($3.08 on each $1,000 of taxable valuation). The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $6,850,000. The total amount of qualified loans currently outstanding is approximately $5,880,837. The estimated computed millage rate is 9 mills and may change based on changes in certain circumstances. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
OTSEGO PUBLIC SCHOOLS OPERATING MILLAGE RENEWAL PROPOSAL This proposal will allow the school district to levy the statutory rate of 18 mills on all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance and renews millage that will expire with the 2014 tax levy. Shall the currently authorized millage rate limitation of 18 mills ($18.00 on each $1,000 of taxable valuation) on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Otsego Public Schools, Allegan, Kalamazoo and Van Buren Counties, Michigan, be renewed for a period of 10 years, 2015 to 2024, inclusive, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and levied in 2015 is approximately $1,800,000 (this is a renewal of millage which will expire with the 2014 tax levy)?
SOUTH HAVEN PUBLIC SCHOOLS BONDING PROPOSAL Shall South Haven Public Schools, Van Buren and Allegan Counties, Michigan, borrow the sum of not to exceed Thirty-Six Million Seven Hundred Forty-Five Thousand Dollars ($36,745,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and equipping additions to South Haven High School; partially remodeling, furnishing and refurnishing, equipping and re-equipping South Haven Public Schools’ facilities, in part, for security improvements; acquiring, installing and equipping instructional technology for school facilities; purchasing school buses; roof replacement, fencing and lighting at the football stadium; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2014, under current law, is 1.15 mills ($1.15 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.22 mills ($2.22 on each $1,000 of taxable valuation). (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
