 |
 |
Proposal Text
|
|
Shall Grand Rapids Public Schools, Kent County, Michigan, borrow a sum of not to exceed One Hundred Seventy-Five Million Dollars ($175,000,000) and issue its general obligation, unlimited tax bonds in two or more series for the purposes of: - purchasing, erecting, completing, remodeling, and equipping or re-equipping school buildings, including structures, athletic fields, playgrounds and other facilities, and parts of or additions to those facilities, and acquiring, preparing, developing and improving the sites thereof; - furnishing or refurnishing new and remodeled school buildings and additions; and - acquiring, installing, and equipping or re-equipping school buildings or additions to school buildings for technology, infrastructure and safety and security improvements. The following is for informational purposes: The estimated millage that will be levied for the proposed bonds in 2016 is 2.07 mills ($2.07 for each $1,000 of taxable valuation) and the estimated simple average annual millage rate required to retire the bonds is 2.12 mills ($2.12 for each $1,000 of taxable valuation). The maximum number of years that any series of the bonds may be outstanding, exclusive of any refunding, will not exceed twenty-six (26) years from the date of each issue. The Downtown Development Authority of the City of Grand Rapids is authorized by law to capture and retain a portion of the School District's collected millage, including millage levied to make bond payments. Based on current projections, it is not expected that any millage collected by the School District to pay principal and interest on the bonds authorized herein will be captured and retained by the Downtown Development Authority of the City of Grand Rapids. (Pursuant to State law, expenditure of bond proceeds must be audited, and the bond proceeds cannot be used for maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
Shall Kenowa Hills Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Fifty-Five Million Two Hundred Forty Thousand Dollars ($55,240,000) and issue its general obligation unlimited tax bonds therefor in one or more series, for the purpose of: erecting, furnishing and equipping additions to school buildings; remodeling, equipping and re-equipping and furnishing and refurnishing school buildings; acquiring, installing, equipping and re-equipping school buildings for instructional technology; purchasing and equipping school buses; and acquiring, preparing, developing, improving and equipping playgrounds, athletic fields and facilities and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016 is 1.29 mills ($1.29 on each $1,000 of taxable valuation), for net 0.99 mill increase from the prior year's levy. The maximum number of years the bonds of any series 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). 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 $26,465,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate 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.)
This proposal will allow the school district to continue 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 2016 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 Kenowa Hills Public Schools, Kent and Ottawa Counties, Michigan, be renewed for a period of 10 years, 2017 to 2026, 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 2017 is approximately $9,514,370 (this is a renewal of millage which will expire with the 2016 tax levy)?
Shall Kentwood Public Schools, Kent County, Michigan, borrow the sum of not to exceed Sixy-Four Million Eight Hundred Sixty Thousand Dollars ($64,860,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring, installing and equipping or re-equipping school buildings for instructional technology; purchasing school buses; and acquiring, preparing, developing, improving and equipping athletic facilities, playgrounds, play fields and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016 is 1.11 mills ($1.11 on each $1,000 of taxable valuation), for a net 0.75 mill increase from the prior year's levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-nine (29) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.40 mills ($1.40 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.)
Shall the limitation on the amount of taxes which may be assessed against all property in Wyoming Public Schools, Kent County, Michigan, be increased by and the board of education be authorized to levy not to exceed .50 mill ($0.50 on each $1,000 of taxable valuation) for a period of 10 years, 2016 to 2025, inclusive, to create a sinking fund for the construction or repair of school buildings, purchase of real estate, and all other puposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2016 is approximately $423,846?
