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Proposal Text
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Shall the Fremont Public Schools, Counties of Newaygo, Muskegon and Oceana, State of Michigan, borrow the sum of not to exceed Thirty-Six Million Five Hundred Seventy Thousand and 00/100 ($36,570,000) Dollars and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of paying for the cost of the following: * Erecting, equipping and furnishing additions to the high school building and acquiring, preparing, developing and improving sites for additions to the high school building; * Remodeling, re-equipping, re-furnishing the high school building and preparing, developing and improving sites at the high school building; and * Equipping and re-equipping the high school building for technology systems and equipment? The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the estimated millage increase to pay the proposed bonds in the first year is 2.00 mills (which is equal to $2.00 per $1,000 of taxable value); the estimated millage that will be levied to pay the proposed bonds in the first year is 3.50 mills ($3.50 per $1,000 of taxable value) due to a reduction in the existing debt levy; and the estimated simple average annual millage that will be required to retire the bonds over thirty (30) years is 4.18 mills annually ($4.18 per $1,000 of taxable value). If approved by the voters the bonds will be guaranteed by the State of Michigan under Section 16 of Article IX of the State Constitution of 1963, as amended. If the School District borrows from the State of Michigan to pay debt service on the bonds under the State of Michigan's guarantee the School District may be required to levy debt mills beyond the term of the bonds to repay the State of Michigan. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)
Shall the Fremont Public Schools, Counties of Newaygo, Muskegon and Oceana, State of Michigan, borrow the sum of not to exceed Four Million Seven Hundred Seventy-Five Thousand and 00/100 ($4,775,000) Dollars and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of paying for the cost of the following: *Erecting, equipping and furnishing a multi purpose swimming pool addition to the high school building; *Preparing, developing and improving a site for a multi purpose swimming pool addition to the high school building; and *Equipping a multi purpose swimming pool addition to the high school building for technology systems and equipment? The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than twenty-six (26) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 0.59 mills (which is equal to $0.59 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire the bonds over twenty-six (26) years is 0.58 mills annually ($0.58 per $1,000 of taxable value). If this Bond Proposition 2 is combined with Bond Proposition 1 it will be outstanding, exclusive of refunding, for not more than thirty (30) years; the estimated millage increase to pay the proposed bonds in the first year is 2.00 mills (which is equal to $2.00 per $1,000 of taxable value); the estimated millage that will be levied to pay the combined proposed bonds in the first year is 3.50 mills ($3.50 per $1,000 of taxable value) due to a reduction in the existing debt levy; and the estimated simple average millage that will be required to retire the bonds over thirty (30) years is 4.82 mills annually ($4.82 per $1,000 of taxable value). If approved by the voters the bonds will be guaranteed by the State of Michigan under Section 16 of Article IX of the State Constitution of 1963, as amended. If the School District borrows from the State of Michigan to pay debt service on the bonds under the State of Michigan's guarantee the School District may be required to levy debt mills beyond the term of the bonds to repay the State of Michigan. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)
Shall the previously voted one (1.00) mill increase in the limitation on general ad valorem taxes within Croton Township imposed under Article IX, Section 6 of the Michigan Constitution which resulted in a one (1.00) mill ($1.00 per $1,000 of taxable value) levy upon taxable real and personal property within Croton Township from 1995 through 2005 be renewed at one (1.00) mill for a period of five (5) years (2006 through 2010, inclusive), for the purpose of providing fire department facilities and equipment, including, but not limited to acquiring, constructing, financing, furnishing and equipping a fire station for the Township, and making other improvements related to the operation of the fire station and shall the Township levy such millage for said purpose, thereby raising in the first year an estimated $100,734.24?
Shall the 15-mill tax limitation imposed under Article IX, Sec. 6 of the Michigan Constitution on all taxable real and tangible personal property within the Township of Croton, Newaygo County, Michigan, be increased for said Township in an amount not to exceed .75 mill ($.75 on each $1,000 of taxable value) for a period of five (5) years, 2006 to 2010 inclusive, to provide funds for establishing, operating, and equipping a Township library and for all other library purposes authorized by law; and shall the Township levy such new additional millage for said purposes; the estimate of the revenue the Township of Croton will collect if the millage is approved and levied by the Township in the 2006 calendar year is approximately $78,000?
