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Proposal Text
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Shall Kalamazoo Regional Educational Service Agency, Michigan, borrow the sum of not to exceed Twenty-Five Million Three Hundred Fifty Thousand Dollars ($25,350,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping a new special education facility; partially remodeling, refurnishing and re-equipping existing facilities; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2008 is .29 mill ($0.29 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, will not exceed fourteen (14) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .28 mill ($0.28 on each $1,000 of taxable valuation).
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 2007 tax levy. Shall the currently authorized millage rate limitation of 18 mills ($18.00 on each $1,000.00 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 Hastings Area School System, Barry and Calhoun Counties, Michigan, be increased for a period of 10 years, 2008 to 2017, inclusive, to provide funds for operating purposes (17.754 mills of the above is a renewal of millage which will expire with the 2007 tax levy and .246 mill is a restoration of millage lost as a result of the reduction required by the Michigan Constitution of 1963); the estimate of the revenue the school district will collect if the millage is approved and levied in 2008 is approximately $3,032,000?
Shall Bellevue Community Schools, Eaton, Barry and Calhoun Counties, Michigan, borrow the sum of not to exceed Twenty Three Million Four Hundred Fifty Thousand Dollars ($23,450,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping additions to, and partially remodeling, furnishing and refurnishing, equipping and re equipping school facilities; acquiring, installing and equipping technology for school facilities; constructing, equipping, developing and improving outdoor athletic/physical education facilities, play fields and playgrounds; acquiring school buses; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2008, under current law, is 0 mills ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, will not exceed thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 7.78 mills ($7.78 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)
