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Proposal Text
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OPERATING MILLAGE RENEWAL PROPOSAL 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. Shall the limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Fulton Schools, Gratiot and Clinton Counties, Michigan, be increased by 18 mills ($18.00 on each $1,000 of taxable valuation) for a period of 3 years, 2010, 2011 and 2012, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and levied in 2010 is approximately $392,200 (this is a renewal of millage which expired with the 2009 tax levy)?
BONDING PROPOSAL Shall Carson City-Crystal Area Schools, Montcalm, Gratiot, Ionia and Clinton Counties, Michigan, borrow the sum of not to exceed One Million Thirty Thousand Dollars ($1,030,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities, in part, for energy conservation improvements; and acquiring, installing and equipping educational technology for school facilities? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2010, under current law, is 2.07 mills ($2.07 on each $1,000 of taxable valuation) for a -0- net increase in debt millage. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is two (2) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.09 mills ($2.09 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.)
