 |
 |
Proposal Text
|
|
Shall the Kalamazoo City Charter be amended such that the use and/or consumption of one ounce or less of usable marijuana by adults 21 years or older is the lowest priority of law enforcement personnel?
Shall Mattawan consolidated School, Van Buren and Kalmaazoo Counties, Michigan, borrow the sum of not to exceed Fifty-Nine Million Nine Hundred Thousand Dollars ($59,900,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping two new elementary schools; acquiring, installing and equipping technology for the new elementary schools and existing school facilities; partially furnishing and refurnishing, equipping and re-equipping school facilities; constructing and equipping playgrounds; and developing and improving sites? The following is for informational purposes only: The estimated millage that will bew levied for the proposed bonds in 2012, under current law, is 3.40 mills ($3.40 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 4.51 mills ($4.51 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.)
