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Proposal Text
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Shall Galesburg-Augusta Community Schools, Kalamazoo County, Michigan, borrow the sum of not to exceed Nine Million Six Hundred Fifty Thousand Dollars ($9,650,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: constructing, furnishing and equipping a 7th and 8th grade addition to the high school building; remodeling, equipping and re-equiping and furnishing and refurnishing school buildings; acquiring and installing edicational technology in the 7th and 8th grade addition to the hight school building; remodeling bleachers at the athletic complex at the primary school; and developing and improving sites? The following is for informational purposes only: the estimated millage that will be levied for the proposed bonds in 2012, under current law, is 1 mill ($1.00 on each $1,000 of taxable valuation). the maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.69 mills ($2.69 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 procees cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
Shall Galesburg-Augusta Community Schools, Kalamazoo County, Michigan, borrow the sum of not to exceed Seven Hundred Ninety-Thousand Dollars ($790,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: constructing and equipping a new track at the high school and developing and improving the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2012, under current law, is 1 mill ($1.00 on each $1,000 of taxable valuation). The maximum number of years the bonds maybe outstanding, exclusive of any refunding, is six (6) years. the estimated simple average annual millage anticipated to retire this bond debt is .57 mill ($0.57 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.)
Shall Gull Lake community Schools, Kalamazoo, Barry and Calhoun Counties, Michigan, borrow the sum of not to exceed Seven Million Two Hundred Ninety Thousand Dollars ($7,290,000) and issue, in one or more series, its general obligation tax bonds therefor, for the purpose of: acquiring, installing, and equipping educational technology for school facilities; partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities, in part, for educational technology improvements; erecting, furnishing and equipping a multi-purpose room addition to Richland Elementary School; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2012 is .29 mill ($0.29 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 twelve (12) years. the estimated simple average annual millage anticipated to be required to retire this bond debt is .78 mill ($0.78 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.)
This proposal, if approved by the electors, will allow the Kalamazoo Public Schools to continue to levy up to 18 mills for general operating purposes on all taxable property in the School District to the extent such property is not exempt from such levy. Under existing law, the School District would levy only that portion of the mills on taxable property necessary for the School District to receive the full revenue per pupil foundation allowance permitted by the State. Under current law, the 18 mills is not levied on personal residences (owner-occupied homes). This millage, if approved, will continue the millage at the current rate of 18 mills. Shall the limitation on the total amount of taxes which may be assessed against all property, except property exempted by law, situated with the Kalamazoo Public Schools, County of Kalamazoo, State of Michigan, be increased as provided in the Michgian constitution, in the amount of 18 mills ($18.00 on each $1,000 of taxable valuation), for a period of twenty (20) years, from July 1, 2012 through June 30, 2032, inclusive? This millage would provide estimated revenues to the Kalamazoo Puiblic Schools of Twenty Million Two Hundred and Fifty Thousand Dollars ($20,250,000) during the 2012 calendar year, to be used for general operating purposes, if approved and levied.
