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Proposal Text
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Shall Grand Rapids Community College borrow a sum of not to exceed Ninety-Eight Million Six Hundred Thousand Dollars ($98,600,000) and issue its general obligation, unlimited tax bonds in one or more series for the purposes of: -Purchasing, erecting, constructing, remodeling, renovating and furnishing and equipping, or refurnishing and re-equipping, buildings to be used for community college purposes, including structures, the fieldhouse and other facilities, and parts of or additions to those facilities; -acquiring, preparing, developing or improving sites, or parts of or additions to sites, for community college buildings and other facilities; and -acquiring, installing and equipping or re-equipping buildings or additions to buildings for technology and technology infrastructure? The following is for informational purposes: The estimated millage that will be levied for the proposed bonds in 2012 is 0.38 mills ($0.38 for each $1,000 of taxable valuation) and the estimated simple average annual millage rate required to retire the bonds is 0.35 mills ($0.35 for each $1,000 of taxable valuation). The maximum number of years that any series of the bonds may be outstanding, exclusive of any refunding, will not exceed twenty (20) years from the date of each issue. There are local authorities in the community college district that capture and retain for authorized purposes tax increment revenues from property taxes levied by the community college. Such capture may include a portion of this millage levy. The total amount of captured tax increment revenues from such millage in the first calendar year of the levy is estimated to be $274,000. The following local authorities in the community college district presently capture a portion of the community college's property tax levy: The Tax Increment Finance Authority of Grand Rapids Monroe North and the Downtown Devleopment Authorities of the Cities of Cedar Springs, Grand Rapids, Grandville, Lowell, Rockford, Walker and Wyoming, the Villages of Kent City, Middleville and Sparta, the Townships of Ada, Bowne (Alto) and Byron, and the Charter Townships of Cascade and Plainfield.
Shall Grandville Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Twenty-Two Million Eight Hundred Fifty-Five Thousand Dollars ($22,855,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping additions to and remodeling and equipping and re-equipping school buildings; purchasing school buses; acquiring technology for and installing technology in school buildings and equipping and re-equipping school buildings for technology; erecting, constructing, equipping and re-equipping, developing and improving athletic fields and facilities; and preparing, 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 1.39 mills ($1.39 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.37 mills ($1.37 on each $1,000 of taxable valuation). (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 will allow the School District to continue to levy not more than the statutory rate of 18 mills against 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 previous voted increase in the constitutional tax rate limitation on the amount of taxes imposed upon all property, except principal residence and other property exempted by law, within the school district of Lowell Area Schools, Kent and Ionia Counties, Michigan, be renewed in the amount of 18.00 mills ($18.00 per $1,000 of taxable valuation) for a period of five (5) years, 2012 through 2016, inclusive, to provide funds for school operating purposes (such renewal is estimated to provide revenues of approximately $2,753,000 in 2012 and includes a renewal of previously authorized millage in the amount of 18.00 mills which expired with the 2011 tax levy)? There are tax increment authorities in the school district that capture and retain for authorized purposes tax increment revenues from property taxes levied by the School District. Such capture would include a portion of this millage levy. The total amount of captured tax increment revenues from such millage in the first calendar year of the levy is estimated to be $46,546. The following tax increment authorities in the School District presently capture a portion of the school district's property tax levy: City of Lowell - Downtown Development Authority.
Shall Northview Public Schools, Kent County, Michigan, borrow the sum of not to exceed Eleven Million Nine Hundred Ten Thousand Dollars ($11,910,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting additions to the high school; remodeling, equipping and re-equipping and furnishing and refurnishing the high school; acquiring, installing, equipping and re-equipping the high school for instructional technology; 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 1.05 mills ($1.05 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 1.36 mills ($1.36 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 Sate law, expenditure of bond proceeds must be audited, and the proceeds canot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
