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Proposal Text
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BONDING PROPOSAL Shall Bangor Public Schools, Van Buren County, Michigan, borrow the sum of not to exceed Eight Million Four Hundred Eighty Thousand Dollars ($8,480,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing and equipping technology for school facilities; constructing, equipping, developing and improving athletic 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 2012 is 2.90 mills ($2.90 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 3.03 mills ($3.03 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.)
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 Gobles Public Schools, Van Buren and Allegan Counties, Michigan, be increased by 18 mills ($18.00 on each $1,000 of taxable valuation) for the year 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 2012 is approximately $697,768 (this is a renewal of millage which expired with the 2011 tax levy)?
OPERATING MILLAGE PROPOSAL 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. 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 Paw Paw Public Schools, Van Buren County, Michigan, be increased by 18.8913 mills ($18.8913 on each $1,000 of taxable valuation) for a period of 10 years, 2012 to 2021, inclusive, to provide funds for operating purposes (18.3913 mills of the above is a renewal of millage which expired with the 2011 tax levy and .5 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 2012 is approximately $2,310,000?
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 Dowagiac Union School District, Cass, Van Buren and Berrien Counties, Michigan, be increased by 18 mills ($18.00 on each $1,000 of taxable valuation) for the year 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 2012 is approximately $4,562,833 (this is a renewal of millage which expired with the 2011 tax levy)?
