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Proposal Text
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BONDING PROPOSAL Shall Grand Ledge Public Schools, Eaton, Clinton and Ionia Counties, Michigan, borrow the sum of not to exceed Fifty-Nine Million Nine Hundred Fifty Thousand Dollars ($59,950,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: acquiring, installing and equipping instructional technology for school facilities; purchasing school buses; erecting, furnishing and equipping additions to and partially remodeling, furnishing and refurnishing, equipping and re-equipping Grand Ledge Public Schools’ facilities; constructing, equipping, developing and improving athletic and physical education facilities, playgrounds and playfields; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the first series of the proposed bonds in 2014, under current law, is 2.11 mills ($2.11 on each $1,000 of taxable valuation). The maximum number of years each series of 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 all series of bonds is 2.73 mills ($2.73 on each $1,000 of taxable valuation). The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $11,808,697 and the estimated total interest to be paid thereon is $5,206,633. The estimated duration of the millage levy associated with that borrowing is 16 years and the estimated computed millage rate for such levy is 7 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $58,635,000. The total amount of qualified loans currently outstanding is $-0-. (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 Shall the currently authorized millage rate limitation of 17.9262 mills ($17.9262 on each $1,000 of taxable valuation) on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Lansing School District, Ingham, Eaton, and Clinton Counties, Michigan, be renewed for a period of 20 years, 2015 to 2034, inclusive, to provide funds for operating purposes; if approved, the estimate of the revenue the school district will collect in 2015 is approximately $18,100,000 (this is a renewal of millage which will expire with the 2014 tax levy)?
BONDING PROPOSAL Shall Maple Valley Schools, Eaton and Barry Counties, Michigan, borrow the sum of not to exceed Eighteen Million Dollars ($18,000,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; acquiring, installing, equipping and re-equipping school buildings for instructional technology; erecting, furnishing and equipping a classroom addition to the junior/senior high school; purchasing school buses; and developing, improving and equipping playgrounds, athletic fields and facilities and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2014, under current law, is 4.10 mills ($4.10 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 5.63 mills ($5.63 on each $1,000 of taxable valuation). The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $2,600,572 and the estimated total interest to be paid thereon is $2,308,967. The estimated duration of the millage levy associated with that borrowing is 22 years and the estimated computed millage rate for such levy is 7.00 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $4,120,000. The total amount of qualified loans currently outstanding is $-0-. (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.)
