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Proposal Text
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FIRE APPARATUS AND EQUIPMENT RENEWAL Shall the limitation on the amount of taxes which may be assessed against all property in the Township of Hartford, Van Buren County, Michigan, remain 0.7150 mill ($0.7150 for each $1,000.00) on taxable valuation of real property for the years 2015 and 2016 to provide funds for purchasing fire apparatus and equipment for the use by the Hartford Fire Department; (the estimate of the revenue the Township will collect if the millage is renewed and levied for the first year is approximately $47,032.00); this is a renewal of a tax that expired in 2014 and such renewal tax levy to be contingent upon approval by the City of Hartford of a similar renewal?
ROAD MILLAGE RENEWAL Shall the limitation on the amount of taxes which may be assessed against all property in the Township of Hartford, Van Buren County, Michigan, remain 1.4347 mills ($1.4347 for each $1,000.00) on taxable valuation of real property for the years 2015 and 2016 for the purpose of Township road maintenance and construction; which levy will raise in the first year the estimated sum of $94,374.00?
BONDING PROPOSAL Shall the Decatur Public Schools, Van Buren and Cass Counties, Michigan, borrow the sum of not to exceed Two Million Six Hundred Twenty Thousand Dollars ($2,620,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: acquiring, installing and equipping instructional technology for the Decatur Public Schools K-12 school building; partially remodeling the school building for roofing replacement; and purchasing school buses? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2015, under current law, is -0- mill. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is ten (10) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.11 mills ($1.11 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 $3,175,188 and the estimated total interest to be paid thereon is $5,224,830. The estimated duration of the millage levy associated with that borrowing and current outstanding bonds is 27 years and the estimated computed millage rate for such levy is 7.43 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $20,830,000. The total amount of qualified loans currently outstanding is approximately $1,626,451. (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.)
