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Proposal Text
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Shall Hastings Area School System, Barry and Calhoun Counties, Michigan, borrow the sum of not to exceed Forty-Four Million Five Hundred Ninety Thousand Dollars ($44,590,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping additions to school buildings; remodeling, equipping and re-equipping and furnishing and refurnishing school buildings; acquiring, installing, equipping, and re-equipping school buildings for instructional technology; 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 2016 is 4.00 mills ($4.00 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 4.54 mills ($4.54 on each $1,000 of taxable valuation). The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $7,715,000. The total amount of qualified loans currently outstanding is $-0-. The estimated computed millage rate may change based on changes in certain circumstances. (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 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. The remaining .4797 mill is only available to be levied to restore millage lost as a result of the reduction required by the 'Headlee' amendment to the Michigan Constitution of 1963 and will only be levied to the extent necessary to restore that reduction. Shall the currently authorized millage rate limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in the Olivet Community Schools, Eaton and Calhoun Counties, Michigan, be renewed by 18.4797 mills ($18.4797 on each $1,000 of taxable valuation) for a period of 10 years, 2016 to 2025, inclusive, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and 18 mills are levied in 2016 is approximately $720,666 (this is a renewal of millage which will expire with the 2015 tax levy)?
