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Proposal Text
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Shall the Burlington Township Library be authorized to levy a new additional tax annually upon the taxable value of all property subject to ad valorem taxation within the Township of Burlington in an amount not to exceed .3 mills ($.30 per $1,000 of taxable value) for a six (6) year duration, commencing 2017 through 2022, inclusive to provide funds for all Library purposes authorized by law? This millage is estimated to provide revenues of $13,489.50 in the first year of levy.
Shall Albion Public Schools, Calhoun and Jackson Counties, Michigan, be annexed to Marshall Public Schools, Calhoun County, Michigan, to be effective July 1, 2016?
Shall Lakeview School District, Calhoun County, Michigan, borrow the sum of not to exceed Thirty Million Dollars ($30,000,000) 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 or 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, under current law, is 1.60 mills ($1.60 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 2.74 mills ($2.74 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 $12,404,562 and the estimated total interest to be paid thereon is $11,438,809. The estimated duration of the millage levy associated with that borrowing is 21 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 $40,155,000. 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.)
Shall Lakeview School District, Calhoun County, Michigan, borrow the sum of not to exceed Three Million Three Hundred Thousand Dollars ($3,300,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping an addition to the auditorium at the Middle School building; and preparing, developing and improving athletic facilities and the Middle School site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016, is 0.30 mill ($0.30 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 0.27 mill ($0.27 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 $40,155,000. 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.)
