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Proposal Text
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This proposal will allow the school district to continue to levy building and site sinking fund millage previously approved by the electors. Shall the currently authorized millage rate limitation of 1.4 mills ($1.40 on each $1,000 of taxable valuation) on the amount of taxes which may be assessed against all property in Grandville Public Schools, Kent and Ottawa Counties, Michigan, be renewed for a period fo 10 yeras, 2017 to 2026, inclusive, to continue to provide for a sinking fund for the purchase of real estate for sites for, and the construction or repair of, school buildings and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2017 is approximately $2,113,795 (this is a renewal of millage that will expire with the 2016 tax levy)?
Shall Kenowa Hills Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Fifty-Five Million Two Hundred Forty Thousand Dollars ($55,240,000) and issue its general obligation unlimited tax bonds therefor in one or more series, 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; purchasing and equipping school buses; and acquiring, preparing, 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 2016 is 1.29 mills ($1.29 on each $1,000 of taxable valuation), for a new 0.99 mill increase from the prior year's levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-nine (29) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.21 mills ($2.21 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 $25,330,000. 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.)
Shall Sparta Area Schools, Kent and Ottawa Cunties, Michigan, borrow the sum of not to exceed Fifty-Eight Million Six Hundred Twenty Thousand Dollars ($58,620,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and equipping a new middle school; erecting, furnishing and equipping secure entry 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, improving and equipping playgrounds, playfields, athletic fileds and facilities and 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 2.46 mills ($2.46 on each $1,000 of taxable valuation) for a 1.35 mills net increase over the prior year's levy. The maximum number of years the bonds of any series 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 5.14 mills ($5.14 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 $23,691,233 and the estimated total interest to be paid thereon is $33,987,709. The estimated duration of the millage levy associated with that borrowing is 34 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 $25,530,000. The total amount of qualified bonds 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.)
