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Proposal Text
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Shall Newaygo Public School District, Newaygo County, Michigan, borrow the sum of not to exceed Twenty-Two Million Nine Hundred Sixty Thousand Dollars ($22,960,000) and issue its general oblligation unlimited tax bonds therefor, in one or more series, for the purpose of erecting, furnishing and equipping additions to the Velma Matson Upper Elementary School building; remodeling, equipping and re-equipping, and furnishing and re-furnishing school buildings; acquiring, installing, and equipping or re-equipping school buildings for instructional technology; and preparing, developing, improving and equipping playgrounds and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016 is 1.39 mills ($1.39 on each $1,000 of taxable valuation) for a 0 mill 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 twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.07 mills ($3.07 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 $11,075,000. 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 otehr expenses.)
Shall White Cloud Public Schools, Newaygo County, Michigan, borrow the sum of not to exceed Nine Million Eight Hundred Eighty Thousand Dollars ($9,880,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of remodeling, installing security measures for, equipping and re-equipping and furnishing and refurnishing school buildings; acquiring and installing instructional technology and instructional technology equipment for school buildings; and developing and improving parking areas, an athletic track facility 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 1.25 mills ($1.25 on each $1,000 of taxable valuation). The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.78 mills ($3.78 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 $2,489,229 and the estimated total interest to be paid thereon is $6,674,634. The estimated duration of the millage levy associated with that borrowing is 21 years and the estimated computed millage rate for such levy is 9.50 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $10,035,000. The total amount of qualified loans currently outstanding is approximately $6,439,436. (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 not to exceed 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. Shall the limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Big Rapids Public Schools, Mecosta and Newaygo Counties, Michigan, be increased by 18 mills ($18.00 on each $1,000 of taxable valuation) for the year 2016, 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 $3,294,943 (this is a renewal of millage that expired with the 2015 tax levy)?
This proposal will allow the school district to continue to levy the building and site sinking fund millage that expires with the 2017 tax levy. Shall the currently authorized millage rate of .75 mill ($0.75 on each $1,000 of taxable valuation) which may be assessed against all property in Big Rapids Public Schools, Mecosta and Newaygo Counties, Michigan, be renewed for a period of 5 years, 2018 to 2022, 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 2018 is approximately $309,167 (this is a renewal of millage that will expire with the 2017 tax levy)?
Shall Reed City Area Public Schools, Osceola, Mecosta, Newaygo and Lake Counties, Michigan, borrow the sum of not to exceed Three Million Eight Hundred Fifty Thousand Dollars ($3,850,000) and issue its general oligation unlimited tax bonds therefor, for the purpose of partially remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; acquiring, installing and equipping school facilities for instructional technology; purchasing and equipping school buses; constructing, equipping, developing and improving the high school athletic field/running track, athletic facilities, a playground and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds is 2016 is .50 mill ($0.50 on each $1,000 of taxable valuation), resulting in a -0- mill net increase in debt millage for the prior year's levy. The maximum number of years the bonds may be oustanding, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.02 mills ($1.02 on each $1,000 of taxable valuation). (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 Reed City Area Public Schools, Osceola, Mecosta, Newaygo and Lake Counties, Michigan, borrow the sum of not to exceed Ten Million Nine Hundred Fifty Thousand Dollars ($10,950,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of erecting, furnishing and equipping additions to school facilities; partially remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; acquiring, installing and equpping instructional technology for school facilities; erecting, furnishing and equipping restroom/concession and press box buildings; constructing, developing, improving and equipping athletic fields and facilities; and developing and improving sites? The following is for information purposes only: The estimated millage that will be levied for the proposed bonds in 2016 is 2.20 mills ($2.20 on each $1,000 of taxable valuation), resulting in a 1.70 mill net increase in debt millage over the prior year's levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.26 mills ($2.26 on each $1,000 of taxable valuation). (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.)
