Beecher Community School District Bonding Proposal (May 2013)

From Ballotpedia
Jump to: navigation, search
School bonds
& taxes
Portal:School Bond and Tax Elections
Bond elections
2014201320122011
201020092008
All years and states
Property tax elections
2014201320122011
201020092008
All years and states
How voting works
Other
State comparisons
County evaluations
Approval rates

A Beecher Community School District Bonding proposal was approved on the May 7, 2013, election ballot in Genesee County, which is in Michigan.

This measure authorized the Beecher Community School District to increase its debt by $2.2 million through issuing general obligation bonds in that amount in order to fund the remodeling of school buildings and athletic facilities and the development and improvement of athletic fields. The estimated average tax levy rate needed to repay these bonds in the required 25 years is 4.48 mills ($4.48 per $1,000 of assessed valuation).[1]

Election results

Beecher School Bond Proposal
ResultVotesPercentage
Approveda Yes 507 68.05%
No23831.95%
These results are from Genesee County Elections Office

Text of measure

Language on the ballot:

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Shall Beecher Community School District, Genesee County, Michigan, borrow the sum of not to exceed Two Million Two Hundred Thousand Dollars ($2,200,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

remodeling school buildings and athletic facilities; and developing and improving athletic fields?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 2.00 mills ($2.00 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 4.48 mills ($4.48 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 $1,092,643 and the estimated total interest to be paid thereon is $1,346,630. The estimated duration of the millage levy associated with that borrowing is 29 years and the estimated computed millage rate for such levy is 7.26 mills. The estimated computed millage rate may change based on changes in certain circumstances.

The total amount of qualified bonds currently outstanding is $2,630,000. The total amount of qualified loans currently outstanding is $0.00.

(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.)[1]

See also

External links

References