Berrien Springs Public School District Bond Proposal (February 2013)
If approved, this measure would have authorized the Berrien Springs Public School District to increase its debt by $10 million through issuing general obligation bonds in that amount in order to erect furnish and equip a new auditorium and a new auxiliary gymnasium and develop and improve school facility sites.
|Berrien Springs Public SD Bond Prop.|
Election results from Berrien County February 26, 2013 election results.
Text of measure
Language on the ballot:
|“|| Shall Berrien Springs Public Schools, Berrien County, Michigan, borrow the sum of not to exceed Ten Million Dollars ($1 0,000,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing andequipping a new auditorium and a new auxiliary gymnasium; and developing and improving the site?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 1.48 mills ($1.48 on each $1,000 of taxable valuation). 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 bonddebtis 1.97 mills ($1.97 on each $1,000 of taxable valuation).
If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)