Buchanan Community School District Bonding Proposal (May 2013)

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

This measure authorized the Buchanan Community School District to increase its debt by $14.9 million through issuing general obligation bonds in that amount in order to fund district improvements as described below in the Text of measure. The estimated property tax levy needed to repay these bonds in the required 20 years in 3.17 mills ($3.17 per $1,000 of assessed valuation).[1]

Election results

Buchanna SD Bonding Proposal
ResultVotesPercentage
Approveda Yes 561 54.79%
No46345.21%
These results are from Berrien County elections office.

Text of measure

Language on the ballot:

Shall Buchanan Community Schools, Berrien County, Michigan, borrow the sum of not to exceed Fourteen Million Nine Hundred Thousand Dollars ($14,900,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping additions to, and remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing and equipping educational technology; constructing, equipping, developing and improving playfields, playgrounds and tennis courts; and developing and improving sites?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 2.19 mills ($2.19 on each $1,000 of taxable valuation) for a -0- net increase in debt millage. 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 3.17 mills ($3.17 on each $1,000 of taxable valuation).

The school district currently has $2,980,000 of qualified bonds outstanding and $-0- qualified loans currently outstanding under the State School Bond Qualification and Loan Program. The school district does not expect to obtain loans from the program to repay these bonds. 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.)[1][2]

See also

External links

References

  1. 1.0 1.1 Michigan SoS Public Ballot Search
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.