Delton Kellogg School District Bonding Proposal 1 (May 2013)
This measure authorizes the Delton Kellogg School District to increase its debt by $11.44 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 necessary to repay these bonds in the required 15 years is 1.5 mills ($1.5 per $1,000 of assessed valuation).
|Delton Kellogg Schools Proposal 1|
- These results are from MLIVE News Election Coverage.
Text of measure
Language on the ballot:
|“|| Shall Delton Kellogg Schools, Counties of Barry and Allegan, State of Michigan, borrow the sum of not to exceed Eleven Million Four Hundred Forty Thousand Dollars ($11,440,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
acquiring and installing instructional technology and instructional technology equipment for school buildings; installing security measures for, erecting additions to, remodeling, equipping and re-equipping, and furnishing and re-furnishing school buildings; purchasing school buses; and preparing, developing and improving playgrounds, 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 2013, under current law, is 1.50 mills ($1.50 on each $1,000 of taxable valuation). The maximum number of years the bonds 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 2.24 mills ($2.24 on each $1,000 of taxable valuation).
The school district currently has $7,295,000 of qualified bonds outstanding and $0 of 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.)
- May 7, 2013 ballot measures in Michigan
- Allegan County, Michigan ballot measures
- Barry County, Michigan ballot measures