Lakeshore Public School District Bonding Proposal 2 (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 Lakeshore Public School District Bonding proposal, Proposal 1, was defeated on the May 7, 2013, election ballot in Berrien County, which is in Michigan.

If approved, this measure would have authorized the Lakeshore Public School District to increase its debt by $16,870,000 through issuing general obligation bonds in that amount in order to fund the erection, furnishing and equipping of additions to school buildings; remodeling, furnishing and equipping technology and equipment for the district facilities and developing and improving playgrounds and school sites. The estimated property tax levy need to repay these bonds in the required 25 years is 1.15 mills ($1.15 per $1,000 of assessed valuation).[1]

Election results

Lakeshore SD Bond Proposal 2
ResultVotesPercentage
Defeatedd No242154.96%
Yes 1984 45.04%
These results are from Berrien County elections office.

Text of measure

Language on the ballot:

Shall Lakeshore Public Schools, Berrien County, Michigan, borrow the sum of not to exceed Sixteen Million Eight Hundred Seventy Thousand Dollars ($16,870,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping a new elementary school building; erecting additions to a school building; remodeling elementary school buildings; acquiring and installing instructional technology and instructional technology equipment for a new elementary school building; and preparing, developing and improving a playground 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 1.00 mill ($1.00 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 1.15 mills ($1.15 on each $1,000 of taxable valuation).

The school district currently has $6,230,000 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.)[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.