Madison District Public Schools Bonding Proposal (May 2013)
This measure authorized the Madison District Public Schools to increase its debt by $11.4 million through issuing general obligation bonds in that amount in order to fund the improvement projects described below. The estimated average property tax levy needed to repay these bonds in the required 21 years is 7.76 mills ($7.76 per $1,000 of assessed valuation).
|Madison District School Bonding Proposal|
- These results are from Oakland County elections office
Text of measure
Language on the ballot:
|“|| Shall Madison District Public Schools, Oakland County, Michigan, borrow the sum of not to exceed Eleven Million Four Hundred Thousand Dollars ($11,400,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping existing school buildings; acquiring and installing instructional technology; and developing, improving and equipping playgrounds 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 -0- mill ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 4.87 mills ($4.87 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 $3,786,083 and the estimated total interest to be paid thereon is $3,053,810. The estimated duration of the millage levy associated with that borrowing is 21 years and the estimated computed millage rate for such levy is 7.76 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $7,050,000. 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.)