New Buffalo City Library Bond Proposal (November 2012)
This proposal authorized the City of New Buffalo to issue up to $5,000,000 in general obligation bonds in order to fund the construction and equipping of a new library building. The average property tax rate to repay this debt is 0.4621 mills ($0.4621 per $1,000 of assessed valuation).
The following are election results for the measure:
|New Buffalo City Library Bond|
Text of measure
Language on the ballot:
|“||Shall the City of New Buffalo enter into an Unlimited Tax Full Faith and Credit General Obligation Contract of Lease with the Township of New Buffalo and the New Buffalo Library Joint Building Authority providing for the issuance of bonds by the Authority in a sum of not to exceed $5,000,000, payable in not to exceed twenty-three (23) years and for payment by the City to the Authority of unlimited tax general obligation cash rentals sufficient to pay the City’s share of debt service on the Authority’s bonds for the purpose of paying part of the cost of acquiring, constructing and equipping a new library building including site improvements, and related appurtenances and attachments thereto? The estimated millage to be levied in 2013 is 0.4522 mills ($0.4522 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 0.4621 mills ($0.4621 per $1,000 of taxable value). All qualified and registered electors may vote on the above proposition.||”|