New Buffalo Township Library Bond Proposal (November 2012)

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A New Buffalo Township Library Bond proposal was on the November 6, 2012 election ballot in Berrien County, which is in Michigan where it was approved.

This proposal authorized the New Buffalo Township to issue you to $5 million in bonds in order fund the acquiring, constructing and equipping of a new library building. The estimated average annual property tax rate required to pay this debt is .4621 mills ($0.4621 per $1,000 of assessed valuation.)[1]

Election Results

The following are election results for the measure:

New Buffalo Township Library Bond Proposal
ResultVotesPercentage
Approveda Yes 710 57.86%
No51742.14%


Results via Berrien County, Michigan General Election November 6, 2012.

Text of measure

Language on the ballot:

Shall the Township of New Buffalo enter into an Unlimited Tax Full Faith and Credit General Obligation Contract of Lease with the City 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 Township to the Authority of unlimited tax general obligation cash rentals sufficient to pay the Township’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).[1][2]


See also


References

  1. 1.0 1.1 Berrien County Elections, List of Propositions
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.



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