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Northwest Community School District Bonding Proposals, 2 (May 2013)

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Two Northwest Community School District Bonding proposals were approved on the May 7, 2013, election ballot in Ingham County, which is in Michigan.

The first measure authorized the Northwest Community School District to increase its debt by $10.19million through issuing general obligation bonds in that amount in order to fund the projects and improvements described below in the Text of measure section. The estimated average property tax levy rate needed to repay these bonds in the required 20 years is 1.22 mills ($1.22 per $1,000 of assessed valuation).

The second measure authorized the Northwest Community School District to increase its debt by $29.9 million through issuing general obligation bonds in that amount in order to fund the projects and improvements described below in the Text of measure section. The estimated average property tax levy rate needed to repay these bonds in the required 25 years is 3.01 mills ($3.01 per $1,000 of assessed valuation).[1]

Election results

Jackson County

First measure:

Northwest School Proposal 1
ResultVotesPercentage
Approveda Yes 2894 58.62%
No204341.38%
These results are from Jackson County elections office

Second measure:

Northwest School Proposal 2
ResultVotesPercentage
Approveda Yes 2858 58.46%
No203141.54%
These results are from Jackson County elections office

Text of measure

Language on the ballot for the first measure:

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Shall Northwest Community Schools, Jackson and Ingham Counties, Michigan, borrow the sum of not to exceed Twenty-Nine Million Nine Hundred Thousand Dollars ($29,900,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping a new elementary school and related playground equipment; partially remodeling, refurnishing and re-equipping school district buildings, including secure building entries and mechanical and electrical improvements; acquiring and installing educational technology improvements for the new elementary school; and developing and improving 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 2.85 mills ($2.85 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 3.01 mills ($3.01 on each $1,000 of taxable valuation).

The school district currently has $0 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]

Language on the ballot for the second measure:

This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.

Shall Northwest Community Schools, Jackson and Ingham Counties, Michigan, borrow the sum of not to exceed Ten Million One Hundred Ninety Thousand Dollars ($10,190,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping additions to and partially remodeling, refurnishing and re-equipping the high school building, including new media center, cafetorium and auxiliary gymnasium improvements and developing and improving the site?

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 (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.22 mills ($1.22 on each $1,000 of taxable valuation).

The school district currently has $0 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]

See also

External links

References