Norway-Vulcan School District Bond Proposal (November 2012)
This measure proposed to authorize the Norway-Vulcan School District to issue up to $3.6 million in general obligation bonds in order to improving school facilities in the District. The estimated property tax levy necessary to pay of this debt was 2.15 mills ($2.15 per $1,000 of assessed valuation).
The following are election results for the measure:
|Norway-Vulcan School District Bond Proposal|
Text of measure
Language on the ballot:
|“||Shall Norway-Vulcan Area Schools, Dickinson and Menominee Counties, Michigan, borrow the sum of not to exceed Three Million Six Hundred Thousand Dollars ($3,600,000) and issue its general obligation unlimited tax bonds therefore, for the purpose of: partially remodeling, furnishing and refShall Norway-Vulcan Area Schools, Dickinson and Menominee Counties, Michigan, borrow the sum of not to exceed Three Million Six Hundred Thousand Dollars ($3,600,000) and issue its general obligation unlimited tax bonds therefore, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping the Norway-Vulcan Area School; acquiring and installing educational technology for school facilities, together with related infrastructure improvements; equipping, developing and improving playgrounds; 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 .95 mill ($0.95 on each $1,000 of taxable valuation) for a -0- net increase in debt millage. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is thirteen (13) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.15 mills ($2.15 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State.
(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.)
- Dickinson County Elections, Sample Ballots
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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