Romeo Community Schools Technology Improvements Bond Proposal (November 2012)
This proposal authorized the Romeo Community School District, which is in the Counties of Macomb and Oakland, to borrow up to $16,400,000 and issue general obligation tax bonds for the purpose installing technology, equipping and repairing school buildings and facilities. The estimated first year millage that would be levied to pay for these bonds is 1.22 mills ($1.22 per $1,000 of assessed taxable valuation). The estimated average annual millage that will be used to pay these bonds is 1.85 mills ($1.85 per $1,000 assessed taxable valuation) over the 9 years for which the bonds are allowed by law to be outstanding.
The following are election results for the measure:
|Romeo Community Schools Technology Improvements Bond Proposal|
Results via Macomb County, November 6, 2012 Election
Text of measure
Language on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|“|| Shall the Romeo Community Schools, Counties of Macomb and Oakland, State of Michigan, borrow the sum of not to exceed Sixteen Million Four Hundred Thousand ($16,400,000) Dollars and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of paying for the cost of the following:
The estimated millage that will be levied to pay the proposed bonds in the first year is 1.22 mills ($1.22 per $1,000 of taxable value). The maximum number of years the proposed bonds may be outstanding, exclusive of refunding, is not more than nine (9) years; and the estimated simple average annual millage that will be required to retire the proposed bonds is 1.85 mills annually ($1.85 per $1,000 of taxable value). If approved by the voters, the bonds will be guaranteed by the State of Michigan under Section 16 of Article IX of the State Constitution of 1963, as amended. If the School District borrows from the State of Michigan to pay debt service on the bonds under the State of Michigan’s guarantee, the School District may be required to levy debt mills beyond the terms of the bonds to repay the State of Michigan. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)
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