Saugatuck Public School District Bonding Proposal (May 2013)
This measure authorized the Saugatuck Public School District to increase its debt by $1,185,000 through issuing general obligation bonds in that amount in order to fund technology for school facilities and school buses. The estimated property tax rate need to repay these bonds in the required 5 years is 0.59 mill ($0.59 per $1,000 of assessed valuation).
|Saugatuck SD Bond Proposal|
- These results are from Allegan County elections office.
Text of measure
Language on the ballot:
|“||Shall Saugatuck Public Schools, Allegan County, Michigan, borrow the sum of not to exceed One Million One Hundred Eighty-Five Thousand Dollars ($1,185,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
acquiring, installing and equipping educational technology for school facilities; and purchasing equipment, furnishings and school buses?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is .59 mill ($0.59 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is five (5) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .50 mill ($0.50 on each $1,000 of taxable valuation).
The school district currently has $7,730,000 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.)
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- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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