Beecher Community School District Bonding Proposal (May 2013)
This measure authorized the Beecher Community School District to increase its debt by $2.2 million through issuing general obligation bonds in that amount in order to fund the remodeling of school buildings and athletic facilities and the development and improvement of athletic fields. The estimated average tax levy rate needed to repay these bonds in the required 25 years is 4.48 mills ($4.48 per $1,000 of assessed valuation).
|Beecher School Bond Proposal|
- These results are from Genesee County Elections Office
Text of measure
Language on the ballot:
|“||Shall Beecher Community School District, Genesee County, Michigan, borrow the sum of not to exceed Two Million Two Hundred Thousand Dollars ($2,200,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling school buildings and athletic facilities; and developing and improving athletic fields?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 2.00 mills ($2.00 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 4.48 mills ($4.48 on each $1,000 of taxable valuation).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $1,092,643 and the estimated total interest to be paid thereon is $1,346,630. The estimated duration of the millage levy associated with that borrowing is 29 years and the estimated computed millage rate for such levy is 7.26 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $2,630,000. The total amount of qualified loans currently outstanding is $0.00.
(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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