Godfrey-Lee Public School District Bonding Proposal (May 2013)

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A Godfrey-Lee Public School District Bonding proposal was approved on the May 7, 2013, election ballot in Kent County, which is in Michigan.

This measure authorized the Godfrey-Lee Public School District to increase its debt by $2.2 million through issuing general obligation bonds in that amount in order to fund the improvement, remodeling and furnishing projects 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 1.43 mills ($1.43 per $1,000 of assessed valuation).[1]

Election results

Godfrey-Lee School Bonding Proposal
ResultVotesPercentage
Approveda Yes 118 59.9%
No7940.1%
These results are from Kent County election results from Election Magic

Text of measure

Language on the ballot:

Shall Godfrey-Lee Public Schools, Kent County, Michigan, borrow the sum of not to exceed Two Million Two Hundred Thousand Dollars ($2,200,000) and issue, in one or more series, its general obligation unlimited tax bonds therefor, for the purpose of:

partially remodeling, furnishing and refurnishing, equipping and re-equipping and school facilities; acquiring, installing and equipping educational technology for school facilities; purchasing school buses; constructing, equipping, developing and improving play fields and athletic facilitiesl; developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2013 is 1.6289 mills ($1.6289 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 1.43 mills ($1.43 on each $1,000 of taxable valuation). (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][2]

See also

External links

References

  1. 1.0 1.1 Michigan SoS Public Ballot Search
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.