Pewamo-Westphalia Community School District Bonding Proposal (May 2013)
This measure authorized the Pewamo-Westphalia Community School District to increase its debt by $6.575 million through issuing general obligation bonds in that amount in order to fund the district improvements outlined below in the Text of measure. The estimated average property tax rate needed to repay the bonds in the required 29 years is 2.15 mills ($2.15 per $1,000 of assessed valuation).
|Pewamo-Westphalia School Proposal|
- These results are from Clinton County Elections Office
Text of measure
Language on the ballot:
|“||Shall Pewamo-Westphalia Community Schools, Clinton and Ionia Counties, Michigan, borrow the sum of not to exceed Six Million Five Hundred Seventy-Five Thousand Dollars ($6,575,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to and remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring and installing instructional technology in school buildings; and developing, improving and equipping playgrounds, athletic facilities and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 0 mill ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-nine (29) 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).
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 $1,306,685 and the estimated total interest to be paid thereon is $2,762,874. The estimated duration of the millage levy associated with that borrowing is 21 years and the estimated computed millage rate for such levy is 7.00 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $9,316,000. The total amount of qualified loans currently outstanding is approximately $825,926.
(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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