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Richmond Community School District Bonding Proposal (May 2013)

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A Richmond Community School District Bonding proposal was likely defeated on the May 7, 2013, election ballot in Macomb and St. Clair Counties, which are in Michigan.

If approved, this measure would have authorized the Richmond Community School District to increase its debt by $12.9 million through issuing general obligation bonds in that amount in order to fund the improvement projects described below in the Text of measure section. The estimated average property tax levy rate needed to repay these mills in the required 14 years is 3.09 mills ($3.09 per $1,000 of assessed valuation)[1]

Election results

Macomb County

Richmond School Bonding Proposal
ResultVotesPercentage
Defeatedd No1,12754.3%
Yes 950 45.7%
These results are from Macomb County Elections Office

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 Richmond Community Schools, Macomb and St. Clair Counties, Michigan, borrow the sum of not to exceed Twelve Million Nine Hundred Thousand Dollars ($12,900,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:

acquiring, installing and equipping instructional technology; erecting, furnishing and equipping an addition to the high school for science classrooms; remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; purchasing school buses; constructing, equipping, developing and improving playgrounds and a new running track; and developing and improving 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 2.20 mills ($2.20 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is fourteen (14) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.09 mills ($3.09 on each $1,000 of taxable valuation).

The school district currently has $9,810,000 of qualified bonds outstanding and $-0- 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.)[1]

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References