Sharon Township Bond Measure (August 2010)
This measure was approved
- YES 276 (58.11%)
- NO 199 (41.89%)
This measure sought to create a bond in the amount of $8.8 million in order to pay off a court case against the township which was lost by the township. A tax of $1.05 per $1,000 of assessed property will also be added to pay for the bond.
The question on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
| Judgment Funding Bond Proposal
Shall the Township of Sharon, Michigan, borrow the principal sum of not to exceed Eight Hundred Eighty Thousand Dollars and No Cents ($880,000.00) and issue its general obligation unlimited tax bonds therefore, in one or more series, payable in not more than fifteen (15) years from issuance, for the purpose of paying a judgment in the Washtenaw County Circuit Court against the Township of Sharon, Michigan (the “Township”) in favor of the Gourley Family, LLC, the costs and interest on the judgment, and all cost in connection with issuing said bonds? The estimated millage to be levied in 2010 is 1.05 mills ($1.05 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is .8965 mills ($0.8965 per $1,000 of taxable value). The millage will be used to pay debt service on the bonds.