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Yale Public School District Bond Proposal (February 2013)

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A Yale Public School District Bond proposal was on the February 26, 2013 election ballot in St. Clair and Sanilac Counties, which are in Michigan. It was approved.[1]

This measure authorized the Yale Public School District to increase its debt by $1.94 million through issuing general obligation bonds in that amount in order to fund renovation, technology updating, equipping school buildings and bus acquisition for the district. These bonds were designed to mature in at most 9 years and the average annual property tax rate required to retire this debt was estimated at 0.69 mills ($0.69 per $1,000 of assessed valuation) for the life of the bonds.[2]

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 Yale Public Schools, St. Clair and Sanilac Counties, Michigan, borrow the sum of not to exceed One Million Nine Hundred Forty Thousand Dollars ($1,940,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

partially renovating school buildings for technology purposes; acquiring and installing technology and technology equipment for school buildings; equipping and re-equipping school buildings; and purchasing school buses?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2013 is 0.22 mill ($0.22 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is nine (9) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 0.69 mill ($0.69 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.)[2]

See also

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