Bessemer Area School District Bonding Proposal (May 2013)
This measure authorized the Bessemer Area School District to increase its debt by $6.76 million through issuing general obligation bonds in that amount in order to fund projects and improvements described below in the Text of measure. The estimated average property tax levy rate needed to repay these bonds in the required 25 years is 5.66 mills ($5.66 per $1,000 of assessed valuation).
|Bessemer School Proposal|
- These results are from ABC News Coverage of election results in Gogebic County
Text of measure
Language on the ballot:
|“|| Shall Bessemer Area School District, Gogebic County, Michigan, borrow the sum of not to exceed Six Million Seven Hundred Sixty Thousand Dollars ($6,760,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping existing school buildings, in part with security, safety and energy conservation improvements; acquiring and installing instructional technology in existing 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, under current law, is 4.00 mills ($4.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 5.66 mills ($5.66 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 $821,125 and the estimated total interest to be paid thereon is $624,613. The estimated duration of the millage levy associated with that borrowing is 19 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 $830,000. The total amount of qualified loans currently outstanding is $0.00.
(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.)