Hemlock Public School District Bonding Proposal (May 2013)
This measure authorized the Hemlock Public School District to increase its debt by $8.4 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 needed to repay the bonds in the required 12 years is 1.49 mills ($1.49 per $1,000 of assessed valuation).
|Hemlock School Bonding Propsoal|
- These results are from NBC25 news coverage of election results
Text of measure
Language on the ballot:
|“|| Shall Hemlock Public School District, Saginaw and Midland Counties, Michigan, borrow the sum of not to exceed Eight Million Four Hundred Thousand Dollars ($8,400,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping and furnishing and refurnishing school district buildings; erecting an addition to the high school building; acquiring and installing instructional technology in school buildings; purchasing school buses; and developing, improving and equipping playgrounds, athletic facilities, athletic fields and sites?
The following is for information purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 0.80 mill ($0.80 on each $1,000 of taxable valuation), for a net -0- mill increase over the prior year's levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twelve (12) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.49 mills ($1.49 on each $1,000 of taxable valuation).
The school district currently has $10,735,000 of qualified bonds outstanding and $0 of 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.)