Kalamazoo Public School District Bond Proposal (May 2013)

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A Kalamazoo Public School District Bond proposal was approved on the May 7, 2013, election ballot in Kalamazoo County, which is in Michigan.

This measure authorized the Kalamazoo Public School District to increase its debt by $62 million through issuing general obligation bonds in that amount for the purposes described below in the Text of measure section. The estimated average tax levy needed to repay these bonds in the required 20 years is 6.95 mills ($6.95 per $1,000 of assessed valuation).[1]

Election results

Kalamazoo School Bond Proposal
ResultVotesPercentage
Approveda Yes 5044 69.45%
No221930.55%
These results are from Kalamazoo County Elections Office

Text of measure

Language on the ballot:

Shall the Kalamazoo Public Schools, County of Kalamazoo, Michigan, borrow the principal sum of not to exceed Sixty-Two Million Dollars ($62,000,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of:
  • acquiring and constructing buildings and facilities and additions to school district buildings;
  • remodeling, equipping, furnishing, re-equipping and refurnishing school district buildings and acquiring school buses;
  • acquiring and installing technology infrastructure, improvements and equipment in and connecting school district buildings; and
  • acquiring, improving and developing sites, including playgrounds and playfields in the school district?

The estimated millage to be levied in 2013 to service this issue of bonds is 0.70 mills ($0.70 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 1.39 mills ($1.39 per $1,000 of taxable value). The debt millage levy required to retire all bonds of the school district currently outstanding and proposed by this ballot proposal is currently estimated to be at or below 6.95 mills. The bonds may be issued in multiple series, payable in the case of each series in not to exceed twenty (20) years from the date of issue of each series.

Under state law, bond proceeds may not be used to pay teacher, administrator or other employee salaries, routine maintenance costs or other school district operating expenses.[1][2]

See also

External links

References

  1. 1.0 1.1 Michigan SoS Public Ballot Search
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.