Lakeshore Public School District Bonding Proposal 1 (May 2013)
This measure authorized the Lakeshore Public School District to increase its debt by $36,760,000 through issuing general obligation bonds in that amount in order to fund the erection, furnishing and equipping additions to school buildings; remodeling, furnishing and equipping technology and equipment for the district facilities. The estimated property tax levy need to repay these bonds in the required 25 years is 2.54 mills ($2.54 per $1,000 of assessed valuation).
|Lakeshore SD Proposal 1|
- These results are from Berrien County elections office.
Text of measure
Language on the ballot:
|“|| Shall Lakeshore Public Schools, Berrien County, Michigan, borrow the sum of not to exceed Thirty-Six Million Seven Hundred Sixty Thousand Dollars ($36,760,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring and installing instructional technology and instructional technology equipment for school buildings; and preparing, developing and improving sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 2.20 mills ($2.20 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 2.54 mills ($2.54 on each $1,000 of taxable valuation).
The school district currently has $6,230,000 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.)
- Special Elections on May 7, 2013 by County
- Michigan Secretary of State Elections Department
- Berrien County Clerk Website, Electoral Information