Lakeview Community School District Bond Proposal (February 2013)
If approved, this measure authorizes the Lakeview Community School District to increase its debt by $12.25 million through issuing general obligation bonds in that amount for the purposes of:
|“||Erecting, furnishing and equipping additions to the Bright Start Elementary building; remodeling, refurnishing and re-equipping school district buildings and facilities; acquiring and installing educational technology improvements together with supporting infrastructure improvements; purchasing school buses; and developing and improving playgrounds and sites.||”|
Text of measure
Language on the ballot:
|“||Shall Lakeview Community Schools, Montcalm, Mecosta and Kent Counties, Michigan, borrow the sum of not to exceed Twelve Million Two Hundred Fifty Thousand Dollars ($12,250,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to the Bright Start Elementary building; remodeling, refurnishing and re-equipping school district buildings and facilities; acquiring and installing educational technology improvements together with supporting infrastructure improvements; purchasing school buses; and developing and improving playgrounds and 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 1.68 mills ($1.68 on each $1,000 of taxable valuation) for a total millage levy of 7 mills. 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 2.92 mills ($2.92 on each $1,000 of taxable valuation).
If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State.
(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.)
- February 26, 2013 ballot measures in Michigan
- Montcalm County, Michigan ballot measures
- Mecosta County, Michigan ballot measures
- Kent County, Michigan ballot measures
- Michigan STATE QUALIFIED SCHOOL BOND ELECTION RESULTS
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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