Ludington Area School District Bond Proposal (May 2013)
If approved, this measure authorizes the Ludington Area School District to increase its debt by $2.23 million through issuing general obligation bonds in that amount in order to fund the purchases of school buses. The estimated average property tax levy need to repay these bonds in the required 9 years is 0.22 mill ($0.22 per $1,000 of assessed valuation).
Text of measure
Language on the ballot:
|“|| Shall Ludington Area School District, Mason County, Michigan, borrow the sum of not to exceed Two Million Two Hundred Thirty Thousand Dollars ($2,230,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of purchasing school buses?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013 is .20 mill ($.20 on each $1,000 of taxable valuation). The maximum number of years all series on the bonds may be outstanding, exclusive of any refunding, is nine (9) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .22 mill ($.22 on each $1,000 of taxable valuation).
(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.)