Macomb Community College Bond Proposal (November 2012)
If approved, this proposal authorizes the Macomb Community College to issue up to $56,000,000 in general obligation bonds in order to improve school buildings. The estimated average property tax levy needed to repay this debt is .19 mills ($.19 per $1,000 of assessed valuation) for up to ten years.
Text of measure
Language on the ballot:
|“|| Shall the Community College District of the County of Macomb, State of Michigan, borrow the sum of not to exceed Fifty-Six Million ($56,000,000) Dollars and issue its general obligation unlimited tax bonds therefore, in one or more series for the purpose of paying for the cost of the following:
• Acquiring, installing, equipping and re-equipping college buildings, sites and facilities with new technology equipment and systems;
• Remodeling, re-equipping and re-furbishing college buildings, sites and infrastructure?
The estimated millage that will be levied to pay the proposed bonds in the first year is .15 mills ($.15 per $1,000 of taxable value). The maximum number of years of each series of the proposed series of bonds may be outstanding, exclusive of refunding, is not more than ten (10) years; and the estimated simple average annual millage that will be required to retire each of the proposed series of bonds is .19 mills annually ($.19 per $1,000 of taxable value).
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for administrator or employee salaries, repair or maintenance costs or other operating expenses.)