Marcellus Community School District Bonding Proposal (May 2013)
If approved, this measure would have authorized the Marcellus Community School District to increase its debt by $15.62 million through issuing general obligation bonds in that amount in order to fund district improvements as described below in the Text of measure. The estimated property tax levy needed to repay these bonds in the required 21 years is 4.08 mills ($4.08 per $1,000 of assessed valuation), which is an increase in property taxes of 2.99 mills.
|Marcellus SD Proposal|
- These results are from MLIVE News Election Coverage.
Text of measure
Language on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|“|| Shall Marcellus Community Schools, Cass, St. Joseph and Van Buren Counties, Michigan, borrow the sum of not to exceed Fifteen Million Six Hundred Twenty Thousand Dollars ($15,620,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing, and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping existing school buildings; acquiring and installing instructional technology; purchasing school buses; and developing, improving and equipping playgrounds and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013 is 4.08 mills ($4.08 on each $1,000 of taxable valuation, which would cause the school district's total bond millage levy to increase by 2.99 mills. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-one (21) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 5.89 mills ($5.89 on each $1,000 of taxable valuation).
The school district currently has $745,000 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.)
- May 7, 2013 ballot measures in Michigan
- Cass County, Michigan ballot measures
- St. Joseph County, Michigan ballot measures
- Van Buren County, Michigan ballot measures
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