Menominee City Street Improvement Bond Proposal (May 2013)

From Ballotpedia
Revision as of 18:10, 24 April 2013 by Josh Altic (Talk | contribs)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search
Voting on Bond Issues
Bond issues.jpg
Ballot Measures
By state
By year
Not on ballot

A Menominee City Street Improvement Bond proposal is on the May 7, 2013, election ballot in Menominee County, which is in Michigan.

If approved, this measure authorizes the City of Menominee to increase its debt by $4.5 million in order to fund street repair and improvements. The estimated average property tax levy needed to repay these bonds in the required 10 years is 2.5 mills ($2.5 per $1,000 of assessed valuation).[1]

Text of measure

Language on the ballot:

Shall the City of Menominee, County of Menominee, Michigan, borrow the principal sum of not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000) and issue its general obligation unlimited tax bonds, in one or more series, payable in not to exceed ten (10) years from the date of issuance of each series, for the purpose of paying the cost of acquiring and constructing street improvements throughout the City, consisting of paving, repaving, reconstructing and improving streets and sidewalks, including curb and gutter improvements and all necessary appurtenances and attachments? The estimated millage to be levied in 2013 is 2.65 mills ($2.65 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 2.50 mills ($2.50 per $1,000 of taxable value). This requested new millage, if approved, would be levied for a period not to exceed 10 years, 2013-2022, and would raise approximately $472,875.00 of revenue in the first year.[1][2]

See also

External links

References

  1. 1.0 1.1 Michigan SoS Public Ballot Search
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.