Mio AuSable School District Bonding Proposal (May 2013)

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A Mio AuSable School District Bonding proposal was approved on the May 7, 2013, election ballot in Oscoda County, which is in Michigan.

This measure authorized the Mio AuSable School District to increase its debt by $2,080,000 in order to fund the improvement projects described below in the Text of measure section. The estimated average property tax levy rate needed to repay these bonds in the required 10 years is 1.34 mills ($1.34 per $1,000 of assessed valuation).[1]

Election results

Mio AuSable School Bonding Proposal
ResultVotesPercentage
Approveda Yes 275 56.47%
No21243.53%
These results are from Oceana County elections office

Text of measure

Language on the ballot:

Shall Mio AuSable Schools, Oscoda County, Michigan, borrow the sum of not to exceed Two Million Eighty Thousand Dollars ($2,080,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

remodeling, refurnishing and re-equipping school buildings; acquiring and installing security equipment for a school building; acquiring and installing educational technology for a school building; purchasing school buses; and developing and improving the site?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 1.35 mills ($1.35 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is ten (10) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.34 mills ($1.34 on each $1,000 of taxable valuation).

The school district currently has $0 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.)[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.