Muskegon Community College Bond Proposal (November 2012)
If approved, this proposal authorizes the Muskegon Community College to issue up to $31,135,000 in general obligation bonds in order to fund the constructing, furnishing and equipping of science wing additions. The estimated average property tax levy needed to pay this debt is .37 mill ($0.37 per $1,000 of assessed valuation) for the up to 25 years that these bonds can be outstanding.
Text of measure
Language on the ballot:
|“|| Shall Muskegon Community College, Michigan, borrow the sum of not to exceed Thirty-One Million One Hundred Thirty-Five Thousand Dollars ($31,135,000) and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of:
Constructing, furnishing and equipping the science wing additions including new science labs, the health education facilities additions and a new creative arts building; remodeling, refurnishing and re-equipping buildings and facilities; and acquiring, developing and improving sites and supporting infrastructure?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law is .48 mill ($0.48 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, for any single series, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .37 mill ($0.37 on each $1,000 of taxable valuation).