New Lothrop Area Public School District Bonding Proposal (May 2013)

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A New Lothrop Area Public School District Bonding proposal was approved on the May 7, 2013, election ballot in Genesee, Saginaw and Shiawassee Counties, which are in Michigan.

This measure authorized the New Lothrop Area Public School District to increase its debt by $760,000 through issuing general obligation bonds in that amount in order to fund the purposes and projects described below in the Text of measure. The estimated average property tax rate needed to repay these bonds in the required 10 years is 0.75 mill ($0.75 per $1,000 of assessed valuation).[1]

Election results

New Lothrop School Bonding Proposal
County: Yes No
Votes  % Votes  %
Genesee County 0 0% 0 0%
Shiawassee County 179 57.56% 132 42.44%
Saginaw County 333 60.77% 215 39.23%
Totals: 512 59.74% 345 40.26%
These election results are from the Genesee County Elections Office, Shiawassee County Elections Office and the Saginaw County elections office.

Text of measure

Language on the ballot:

Shall New Lothrop Area Public Schools, Shiawassee, Saginaw and Genesee Counties, Michigan, borrow the sum of not to exceed Seven Hundred Sixty Thousand Dollars ($760,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

acquiring and installing instructional technology in school district buildings; remodeling for infrastructure purposes and equipping and re-equipping school district buildings; and developing, equipping and improving the site?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2013, is .75 mill ($0.75 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 .75 mill ($0.75 on each $1,000 of taxable valuation).

(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.