Onekama Consolidated School District Bonding Proposal (May 2013)
If approved, this measure would have authorized the Onekama Consolidated School District to increase its debt by $4.75 million through issuing genearl obligation bonds in that amount in order to fund the improvement projects described below in the Text of measure section. The estimated average property tax levy needed to repay these debts in the required 20 years is 1.07 mills ($1.07 per $1,000 of assessed valuation).
|Onekama School Bonding Proposal|
- These results are from Manistee County Elections Office
Text of measure
Language on the ballot:
|“|| Shall Onekama Consolidated Schools, Manistee County, Michigan, borrow the sum of not to exceed Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping and furnishing and refurnishing the school building; acquiring and installing instructional technology; acquiring school buses; erecting, furnishing and equipping athletic and storage facilities; and developing and improving athletic fields and the site?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013 is .80 mill ($0.80 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.07 mills ($1.07 on each $1,000 of taxable valuation).
The school district currently has $1,885,000 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.)