Owendale-Gagetown Area School District Bond Proposal (February 2013)

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An Owendale-Gagetown Area School District Bond proposal was defeated on the February 26, 2013 election ballot in Huron and Tuscola County, Michigan ballot measures, which is in Michigan.

This measure would have authorized the Owendale-Gagetown Area School District to increase its debt by $2.99 million through issuing general obligation bonds in that amount for the purposes of:

Remodeling, furnishing and refurnishing, equipping and re-equipping the K-12 school building; acquiring and installing educational technology equipment together with related infrastructure improvements; purchasing a school bus; and developing and improving the site.[1][2]

Election results

Huron County

Owendale-Gagetown Area SD Bond Prop.
ResultVotesPercentage
Defeatedd No18451.11%
Yes 176 48.89%

Election results from Huron County February 26, 2013 election results.

Tuscola County

Owendale-Gagetown Area SD Bond Prop.
ResultVotesPercentage
Defeatedd No8769.6%
Yes 38 30.4%

Election results from Tuscola County February 26, 2013 election results.

Text of measure

Language on the ballot:

Shall Owendale-Gagetown Area School District, Huron and Tuscola Counties, Michigan, borrow the sum of not to exceed Two Million Nine Hundred Ninety Thousand Dollars ($2,990,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

remodeling,furnishing and refurnishing, equipping and re-equipping the K-12 school building; acquiring and installing educational technology equipment together with related infrastructure improvements; purchasing a school bus; 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 2.95 mills ($2.95 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, 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 2.58 mills ($2.58 on each $1,000 of taxable valuation).

If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State.

(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.)[3][2]

See also

External links

References

  1. Michigan STATE QUALIFIED SCHOOL BOND ELECTION RESULTS
  2. 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
  3. Michigan Secretary of State Sample Ballot generator