Swan Valley School District Bonding Proposal (May 2013)
This measure authorized the Swan Valley School District to increase its debt by $11.6 million through issuing general 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 need to repay these bonds in the required 25 years is 2.92 mills ($2.92 per $1,000 of assessed valuation).
|Swan Valley School Bonding Proposal|
- These results are from Roscommon County elections office
Text of measure
Language on the ballot:
|“|| Shall Swan Valley School District, Saginaw County, Michigan, borrow the sum of not to exceed Eleven Million Six Hundred Thousand Dollars ($11,600,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping and furnishing and re-furnishing school district buildings; erecting, equipping and furnishing additions to school buildings; acquiring and installing instructional technology in school buildings; purchasing school buses; and developing, improving and equipping playgrounds, athletic facilities, athletic fields and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, under current law, is 3.85 mills ($3.85 on each $1,000 of taxable valuation), for a net -0- mill increase from the prior year's levy. 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 2.92 mills ($2.92 on each $1,000 of taxable valuation).
The school district currently has $6,225,000 of qualified bonds outstanding and approximately $2,742,419 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 is 7.00 mills and 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.)