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Swan Valley School District Bonding Proposal (May 2013)

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A Swan Valley School District Bonding proposal was approved on the May 7, 2013, election ballot in Saginaw County, which is in Michigan.

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).[1]

Election results

Swan Valley School Bonding Proposal
ResultVotesPercentage
Approveda Yes 766 71.06%
No31228.94%
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.)[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.