Waverly Community School Bond Proposal (May 2013)
If approved, this measure authorizes the Waverly Community School District to increase its debt by $18.47 million through issuing general obligation bonds in that amount in order to make the district improvements described below in the Text of measure. The estimated property tax levy necessary to repay these bonds in the required 10 years is 2.8 mills ($2.8 per $1,000 of assessed valuation).
Text of measure
Language on the ballot:
|“||Shall Waverly Community Schools, Ingham, Eaton and Clinton Counties, Michigan, borrow the sum of not to exceed Eighteen Million Four Hundred Seventy Thousand Dollars ($18,470,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
acquiring and installing instructional technology for school buildings; equipping and re-equipping school buildings for instructional technology; partially remodeling, equipping and re-equipping and furnishing and refurnishing school facilities; purchasing school buses; and developing, improving and equipping sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013 is 1.64 mills ($1.64 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 2.80 mills ($2.80 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.)
- May 7, 2013 ballot measures in Michigan
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