A Ypsilanti City Water Street Bond Measure will be on the May 8, 2012 ballot in the city of Ypsilanti which is in Washtenaw County.
This measure seeks to issue a bond in the amount of $15.45 million in order to help pay for the Water Street Redevelopment Project in the city. City officials have noted that without the bond money, the city would be forced to further dip into reserve funds in order to continue the street project. Officials noted that funds are already depleted and are hoping residents would support the city.
Text of measure
The question on the ballot:
|| Shall the City of Ypsilanti, County of Washtenaw, Michigan, be authorized to pledge its unlimited tax full faith and credit for payment of its General Obligation Limited Tax Capital Improvement Refunding Bonds, Series 2006 (Taxable), which are outstanding in the principal amount of $15,455,000, payable through 2031, and its contractual obligations under a Community Development Block Grant Agreement which is currently outstanding in the principal amount of $2,750,350, payable through 2025, both of which were issued or incurred for the purpose of paying the cost of financing certain capital improvement costs relating to the Water Street Redevelopment Project? The estimated millage to be levied in 2012 is 4.94 mills ($4.94 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the debt is 5.40 mills ($5.40 per $1,000 of taxable value).