Grosse Pointe Woods City Road Bond Proposal (November 2012)
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A Grosse Pointe Woods City Road Bond proposal was on the November 6, 2012 election ballot in Wayne County, which is in Michigan, where it was defeated.
If approved, this proposal would have authorized the City of Grosse Pointe Woods to issue up to $10 million in general obligation bonds in order to fund the acquiring and constructing for road improvements of the City. The estimated average property tax rate required to pay the debt from these bonds is 2.1422 mills ($2.1422 per $1,000 of assessed valuation).[1]
Election results
| Grosse Pointe Woods City Bond Prop. | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 No | 5,217 | 54.31% | ||
| Yes | 4,389 | 45.69% | ||
Election results from Grosse Pointe City Election Results Summary
Text of measure
Language on the ballot:
| “ | Shall the City of Grosse Pointe Woods, County of Wayne, Michigan, borrow the principal sum of not to exceed Ten Million Dollars ($10,000,000), payable in not to exceed ten (10) years from the date of issue, and issue its unlimited tax general obligation bonds, in one or more series, to pay the cost of acquiring and constructing road improvements in the City together with curb and gutter improvements and all related costs? The estimated millage to be levied in 2013 is 0.3723 mills ($0.37 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 2.1422 mills ($2.14 per $1,000 of taxable value).[1][2] | ” |
See also
Footnotes
- ↑ 1.0 1.1 Wayne County Elections, Elections Results
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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