by Graham Sturgeon, co-editor
Voters residing in the Laingsburg Community Schools, New Lothrop Area Public Schools and Ovid-Elsie Area Schools districts will head to the polls on Tuesday, May 7 to decide the fates of bonding proposals, and in New Lothrop, a sinking fund millage proposal, as well. The four proposals will appear on the May 7 Special Election ballot as follows:
Laingsburg Community Schools Bonding Proposal
Shall Laingsburg Community Schools, Shiawassee and Clinton counties, Michigan, borrow the sum of not to exceed Seventeen Million Eight Hundred Thousand Dollars ($17,800,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to the high school building; remodeling, furnishing and refurnishing school buildings; acquiring, installing, and equipping and re-equipping school buildings for instructional technology; purchasing school buses; and preparing, developing and improving sites?
The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2019, under current law, is 1.50 mills ($1.50 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-eight (28) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.90 mills ($3.90 on each $1,000 of taxable valuation).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $2,156,029 and the estimated total interest to be paid thereon is $4,348,101. The estimated duration of the millage levy associated with that borrowing is 18 years and the estimated computed millage rate for such levy is 10.20 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $17,015,000. The total amount of qualified loans currently outstanding is approximately $3,326,647.
(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.)
New Lothrop Area Public Schools Bonding Proposal
Shall New Lothrop Area Public Schools, Shiawassee, Saginaw and Genesee counties, Michigan, borrow the sum of not to exceed Five Million Nine Hundred Seventy Thousand Dollars ($5,970,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
remodeling, equipping and re-equipping, and furnishing and refurnishing school buildings; acquiring, installing, and equipping or re-equipping school buildings for instructional technology; and preparing, erecting, developing, and improving playfields, athletic fields and facilities, and the site?
The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2019, under current law, is 1.25 mills ($1.25 on each $1,000 of taxable valuation). The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.66 mills ($1.66 on each $1,000 of taxable valuation).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $712,876 and the estimated total interest to be paid thereon is $1,910,452. The estimated duration of the millage levy associated with that borrowing is 22 years and the estimated computed millage rate for such levy is 8.49 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $9,770,000. The total amount of qualified loans currently outstanding is approximately $3,618,555.
(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.)
New Lothrop Area Public Schools Sinking Fund Millage Proposal
Shall the limitation on the amount of taxes which may be assessed against all property in New Lothrop Area Public Schools, Shiawassee, Saginaw and Genesee counties, Michigan, be increased by and the board of education be authorized to levy not to exceed 1.25 mills ($1.25 on each $1,000 of taxable valuation) for a period of 5 years, 2019 to 2023, inclusive, to create a sinking fund for the construction or repair of school buildings, for school security improvements, for the acquisition or upgrading of technology, for the purchase of real estate for sites for school buildings and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2019 is approximately $153,367?
Ovid-Elsie Area Schools Bonding Proposal
Shall Ovid-Elsie Area Schools, Clinton, Shiawassee, Saginaw and Gratiot counties, Michigan, borrow the sum of not to exceed Six Million Two Hundred Fifteen Thousand Dollars ($6,215,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, including security measures, furnishing and refurnishing, and equipping and re-equipping school buildings and facilities; acquiring and installing instructional technology and instructional technology equipment for school buildings; erecting school storage buildings; purchasing school buses; and developing and improving athletic fields and facilities, parking areas, driveways, and sites?
The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2019, under current law, is 0 mill ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-four (24) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 0.44 mill ($0.44 on each $1,000 of taxable valuation).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $1,315,282 and the estimated total interest to be paid thereon is $3,841,366. The estimated duration of the millage levy associated with that borrowing is 19 years and the estimated computed millage rate for such levy is 7.80 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $20,170,000.The total amount of qualified loans currently outstanding is approximately $7,394,292.
(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.)
