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Proposal Text
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This proposal will enable the school district to levy the statutory rate of not to exceed 18 mills on all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance. Shall the limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Gull Lake Community Schools, Kalamazoo, Barry and Calhoun Counties, Michigan, be increased by 3.25 mills ($3.25 on each $1,000 of taxable valuation) for a period of 4 years, 2010 to 2013, inclusive, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and levied in 2010 is approximately $487,450 (this millage is a partial renewal of millage that expired in 2009 and will be levied only to the extent necessary to restore millage lost as a result of the reduction required by the Michigan Constitution of 1963)?
This proposal will allow the school district to continue to levy the statutory rate of 18 mills on all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance. Shall the limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Marshall Public Schools, Calhoun County, Michigan, be increased by 18 mills ($18.00 on each $1,000 of taxable valuation) for the year 2010, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and levied in 2010 is approximately $2,570,000 (this is a renewal of millage which expired with the 2009 tax levy)?
Shall Marshall Public Schools, Calhoun County, Michigan, borrow the sum of not to exceed Twenty-Four Million Eight Hundred Forty-Five Thousand Dollars ($24,845,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; constructing, furnishing and equipping an addition to Gordon Elementary School; acquiring, installing and equipping educational technology for school facilities; constructing, equipping, developing and improving outdoor athletic/physical education facilities, play fields and playgrounds; and acquiring, developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2010 is 2.50 mills ($2.50 on each $1,000 of taxable valuation). The maximum number of years the bonds 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 2.31 mills ($2.31 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)
Shall Marshall Public Schools, Calhoun County, Michigan, borrow the sum of not to exceed Eight Million Nine Hundred Twenty Thousand Dollars ($8,920,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping a new auditorium for the high school; and developing and improving the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2010 is .75 mill ($0.75 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.14 mills ($1.14 on each $1,000 of taxable valuation). If Bond Proposals II and III are approved by the voters, the total estimated net millage increase that will be levied for both proposals in 2010 is 2.60 mills ($2.60 on each $1,000 of taxable valuation) and the estimated simple average annual millage is 3.18 mills ($3.18 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)
