Michigan: Gobles Public Schools - Bonding proposal

Shall Gobles Public Schools, Van Buren and Allegan Counties, Michigan, borrow the sum of not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

acquiring, installing, and equipping educational technology for school district buildings, together with related infrastructure improvements; purchasing school buses; and remodeling, furnishing and refurnishing, and equipping and re-equipping school district buildings?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2014, under current law, is 2 mills ($2.00 on each $1,000 of taxable valuation).  The maximum number of years the bonds may be outstanding for any single series, exclusive of any refunding, is fifteen (15) years.  The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.08 mills ($3.08 on each $1,000 of taxable valuation).

The school district does not expect to borrow from the State to pay debt service on the bonds.  The total amount of qualified bonds currently outstanding is $6,850,000. The total amount of qualified loans currently outstanding is approximately $5,880,837.  The estimated computed millage rate is 9 mills and may change based on changes in certain circumstances.

(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.)

The following precincts will vote on this issue:

Almena Township, Precinct 2 (Van Buren County)

Bloomingdale Township, Precinct 1 (Van Buren County)

City of Gobles, Precinct 1 (Van Buren County)

Pine Grove Township, Precinct 1 (Van Buren County)

Waverly Township, Precinct 1 (Van Buren County)