The Board of Education unanimously approves ballot language for a - TopicsExpress


The Board of Education unanimously approves ballot language for a May 5 bond election On August 19, 2014, the Board of Education approved moving forward with the Capital Planning Advisory Committees recommendation to place a $131.5 million bond proposal on the May 5, 2015 ballot. On Tuesday, January 12, the Farmington Public Schools Board of Education unanimously approved the language to be put on the ballot for the May 5 bond election. The proposed projects in the bond proposal will be funded in a two bond series issued three years apart. Each series will have a payback period of approximately 20 years and the projects will be constructed over a 60-month period. The projected debt levy increase is 1.20 mills and the projected annual cost for a homeowner with a taxable value of $100,000 or an approximate market value of $200,000 would be $120 per year. The District will begin to share information about the bond proposal so that the public is well informed before the May 5 election. The language that voters will see on their ballots is: Shall the Farmington Public School District, County of Oakland, Michigan, borrow the principal sum of not to exceed One Hundred Thirty-One Million Five Hundred Thousand Dollars ($131,500,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of making the following improvements: • remodeling School District buildings for safety and security improvements; • constructing additions to, equipping, furnishing, reequipping, refurnishing and remodeling School District buildings, including classroom, auditorium and media center improvements; • improving and developing sites, including outdoor athletic facilities, playgrounds and structures in the School District; • acquiring school buses; and • acquiring and installing technology infrastructure and equipment? YES NO The estimated millage to be levied in 2015 to service this issue of bonds is 1.20 mills ($1.20 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.37 mills ($2.37 per $1,000 of taxable value). The debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this Bond Proposal, if approved, is estimated to be at or below 3.46 mills. The bonds may be issued in two series, payable in the case of each series not to exceed 20 years from the date of issue of such series. (Under state law, bond proceeds may not be used to pay teacher and administrator salaries, routine maintenance costs or other School District operating expenses.)
Posted on: Sat, 17 Jan 2015 00:14:42 +0000

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