Michigan: Marcellus Community Schools - Bonding proposal

Shall Marcellus Community Schools, Cass, St. Joseph and Van Buren Counties, Michigan, borrow the sum of not to exceed Twelve Million Eight Hundred Seventy-Five Thousand Dollars ($12,875,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:



erecting, furnishing, and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; acquiring and installing instructional technology in school buildings; purchasing school buses; and developing, improving, and equipping playgrounds and sites?



The following is for informational purposes only:



The estimated millage that will be levied for the proposed bonds in 2014, under current law, is 3.73 mills ($3.73 on each $1,000 of taxable valuation).  The maximum number of years the bonds may be outstanding, exclusive of any refunding, is eighteen (18) years.  The estimated simple average annual millage anticipated to be required to retire this bond debt is 5.77 mills ($5.77 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 $350,000.  The total amount of qualified loans currently outstanding is $-0-.  The estimated computed millage rate 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:

Marcellus Township, Precinct 1 (Cass County)

Newberg Township, Precinct 1 (Cass County)

Penn Township, Precinct 1 (Cass County)

Volinia Township, Precinct 1 (Cass County)

Wayne Township, Precinct 1 (Cass County)

Flowerfield Township, Precinct 1 (St Joseph County)

Porter Township, Precinct 1 (Van Buren County)