Michigan: Watervliet Public Schools - Bonding Proposal

Shall Watervliet Public Schools, Berrien and Van Buren Counties, Michigan, borrow the sum of not to exceed Twenty-Three Million Thirty-Five Thousand Dollars ($23,035,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing, equipping and re-equipping and installing security measures for school buildings; acquiring and installing educational technology and educational technology equipment for school buildings; and developing and improving playgrounds, parking lots and sites?

The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2014 is 5.50 mills ($5.50 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 5.70 mills ($5.70 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 $-0-.  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:

Bainbridge Township, Precinct 1 (Berrien County)

Coloma Charter Township, Precinct 2  (Berrien County)

Covert Township, Precinct 2 (Van Buren County)

Hartford Township, Precinct 1 (Van Buren County)

Keeler Township, Precinct 1 (Van Buren County)

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