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If you live in the Houghton-Portage Township School District, you’ve got a decision to make.
Today is Election Day in Michigan and the $8.69 million bond proposal for the school district is on the ballot.
The proposed bond will address a long list of facility, safety, and infrastructure updates in the district.
This includes renovation of the high school/middle school combined athletic complex and replacement of the high school roof.
Technology improvements will also be incorporated into the project, including upgrades to the wireless network and upgrading the district security systems.
The middle school and high school track and fields are also in need of significant safety upgrades, to be included in the proposed bond.
May 3, 2016 Ballot
BONDING PROPOSAL
Shall Houghton-Portage Township School District, Houghton County, Michigan, borrow the sum of not to exceed Eight Million Six Hundred Ninety Thousand Dollars ($8,690,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping and furnishing and re-furnishing school buildings; erecting, furnishing and equipping a press box and a concession stand addition to the fieldhouse; and preparing, developing, improving and equipping play fields, athlectic fields and facilities and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2016, under current law is 1.71 mills ($1.71 on each $1,000 of taxable valuation) for a 1.38 mills net increase over the prior year’s levy. The maxmium number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.01 mills ($2.01 on each $1,000 of taxable valuation).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $2,274,538 and the estimated total interest to be paid thereon is $908,575. The estimated duration of the millage levy associated with that borrowing is 15 years and the estimated computed millage rate for such levy is 10.27 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $14,355,000. The total amount of qualified loans currently outstanding is approximately $9,777,070.
(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.)
