March 8 Ballot: Waterford Schools Bond

waterworkTOP_whiteMarch 8 Ballot: Waterford baby modern natural 01 adSchools Bond

(Crystal A. Proxmire, Jan. 9, 2016)

Waterford, MI – The Waterford Board of Education approved a recommendation from Waterford School District Administration to hold a March 8, 2016 bond election.

The Waterford community will be asked to approve a $100 million bond that will not, when approved, increase current property taxes. This is possible because of a stronger economy, new residential and commercial development, and increased property values in Waterford.

Projects outlined within this recommendation include capital improvements such as repairing and purchasing new roofs, boilers, parking lot improvements and expansions at all schools; royal_servicesremodeling existing facilities; elementary multi-purpose rooms; high school softball and baseball complex site development; middle school running track site development; technology, and new buses.

The ballot language states:

BONDING PROPOSAL

Shall Waterford School District, Oakland County, Michigan, borrow the sum of not to exceed One Hundred Million Dollars ($100,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:

erecting, furnishing and equipping additions to and partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing, and equipping instructional technology for school facilities; purchasing school buses; sidebar012stairsconstructing, equipping, developing and improving athletic facilities, playgrounds and play fields; and developing and improving sites?

The following is for informational purposes only:

The estimated millage that will be levied for the first series of proposed bonds in 2016, under current law, is .4999 mill ($0.4999 on each $1,000 of taxable valuation) for a -0- net increase in debt millage. The maximum number of years each series of bonds will be outstanding, exclusive of any refunding, is approximately twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.0936 mills ($3.0936 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 $96,170,000. The total amount of qualified loans currently outstanding is $-0-. The estimated computed millage rate may change based on changes in certain circumstances.

 

March 8, 2016 is also the Presidential Primary.  For more on the upcoming election, see our Election Section at http://oaklandcounty115.com/category/election-information/.

waterworkBOTTOM_white

About the author

Oakland County Times has written 12185 articles for Oakland County Times

Contact editor@oc115.com for any questions or story ideas! Please support this work by becoming an advertising sponsor or by chipping in through the PayPal button on the right side of the page.

Comments are closed.