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On the Ballot: Lake Orion Schools Asking for School Improvement Bond

On the Ballot: Lake Orion Schools

Asking for School Improvement Bond

Lake Orion, MI- Lake Orion Community Schools County of Oakland State of Michigan School Improvement Bond Proposition

Shall the Lake Orion Community Schools, County of Oakland, State of Michigan, borrow the sum of not to exceed One Hundred Sixty Million  Dollars ($160,000,000) and issue its general obligation unlimited tax bonds, in one or more series, for the purpose of paying for the cost of  the following projects:

-Remodeling, equipping,  re -equipping,  furnishing, re -furnishing  school  buildings,  athletic  fields,  playgrounds  and  other  facilities  for   safety and security, energy conservation and other purposes ;

-Erecting, completing, equipping and furnishing a replacement elementary school, a new early childhood center facility and security entrance additions and other additions to existing school buildings;

-Acquiring and installing instructional technology infrastructure an d equipment in school buildings and other facilities; and

-Preparing, developing and  improving  sites  at  school  buildings,  playgrounds,  athletic  fields  and  other  facilities  for  traffic  control,  safety and security and other purposes and the purchase of school buses? The  maximum  number  of  years  any  series  of  bonds  may  be  outstanding,  exclusive  of  refunding,  is  not  more  than  twenty  (20)  years;  the   estimated millage that will be levied to pay the proposed bonds in the first year is 0 mills (which is equal to $0 per $1,000 of taxable value);  and the estimated simple average annual millage that will be required to retire each series of bonds is 3.99 mills annually ( $3.99 per $1,000  of taxable value).  The annual debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this ballot is expected to remain at or below the current annual debt millage of 7.49 mills.

If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”).   The  School  District  currently  has  $76,525,000  of  qualified  bonds  outstanding  and  $10,963,213  of  qualified  loans  outstanding   under  the   Program.  The School District expects to borrow from the Program to pay debt service on these bonds.  The estimated total principal amount  of  additional  borrowing  is  $6,982,463  and  the  estimated  total  interest  thereon  is  $10,304,882.

The  estimated  duration  of  the   millage  levy   associated  with  that  borrowing  is  13  years  and  the  estimated  computed  millage  rate  for  such  levy  is  7.49  mills.

The estimated computed   millage rate required to be levied to pay the proposed bonds may change in the future based on changes in certain circumstances. (Pursuant  to  State  law,  expenditure  of  bond  proceeds  must  be  audited,  and  the  proceeds  cannot  be  used  for  teacher,  administrator  or   employee salaries, repair or maintenance costs or other operating expenses.)

More info:

Election Day is Nov. 6, 2018.

Find more information on ballot proposals and candidates at Oakland County Clerk’s website, and Oakland County Times Election Page.

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