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On the Ballot: Holly Area Schools Asking for Bond

On the Ballot: Holly Area Schools Asking for Bond

Holly, MI- Voters in the Holly Area School District will be asked to vote on a bond proposal.  Ballot language is below:

Holly Area School District Bonding Proposal

Shall Holly Area School District, Oakland County, Michigan, borrow the sum of not to exceed Thirty -Eight Million One Hundred Fifty Thousand  Dollars ($38,150,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: remodeling, equipping and re -equipping, and furnishing and refurnishing school facilities; erecting, furnishing and equipping additions to the  school district’s elementary school buildings; acquiring, installing and equipping school facilities  with instructional technology; erecting a new storage facility; and preparing, developing, equipping and improving playgrounds, play fields, and sites? The following is for informational purposes only:

The  estimated  millage  that  will  be  levied  for  the  proposed  bonds  in  2019,  under  current  law,  is  2.42  mills  ($2.42  on  each  $1,000  of  taxable   valuation), for a – 0- mill net increase over the prior year’s levy.  The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding , is twenty -four  (24)  years.

The  estimated  simple  average  annual  millage  anticipated  to  be  required  to  retire  this   bond debt is 2.27 mills ($2.27 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 $41,190,000.    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.)

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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