Aug 8 Election – Clawson School Bond Proposal
Clawson, MI -Voters in the Clawson School District have a bond proposal on the Aug. 8 ballot.
Here is the proposal:
hall the Clawson Public Schools, County of Oakland, State of Michigan, borrow the sum of not to exceed Twenty-Five Million, Five
Hundred Thousand ($25,500,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose
of paying for the cost of the following projects:
– Preparing, developing and improving sites, including sites for school buildings and additions thereto;
– Preparing, developing and improving sites of the Baker and Schalm buildings, including demolition of buildings, foundations, parking
lot paving and concrete walkways as well as removal of site utilities;
– Constructing, remodeling, equipping and re-equipping the current Central Campus facility and erecting additions thereto;
– Remodeling, equipping and re-equipping the Early Childhood Center.
The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the
estimated millage that will be levied to pay the proposed bonds in the first year, 2024, is 0 mills (which is equal to $0.00 per $1,000 of
taxable value) for a 0 mill net increase over the prior year’s levy; and the estimated simple average annual millage that will be required
to retire each series of bonds is 2.56 mills annually ($2.56 per $1,000 of taxable value).
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 $2,100,825 and the estimated total interest to be paid thereon is $2,310,457.
The estimated duration of the millage levy associated with that borrowing is 15 years and the estimated computed millage rate for
such levy is 9.02 mills ($9.02 per $1,000 of taxable value). The estimated computed millage rate may change based on changes in
certain circumstances.
The total amount of qualified bonds currently outstanding is $59,255,000. The total amount of qualified loans currently outstanding
is approximately $913,650.
(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.)
For all ballot proposals visit the Oakland County Clerk website.
