Feb 27 Ballot – Almont Community Schools Ballot Proposals
Almont, MI – Voters in the Almont Community School District have a ballot proposal on the Feb 27, 2024 ballot. Here is the ballot language:
Almont Community Schools Bond Proposal
Almont Community Schools Shall Almont Community Schools, Lapeer, St. Clair, Macomb and Oakland Counties, Michigan, borrow the sum of not to exceed Fifty – Eight Million Four Hundred Thousand Dollars ($58,400,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and equipping additions to school buildings; erecting, furnishing and equipping a new multi-purpose building; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring, installing, equipping and re- equipping school buildings for instructional technology; and preparing, developing, improving and equipping playgrounds, athletic fields and sites?
The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2024, under current law, is 3.70 mills ($3.70 on each $1, 000 of taxable valuation) for a 1.00 mill net decrease 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-two (22) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 6.27 mills ($6.27 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 $7,203,615 and the estimated total interest to be paid ther eon is $7,431,716. The estimated duration of the millage levy associated with that borrowing is 22 years and the estimated computed millage rate for such levy is 7.00 mills.
The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $10,845,000. The total amount of qualified loans currently outstanding is $0. (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.
Several communities also have proposals on the ballot. For the full list and more election information visit the Oakland County Clerk’s website.
