May 7 Ballot – Hazel Park School District Bond Proposal
(Oakland County Times, April 20, 2024)
Hazel Park, Ferndale, MI – Voters in the Hazel Park School District, which includes part of Ferndale, have a bond proposal on the May 7, 2024 ballot.
Here is the ballot language:
Shall Hazel Park City School District, Oakland County, Michigan, borrow the sum of not to exceed One Hundred Fifty Million Dollars ($150,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
Constructing, equipping and furnishing a new school building, erecting, furnishing, equipping and re-equipping an addition to and partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing, equipping and re- equipping instructional technology for school facilities; constructing, 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 proposed bonds in 2024, is 5.65 mills ($5.65 on each estimated $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average millage anticipated to be required to retire this bond debt is 9.42 mills ($9.42 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 $3,384,559 and the estimated total interest to be paid thereon is $1,255,255. The estimated duration of the millage levy associated with that borrowing is 11 years and the estimated computed millage rate for such levy is 13 mills ($13 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 $31,890,000. The total amount of qualified loans currently outstanding is $0.00. 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:
Oakland County Times story March 14, 2024
Oakland County Clerk Election Page
