Aug 6 Ballot – Avondale School District Bond Proposition
Auburn Hills, Bloomfield Township, Rochester Hills, Troy, MI – Shall the Avondale School District, County of Oakland, State of Michigan, borrow the sum of not to exceed One Hundred Fifty Million Dollars ($150,000,000) and issue its general obligation unlimited tax bonds, in one or more series, to pay the cost of the following projects to create a modern learning environment for students and for health, safety, security, energy conservation and other purposes: – Erecting, completing, equipping and furnishing a new early childhood center; – Erecting an addition to R. Grant Graham Elementary School and remodeling, equipping and reequipping, furnishing and refurnishing school buildings and additions, including for modernizing instructional, fine arts and theater spaces, playgrounds and other facilities and erecting, equipping and furnishing a transportation maintenance facility; – Acquiring, preparing, developing and improving sites for school buildings, including athletic fields, playgrounds and other facilities and the purchase of school buses; – Acquiring and installing technology equipment and technology infrastructure, including for health, safety and security, in school buildings and other facilities?
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 7.30 mills which is an estimated -0- mill increase from the debt millage levied in 2024. The estimated millage that will be levied to pay the proposed bonds in the first year is 1.37 mills ($1.37 per $1,000 of taxable value) and the estimated simple average annual millage that will be required to retire each series of the bonds is 4.19 mills annually ($4.19 per $1,000 of taxable value). The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than twenty-five (25) years.
If approved by the voters, the repayment of the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $64,625,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District does not expect to borrow from the Program to pay debt service on these bonds. 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.)
Several communities have proposals on the ballot. For the full list and more election information visit the Oakland County Clerk’s website.
