May 6 Ballot – Ferndale Schools Bond Proposition
Ferndale, MI -Voters in the Ferndale School District, which includes Pleasant Ridge and parts of Ferndale, Oak Park, and Royal Oak Township have a bond proposal on the May 6 ballot. The ballot language states:
Shall the Ferndale Public Schools, County of Oakland, State of Michigan, borrow the principal sum of not to exceed One Hundred Fourteen Million Eight Hundred Thousand Dollars ($114,800,000) and issue its unlimited tax general obligation 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 additions to the Ferndale Middle/High School building and remodeling, equipping and reequipping, furnishing and refurnishing the school building, additions, and athletic fields, including for classrooms and modernizing instructional and fine arts spaces;
– Preparing, developing and improving sites for the Ferndale Middle/High School building and athletic fields and acquiring and installing technology equipment and technology infrastructure in the school building?
The annual debt millage required to retire all bonds of the School District currently outstanding, to be issued and proposed pursuant to this ballot is expected to remain at or below 7.00 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 1.35 mills ($1.35 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 3.58 mills annually ($3.58 per $1,000 of taxable value).
The maximum number of years the bonds may be outstanding, exclusive of refunding, is no t more than thirty (30) 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 $92,695,000 of qualified bonds outstanding and $434,560 of qualified loans outstanding under the Program.
The School District expects to borrow from the Program to pay debt service on these bonds. The estimated total principal amount of the additional borrowing is $50,668,773 and the estimated total interest thereon is $105,020,948. The estimated duration of the millage levy associated with that borrowing is 36 years. 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.)
More info: Ferndale Schools website
Several communities also have proposals on the ballot. For the full list and more election information visit the Oakland County Clerk’s website.
