Eaton Rapids Public Schools Sinking Fund Millage Renewal Proposal - School Bond

Summary

The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in the year 2026, under current law, is 2.00 mills ($2.00 per $1,000 of taxable valuation) for a 1 mill net increase over the previous year's levy. The bonds may be issued in series, with twenty seven (27) years as the maximum number of years that any series of the bonds may be outstanding, exclusive of any refunding. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.69 mills ($2.69 per $1,000 of taxable valuation). The school district currently has $8,865,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the State School Bond Qualification and Loan Program. The school district does not expect to borrow from the program to pay debt service on these bonds. The estimated computed millage rate may change based on changes in certain circumstances. (Pursuant to State law, expenditures 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.)

Measure Details