05/07/2024 SCHOOL PROPOSAL
CLIO AREA SCHOOLS PROPOSAL
CLIO AREA SCHOOLS BOND PROPOSAL
Shall Clio Area Schools, Genesee and Saginaw Counties, Michigan, borrow the sum of not to exceed Eight Million Seven Hundred Thousand Dollars ($8,700,000), and issue its general obligation unlimited tax bonds therefor, for the purpose of remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings, including, among other improvements, the creation of a secure entryway at the Early Elementary School and renovations to the auditorium at the High School?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2025 is 0.50 mills ($0.50 on each $1,000 of taxable valuation) for a -0- mill net increase over the prior year’s levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is sixteen (16) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .99 mills ($0.99 on each $1,000 of taxable valuation).
The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $34,905,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances.
(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.)
MT. MORRIS CONSOLIDATED SCHOOLS PROPOSAL
MT MORRIS CONSOLIDATED SCHOOLS BUILDING AND SITE SINKING FUND MILLAGE RESTORE AND REPLACEMENT PROPOSAL
This proposal will replace and restore the authority of Mt. Morris Consolidated School District to levy a building and site sinking fund millage of 2.50 mills, which has been reduced by application of the Headlee Amendment, set to expire with the 2024 tax levy.
Shall the limitation on the amount of taxes which may be imposed on all property in Mt. Morris Consolidated School District, County of Genesee, State of Michigan, be increased by 2.500 mills ($2.50 on each $1,000.00 of taxable value) for ten (10) years, for the calendar years 2025 to 2034, inclusive, to continue to provide for a sinking fund for the construction or repair of school buildings and all other purposes authorized by law. It is estimated that the revenue the school district will collect if the millage is approved and levied in the 2025 calendar year will be approximately $695,839 from the local taxes authorized in this proposal
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