Proposal S looks to renew millage for Detroit Public Schools
Updated On: Nov 04 2012 04:45:44 PM EST
Proposal S will be on Detroit's November 6 Ballot. The proposal looks to renew a millage for the Detroit Public School District.
Here's what it will say on the ballot:
Shall the School District of the City of Detroit, County of Wayne, Michigan, borrow the principal sum of not to exceed Five Hundred Million Five Hundred Forty Thousand Dollars ($500,540,000) and issue its unlimited tax general obligation bonds for the purpose of defraying the cost of:
• Constructing new replacement buildings and/or
additions to existing buildings;
• Remodeling existing buildings, including energy
conservation, safety and security improvements;
• Acquiring, improving and developing sites, including
playgrounds, playfields and outdoor athletic facilities in
the School District;
• Furnishing, refurnishing, equipping and reequipping
School District buildings; and
• Acquiring and installing instructional technology
equipment in and connecting School District buildings?
The estimated millage to be levied in 2010 to service this issue of bonds is 3.82 mills ($3.82 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.56 mills ($2.56 per $1,000 of taxable
value). The debt millage levy required to retire all bonds of the School District currently outstanding and proposed by this ballot proposal is currently estimated to remain at or below 13.0 mills. The bonds may be issued in multiple series, payable in the case of each series in not to exceed thirty (30) years from the date of issue of each series. If the School District borrows from the State to pay debt service on the bonds of this issue, the School District may be required to continue to levy mills beyond the term of the bonds to repay the State.
(Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)
For more information on Proposal S, click here.