TCAPS hoping for cool $100 million
Wed, 31 Oct 2012 15:21:19 GMT —
On November 6, voters who live within the Traverse City Area Public School District will vote on a $100 million bond proposal.
School leaders tell 7&4 News the money will be used to build a new Central High School auditorium. The money will also be spent on district-wide infrastructure needs, new buses and technology improvements.
Here is what voter will see on the November Ballot:
Shall Traverse City Area Public Schools, Grand Traverse, Leelanau and Benzie Counties, Michigan, borrow the sum of not to exceed One Hundred Million Dollars ($100,000,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping an addition or additions to and/or remodeling, furnishing and refurnishing, equipping and re-equipping existing school facilities; erecting, furnishing and equipping elementary and secondary facilities; acquiring land; developing and equipping improvements to playgrounds, outdoor physical education and athletic facilities; acquiring, installing, equipping and re-equipping school facilities for educational technology improvements; purchasing buses; and developing and improving sites? The following is for information purposes only: It is anticipated that the bonds will be issued in series. The estimated millage that will be levied for the first series of bonds in 2013 will be .45 mill ($0.45 on each $1,000 of taxable valuation). The maximum number of years each series of bonds may be outstanding, exclusive of any refunding, will not exceed twenty (20) years from the issuance date of each series. The estimated simple average annual millage anticipated to be required to retire the total series of this bond proposal is 1.12 mills ($1.12 on each $1,000 of taxable valuation). (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/benefits, or other operating expenses.)
Watch our full Fact Finder report to learn more about the bond proposal.