Local School District
Beaver Island Community School Operating Millage Proposal
This proposal will allow the school district to levy its authorized operating millage rate on all property, except principal residence and other property exempted by law, required for the school district to receive its full revenue per pupil foundation allowance and restores millage lost as a result of the reduction required by the “Headlee” amendment to the Michigan Constitution of 1963. The total operating millage levied will not exceed 15.7908 mills in any year. Shall the currently authorized millage rate limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Beaver Island Community School, Charlevoix County, Michigan, be renewed by 15.3905 mills ($15.3905 on each $1,000 of taxable valuation) for a period of 3 years, 2025, 2026 and 2027, and also be increased by 0.4003 mill ($0.4003 on each $1,000 of taxable valuation) for a period of 3 years, 2025, 2026 and 2027, to provide funds for operating purposes; the estimate of the revenue the school district will collect if the millage is approved and levied in 2025 is approximately $1,675,384 (this is a renewal of millage that will expire with the 2024 levy and a restoration of millage lost as a result of the reduction required by the “Headlee” amendment to the Michigan Constitution of 1963)?
Local School District
Boyne Falls Public School Bond Proposal
Shall Boyne Falls Public School, Charlevoix and Antrim Counties, Michigan, borrow the sum of not to exceed Eleven Million Nine Hundred Fifty Thousand Dollars ($11,950,000) and issue its general obligation unlimited tax bonds therefor for the purpose of: erecting, furnishing, and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping the school building; and preparing, developing, improving, and equipping the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2024 is 2. 70 mills ($2. 70 on each $1,000 of taxable valuation) for a -0- mills net increase over the prior year’s levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.42 mills ($2.42 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 $615,000. 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.)
