The proposed Clarkston school bond issue hasn’t changed, but officials want it to have more complete information.
The board of education on Monday, March 24 voted to amend their “Resolution Setting Matters To Be Voted Upon” based on a recommendation from school attorney Bob Thrun.
“It does not change the intent or the content of the resolution,” Deputy Superintendent David Reschke said.
If voters approve the $83,735,000 bond issue June 9, it will extend the time needed to pay off bond debt, but will not raise property owners’ millage rate.
Language to that effect is now included in all parts of the resolution relating to the proposed bond issue.
The school district already levies the maximum-allowed 7 mills for debt service, based on borrowing from the Michigan School Bond Loan Fund Program.
According to the district’s 2001-2002 financial report, taxpayers are already paying off bond issues approved by voters in 1993, 1995 and 1997. In 1998, the district refinanced bond debt to save interest costs.
The report showed the district to have bonded debt of $117,771,841 in fiscal year 2002. Ballot language says the maximum time period to pay off the new bonds will be 26 years.
Unlike a standard property tax election, a bond proposal does not have a specific millage rate, since fluctuations in the bond market will affect the actual rate.
The district has proposed the bond issue to pay for planned additions and renovations to increase space for student learning, consolidate programs and services and complete capital needs projects at existing sites.
In addition to the proposed bond issue, the district will ask voters to renew the full 18-mill “non-homestead” property tax for local operations. That tax, created by 1994’s Proposal A, is not levied on property used as a primary residence, but is charged to owners of property such as businesses and rental property.