Bond & Building Site Sinking Fund Proposal
Election Day: Tuesday, November 5, 2019
Huron Valley Schools Board of Education has unanimously approved a plan to address projects supporting safety and security, academics, athletics, arts and infrastructure in the district. On Tuesday, Nov. 5, residents will vote on two ballot proposals: a zero tax-rate increase bond and a sinking fund renewal. Both represent a zero increase in the current millage rate for taxpayers.
The bond program is estimated at $182 million. The renewal of the .9109 mill building site sinking fund millage will bring in approximately $21-$24 million over 10 years.
Bond & BSSF Overview
Individual School Plans
Frequently Asked Questions
Explore frequently asked questions and get answers regarding the 2019 Bond & BSSF proposal.
HURON VALLEY SCHOOL DISTRICT
Shall Huron Valley School District, Oakland and Livingston Counties, Michigan, borrow the sum of not to exceed One Hundred Eighty-Two Million Dollars ($182,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
erecting, furnishing, and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings and other facilities for safety, security, and other purposes; acquiring and installing instructional technology in school buildings; acquiring land for parking lots; purchasing school buses; and erecting, furnishing, equipping, preparing, developing, and improving playgrounds, playfields, athletic fields and facilities, and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2020 is 2.97 mills ($2.97 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 of any series may be outstanding, exclusive of any refunding, is eleven (11) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 4.62 mills ($4.62 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 $54,237,383. The total amount of qualified loans currently outstanding is $0.00. The estimated computed millage rate may change based on changes in certain circumstances.
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
II. HURON VALLEY SCHOOL DISTRICT
SINKING FUND MILLAGE RENEWAL PROPOSAL
This proposal will allow the school district to continue to levy the building and site sinking fund millage that expires with the 2019 tax levy.
Shall the currently authorized millage rate of .9109 mill ($.9109 on each $1,000 of taxable valuation) which may be assessed against all property in Huron Valley School District, Oakland and Livingston Counties, Michigan, be renewed for a period of 10 years, 2020 to 2029, inclusive, to continue to provide for a sinking fund for the purchase of real estate for sites for, and the construction or repair of, school buildings, and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2020 is approximately $2,517,750 (this is a renewal of millage that will expire with the 2019 tax levy)?