Holly Schools Has Bond Proposal on May 3 Ballot
(Crystal A. Proxmire, March 16, 2022)
Clawson, Berkley, Holly, Warren, MI – Voters in three school districts in Oakland County will see ballot proposals in the May 3, 2022 election – Berkley, Holly, and Warren Consolidated. Voters in Clawson have a millage proposal on the ballot, and voters in Pontiac will select members of the Charter Revision Commission.
Here is the wording, taken from the Oakland County Clerk website:
Holly Area Schools Bonding Proposal
Shall Holly Area School District, Oakland County, Michigan, borrow the sum of not to exceed Ninety-Seven Million Dollars ($97,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing, and equipping a new middle school building, a new construction trades building, and a new athletic restroom/concession/storage building; remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; acquiring and installing instructional technology and instructional technology equipment for school facilities; and remodeling, preparing, developing, improving, and equipping playgrounds, athletic fields, athletic facilities, and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2022, under current law, is 3.27 mills ($3.27 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 thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.52 mills ($3.52 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 $48,905,000. 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.)
For more information about elections, visit the Oakland County Clerk website.
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