Bond Informational Video
Proposal I Ballot Language
I. MARSHALL PUBLIC SCHOOLS
BOND PROPOSAL
Shall Marshall Public Schools, Calhoun and Jackson Counties, Michigan, borrow the sum of not to exceed Fifty-Three Million One Hundred Eighty Thousand Dollars ($53,180,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
erecting, furnishing, and equipping a new elementary school building within the territory of the former Albion Public Schools school district; erecting, furnishing, and equipping additions to school buildings, including a secure vestibule addition at Hughes Elementary School; remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings, including adding air conditioning to Gordon Elementary School and Marshall Middle School; acquiring and installing instructional technology and instructional technology equipment for school buildings; and preparing, developing, improving, and equipping playgrounds and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2025, under current law, is 2.30 mills ($2.30 on each $1,000 of taxable valuation). 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 1.87 mills ($1.87 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 $36,800,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances.
If both Proposal I and Proposal II are approved by the voters, the school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on the bonds. The estimated total principal amount of that borrowing is $6,777,367 and the estimated total interest to be paid thereon is $2,328,422. The estimated duration of the millage levy associated with that borrowing is 11 years and the estimated computed millage rate for such levy is 7 mills (for Marshall taxpayers not within the territory of the former Albion Public Schools school district). 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.)
Proposal II Ballot Language
II. MARSHALL PUBLIC SCHOOLS
BOND PROPOSAL
Shall Marshall Public Schools, Calhoun and Jackson Counties, Michigan, borrow the sum of not to exceed Thirty-Seven Million Sixty-Five Thousand Dollars ($37,065,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
erecting, furnishing, and equipping additions to Marshall High School; remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; erecting, furnishing, and equipping an FFA barn and structures; acquiring and installing instructional technology and instructional technology equipment for Marshall High School and the FFA barn; and preparing, developing, improving, and equipping athletic fields, athletic facilities, and the High School site?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2025, under current law, is 1.65 mills ($1.65 on each $1,000 of taxable valuation). 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 1.40 mills ($1.40 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 $36,800,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances.
If both Proposal I and Proposal II are approved by the voters, the school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on the bonds. The estimated total principal amount of that borrowing is $6,777,367 and the estimated total interest to be paid thereon is $2,328,422. The estimated duration of the millage levy associated with that borrowing is 11 years and the estimated computed millage rate for such levy is 7 mills (for Marshall taxpayers not within the territory of the former Albion Public Schools school district). 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.)