Proposal Instance

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{
    "url": "http://michiganelections.io/api/proposals/8844/?format=api",
    "id": 8844,
    "name": "II. Mattawan Consolidated School Bond Proposal",
    "description": "Shall Mattawan Consolidated School, Van Buren and Kalamazoo Counties, Michigan, borrow the sum of not to exceed Eighteen Million Dollars ($18,000,000) and issue its general obligation unlimited tax bonds therefor for the purpose of:\n\nerecting, furnishing, and equipping an indoor aquatics facility; preparing, developing, and improving the site; and purchasing school buses?\n\nThe following is for informational purposes only:\n\nThe estimated millage that will be levied for the proposed bonds in 2026, under current law, is 0.00 mills ($0.00 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 thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 0.60 mill ($0.60 on each $1,000 of taxable valuation).\n\nThe school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $12,180,074 and the estimated total interest to be paid thereon is $11,616,633. The estimated duration of the millage levy associated with that borrowing is twenty-one (21) years and the estimated computed millage rate for such levy is 7 mills. The estimated computed millage rate may change based on changes in certain circumstances.\n\nThe total amount of qualified bonds currently outstanding is $83,320,000. The total amount of qualified loans currently outstanding is approximately $344,415.(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.)",
    "reference_url": null,
    "election": {
        "url": "http://michiganelections.io/api/elections/56/?format=api",
        "id": 56,
        "name": "May Consolidated",
        "date": "2024-05-07",
        "date_humanized": "Tuesday, May 7th",
        "active": true,
        "proposals_count": 107,
        "positions_count": 19,
        "reference_url": null
    },
    "district": {
        "url": "http://michiganelections.io/api/districts/1668/?format=api",
        "id": 1668,
        "category": "Local School District",
        "name": "Mattawan Consolidated School"
    }
}