Proposal Instance

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{
    "url": "http://michiganelections.io/api/proposals/8870/?format=api",
    "id": 8870,
    "name": "I. Ravenna Pubic Schools Bond Proposal",
    "description": "Shall Ravenna Public Schools, Muskegon and Ottawa Counties, Michigan, borrow the sum of not toexceed Ten Million Dollars ($10,000,000) and issue its general obligation unlimited tax bondstherefor, for the purpose of:\n\n   remodeling, equipping and re-equipping and furnishing and\n   refurnishing the elementary school; and acquiring, installing,\n   equipping and re-equipping the elementary school for instructional\n   technology?\n     \n      The following is for informational purposes only:\n\nThe estimated millage that will be levied for the proposed bonds in 2024, under current law, is 0 mill\n($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may beoutstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average annualmillage anticipated to be required to retire this bond debt is 1.66 mills ($1.66 on each $1,000 oftaxable valuation).\n\nThe school district expects to borrow from the State School Bond Qualification and Loan Program topay debt service on these bonds. The estimated total principal amount of that borrowing is\n$2,720,000 and the estimated total interest to be paid thereon is $5,149,246. The estimated durationof the millage levy associated with that borrowing is 19 years and the estimated computed millagerate for such levy is 7.60 mills. The estimated computed millage rate may change based on changesin certain circumstances.\n\nThe total amount of qualified bonds currently outstanding is $25,115,000. The total amount ofqualified loans currently outstanding is approximately $6,661,619.\n\n(Pursuant to State law, expenditure of bond proceeds must be audited and the proceeds cannot beused for repair or maintenance costs, teacher, administrator or employee salaries, or other operatingexpenses.)",
    "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/2153/?format=api",
        "id": 2153,
        "category": "Local School District",
        "name": "Ravenna Public Schools"
    }
}