Proposal Instance

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{
    "url": "http://michiganelections.io/api/proposals/8871/?format=api",
    "id": 8871,
    "name": "II. Ravenna Public Schools Bond Proposal",
    "description": "Shall Ravenna Public Schools, Muskegon and Ottawa Counties, Michigan, borrow the sum of not toexceed Six Million One Hundred Thousand Dollars ($6,100,000) and issue its general obligationunlimited tax bonds therefor, for the purpose of:\n\n   remodeling, equipping and re-equipping and furnishing and\n   refurnishing school buildings and structures; erecting equipping and\n   furnishing structures; acquiring, installing, equipping and\n   re-equipping school buildings for instructional technology; and\n   preparing, developing, improving and equipping playgrounds, athletic\n   fields and facilities and sites?\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 1.00mills ($1.00 on each $1,000 of taxable valuation) for a 1.00 mill net increase over the prior year'slevy. The maximum number of years the bonds may outstanding, exclusive of any refunding, isthirty (30) years. The estimated simple average annual millage anticipated to be required to retire thisbond debt is 0.94 mill ($0.94 on each $1,000 of taxable valuation).\n\nThe school district expects to borrow from the State School Bond Qualfiication and Loan Program topay debt service on these bonds. The estimated total principal amount of that borrowing is $300,035and the estimated total interest to be paid thereon is $101,612. The estimated duration of the millagelevy associated with that borrowing is 19 years and the estimated computed millage rate for suchlevy is 8.60 mills. The estimated computed millage rate may change based on changes in certaincircumstances.\n\nThe total amount of qualified bonds currently outstanding is $25,115,000. The total amount ofqualfied loans currently outstanding is approximately $6,661,619.\n\n(Pursuant to State law, expenditures 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"
    }
}