Proposal Instance

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{
    "url": "http://michiganelections.io/api/proposals/8890/?format=api",
    "id": 8890,
    "name": "North Muskegon Public Schools Bond Proposal",
    "description": "Shall North Muskegon Public Schools, Muskegon County, Michigan, borrow the sum of not toexceed Five Million Six Hundred Thousand Dollars ($5,600,000) and issue its general obligationunlimited tax bonds therefor, for the purpose of:   erecting, furnishing, and equipping athletic facilities; and preparing,\n   developing, and improving athletic fields 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\n1.00 mill ($1.00 on each $1,000 of taxable valuation). The maximum number of years the bondsmay be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simpleaverage annual millage anticipated to be required to retire this bond debt is 1.48 mills ($1.48 oneach $1,000 of taxable valuation).\n\nThe school district expects to borrow from the State School Bond Qualification and Loan Programto pay debt service on these bonds. The estimated total principal amount of that borrowing is\n$672.977 and the estimated total interest to be paid thereon is $528,398. The estimated durationof the millage levy associated with that borrowing is 13 years and the estimated computed millagerate for such levy is 8.82 mills. The estimated computed millage rate may change based on changesin certain circumstances.\n\nThe total amount of qualified bonds currently outstanding is $16,090,000. The total amount ofqualified loans currently outstanding is approximately $3,095,564..\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 otheroperating 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/2356/?format=api",
        "id": 2356,
        "category": "Local School District",
        "name": "North Muskegon Public Schools"
    }
}