Planning For the Future
The Morley Stanwood Community Schools Board of Education is asking the community to vote on a bond proposal on May 5, 2020. If approved, it would provide district-wide improvements to address identified and ongoing facility needs based on detailed strategic planning, facility assessments, and community input. The bond proposal was developed to create safe and modern schools, and address the aging facilities; our school buildings are between 25 and 60 years old. If approved the bond proposal would generate $21 million to complete the district-wide improvements. The estimated impact to property taxes would be 3 mills (the same rate as last year).
What is a bond proposal?
A bond proposal is how a public school district asks its community for authorization to borrow money for capital expenditures by selling bonds.
How can funds from a bond be spent?
Voter-approved bond funds can be spent on new construction, additions, remodeling, site improvements, athletic facilities, playgrounds, buses, furnishings, equipment, and technology. Funds raised through the sale of bonds cannot be used on operational expenses such as employee salaries and benefits, school supplies, and textbooks. Bond funds must be kept separate from operating funds and must be audited by an independent auditing firm.
Additional information will be provided at community forum meetings on:
Thursday, March 12
Tuesday, April 21
Both forum meetings will be held at the high school.
What to Expect on the Ballot
MORLEY STANWOOD COMMUNITY SCHOOLS
Shall Morley Stanwood Community Schools, Mecosta, Montcalm and Newaygo Counties, Michigan, borrow the sum of not to exceed Twenty-One Million Dollars ($21,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
erecting additions to, remodeling, including security improvements to, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring and installing instructional technology and instructional technology equipment for school buildings; and developing and improving playgrounds, athletic fields and facilities, driveways, parking areas and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2020, under current law, is 3 mills ($3.00 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 twenty-seven (27) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.45 mills ($2.45 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 $0.00. The total amount of qualified loans currently outstanding is $0.00. 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.)