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How will the Boyne City $10.3 million bond money be spent if OK’d by voters?

BY BENJAMIN J. GOHS, NEWS EDITOR

The proposed work list for the Boyne City Public Schools $10.3 million May bond proposal is included in a document attached to the bottom of this story.

 

Following is a recap of the school system’s plan for the millage.

Boyne schools officials hope to renew the district’s 3.35 mills tax levy to help pay for renovations, security, transportation, technology and other needed equipment and improvements.

Former Boyne City Public Schools Superintendent Peter Moss said voters will be asked to renew this 10-year millage on May 3 so the school system can bond—borrow—$10,315,000 to make the improvements.

“The ballot language asks for voter permission to remodel, equip and re-equip and furnish and re-furnish school buildings; erect a secure entry addition to the middle school; acquire, install, equip or re-equip school buildings for instructional technology; acquire and equip school buses; and develop and improve playgrounds, athletic facilities and sites,” said Moss.

According to Moss, the millage would raise approximately $1,000,000 per year.

“The district’s bond attorney and financial adviser have worked out a projected payback schedule. From that chart, an annual levy rate has been established to meet the anticipated obligation to pay back the investors who purchase the bonds at no additional cost to the tax payers,” Moss said.

“Annually, the millage rate will be reviewed to make sure the district’s obligations can be met. Our history with our financial adviser has proven they to be incredibly accurate in their assumptions.”

He added, “The projected (pay) back schedule of our last bond followed those projections as anticipated.”

Moss indicated that there are actually two bonds to be sold.

“The major bond would be sold this summer,” he said. “The second bond, for a lesser amount but needed later during this span of time, would be sold in 2019. Both bonds come off the rolls in 2025—a total of 10 years.”

Moss said strict guidelines regarding bond proposals ensure the electorate purchases only those items outlined in the ballot proposal.

“Under no circumstances can this revenue be used to advance salaries, benefits or hire additional personnel,” Moss said. “Those areas remain the responsibility of the general fund.”

While this millage would be renewed at 3.35 mills, could end up being reduced over the years.

“The current levy is 3.35. If the bond is approved, taxpayers will continue to pay at that same rate for three years. Then, if projections are correct, the millage rate will then decrease over the life of the bond and settle at 2 mills,” said Moss.

 

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