Sinking Fund Replacement - 2017

Lamphere District Logo
The Lamphere Schools
Sinking Fund Replacement Proposal
Tuesday, November 7, 2017



What is a Sinking Fund?

  • A Sinking Fund millage is a limited property tax to fund major repairs and renovations to school buildings as well as technology and security.
  • By utilizing a Sinking Fund rather than by issuing bonds, Lamphere will not incur new debt.
  • Since the school district will not borrow money for the projects, no interest or fees will be incurred, saving Lamphere taxpayers millions of dollars.

Sinking Fund Replacement Proposal

  • The Lamphere Schools is proposing a 3 mill, 10 year Sinking Fund replacement for approval on November 7.
  • The proposed 3 mills equates to $3.00 per $1,000 of taxable value of your property.
  • This will provide approximately $2 million per year for 10 years.

What will the money be used for?

The Lamphere Schools has not proposed a bond issue since 1997, or 20 years ago. There is a significant need to improve and enhance security, replace technology, and provide renovations to our existing facilities.

  • Computers & Technology
  • Safety and Security Enhancement
  • Field Turf/Track/Stands/Field House
  • Playground Renovations
  • Carpet Replacement
  • Lighting Upgrades
  • Parking Lot Renovations
  • Roof Repair/Replacement
  • Landscaping Upgrades

Net Reduction to Homeowners and Businesses

  • The current Sinking Fund of 0.50 mills will be replaced by a new and expanded use Sinking Fund with a 3.00 mill levy.
  • The current bond debt will be paid off in May, 2018. The debt levy that has averaged 3.72 mills over the past 5 years will be eliminated.
  • As a result, there will be an approximate 1 mill net tax reduction to homeowners and businesses. This equates to approximately a $50 per year reduction based on a home with a value of $100,000 starting in 2018.

Lamphere Will Be Debt Free

  • The 1997 Lamphere Bond will be completely paid off in May of 2018, making Lamphere Schools one of only two debt free school districts (out of 28) in Oakland County.

If you have any questions, please call Patrick Dillon, Assistant Superintendent for Business and Finance at (248) 589-1990.

BALLOT PROPOSAL LANGUAGE

 

EXHIBIT A

THE LAMPHERE SCHOOLS

COUNTY OF OAKLAND, MICHIGAN

BUILDING AND SITE SINKING FUND REPLACEMENT TAX PROPOSAL

This proposal, if approved by the electors, will replace

and extend the authority last approved by the electors in

2011 and which expires with the 2021 levy for The

Lamphere Schools to levy a building and site sinking fund

tax. This proposal allows the use of proceeds of the

millage for all purposes previously permitted by law as

well as newly authorized security improvements and the

acquisition or upgrading of technology. Pursuant to State

Law, the expenditure of the building and site sinking fund

tax proceeds must be audited, and the proceeds cannot be

used for teacher, administrator or employee salaries,

maintenance or other operating expenses.

As a replacement of existing authority, shall The Lamphere Schools be authorized to levy

three (3) mills ($3.00 per $1,000 of taxable valuation), for a period of ten (10) years, from July 1,

2018 through June 30, 2028, to create a building and site sinking fund to be used for the purpose

of the construction or repair of, school buildings, for school security improvements, or for the

acquisition or upgrading of technology, and for other purposes, to the extent permitted by

law? This millage would provide estimated revenues to The Lamphere Schools of approximately

One Million Nine Hundred Fifty Thousand ($1,950,000) Dollars during the 2018 calendar year, if

approved and levied.

YES: _____

NO: _____




Madison Park News - October 2, 2017

LHS

Lamphere Schools proposes sinking fund replacement

Proposal on ballot Nov. 7 promises overall tax savings for residents

Read the entire article - CLICK HERE