If passed, the district says it plans to use funds generated to make “safety enhancements, infrastructure upgrades and facility improvements.”
According to LPS, the passing of this year’s proposal would authorize the issuance of $39 million in bonds and would bring the 2023 school debt levy to 5.2 mills. That’s an increase of 1.2 mills.
Previously, the district had proposed a bond in 2022 but it failed to get voter support. In response, the district said it gathered community feedback by surveying an estimated 400 parents, community members, staff and students. Lakewood Public Schools Board of Education also held workshops with community members to help determine both short and long term needs.
If the bond succeeds a bulk of the funding would go toward new construction projects including an early childhood center and elementary school building. Funds would also be used to replace school buses and HVAC systems as well as remodeling building entrances for safety.
Election Day is Aug. 8.
Bond Proposal as written on Aug. 8 ballot:
Shall Lakewood Public Schools, Ionia, Barry, Eaton and Kent Counties, Michigan, borrow the sum of not to exceed Thirty-Nine Million Dollars ($39,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
remodeling, furnishing, and refurnishing and equipping and re-equipping school buildings, including for school security; acquiring a site for and erecting, furnishing, and equipping an early childhood/elementary building; erecting, furnishing, and equipping a bus garage; acquiring and installing instructional technology; equipping, preparing, developing, and improving athletic fields and facilities, playgrounds, sidewalks, parking areas, driveways, and sites; and purchasing school buses?
The following is for information purposes only:
The estimated millage that will be levied for the proposed bonds in 2023 is 1.54 mills ($1.54 on each $1,000 of taxable valuation) for a 1.20 mills net increase over the prior year’s levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.21 mills ($3.21 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 $22,795,000. The total amount of qualified loans currently outstanding is $0. 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.)
