- “Homes for All” County-wide Proposal looks like this on the ballot:
For the purposes of funding housing programs in Kalamazoo County, shall the constitutional limitation upon the total amount of taxes which may be assessed in one (1) year upon all property within the County of Kalamazoo, Michigan, be increased in an amount up to but not to exceed 0.75 mills ($0.75 on each $1,000 of taxable value) for a period of eight (8) years (2021-2028 inclusive), to provide rental subsidies, permanent housing and related supportive services for residents of Kalamazoo County? if approved and levied in full, this millage would raise an estimated $6,375,000.00 in the first calendar year of its levy based on taxable value.
- “Oshtemo Sewer Proposal” looks like this:
Shall the Charter Township of Oshtemo issue its capital improvement bonds in one or more series in the not to exceed principal amount of $10,000,000 to pay for costs associated with extending sanitary sewers and related road and other improvements within certain parts of the Township?
PURPOSE OF BONDS
The Township’s capital improvement bonds (the “Bonds”), if issued, will pay for costs to construct extensions to the Township’s sewer system including, without limitation, sewer system extensions in Whitegate Farms, Fairlane, and Skyridge Plat including Meridian Street (in entirety), Sunset Street (in entirety), Beech Street (in entirety), 7th Street (West Main Street to South of Cross Country Drive) and West Main Street (8th Street to Township Hall west property line); together with new roads and other improvements and appurtenances including, but not limited to, sidewalk and shared paths installation, necessary easements, rights-of-way and interests in land, and the expenses of Township engineering, legal and financial consultants (the “Project”).
The Bonds will be issued by the Township to evidence a long-term, low interest loan (at a maximum rate of interest not to exceed 2.375%) from the U.S. Department of Agriculture’s Rural Development agency. The Bonds will be outstanding for a maximum term of 40 years.
SOURCE OF REPAYMENT OF THE BONDS FOR THE PROJECT
The principal of and interest on the Bonds will be payable from revenues of the Township’s Sewer System and/or the Township’s General Fund, other legally available funds ($250,000.00 pledges toward new roads) or a combination thereof, and will be a general obligation of the Township secured by the Township’s full faith and credit and limited tax pledge, within applicable charter, statutory, and constitutional tax limitations. The Township does not reasonably expect that it will be necessary to levy any additional taxes to pay the principal of and interest on the Bonds and the Township will not have the authority to levy additional taxes to pay the principal of and interest on the Bonds over presently existing Township millage limits without a vote of Township electors.