Updates on the 2018 Bond will be posted to this webpage throughout the course of the project.
Bond Update as of 10/14/19
EXPLANATION OF ON HOLD PROJECTS:
Bids for the construction of the new band room, drama space, weight room, and wrestling room all came in well over the original budgets and are currently on hold due to the following factors:
- The construction of the new band room, drama space, weight room and wrestling room directly impact the progress of the other
- The new weight room cannot be completed until the new band/drama room is complete; the new wrestling room cannot be completed until the new weight room is complete
- The new band room cannot be completed until a final cost estimate is in line with the original proposed budget or board of education approves an increase of additional expenditures for these projects.
All projects under this Bid group have been reviewed for cost reductions, and design changes. New drawings have been provided to the district’s general trades contractor for updated estimates. Once the district receives the new cost estimates, a recommendation will be submitted to the board of education for approval.
Bond Ballot Language
Lincoln Consolidated School District Bonding Proposal Shall Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, borrow the sum of not to exceed Twenty-Five Million Dollars ($25,000,000) and issue its general obligation unlimited tax bonds therefore, for the purpose of:
remodeling, equipping and re-equipping school buildings, including for security purposes; erecting and equipping a new field house at the high school; erecting, equipping and furnishing a new indoor training facility; acquiring, installing and equipping or reequipping school buildings for instructional technology; purchasing school buses; and preparing, developing, improving and equipping playgrounds, athletic fields and facilities and the site?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2018, under current law, is 0 mill ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.72 mills ($1.72 on each $1,000 of taxable valuation). The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $10,918,018 and the estimated total interest to be paid thereon is $32,090,282. The estimated duration of the millage levy associated with that borrowing is 27 years and the estimated computed millage rate for such levy is 7.35 mills. The estimated computed millage rate may change based on changes in certain circumstances. The total amount of qualified bonds currently outstanding is $90,370,000. The total amount of qualified loans currently outstanding is approximately $12,905,749. (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