Okemos Voters to Decide on $0 Bond Proposal

By: News 10
By: News 10

"So it's kind of like refinancing your home. an analogy might be that instead of a 20-year mortgage you turn it into a 21-year mortgage, and that essentially is what this does."

-- Bob Clark, Okemos Schools Finance Director

When voters in the Okemos school district go to the polls on November fifth they're going to see an unusual bond proposal. Because of a technicality the ballot is going to say it will raise zero dollars. The district wants to borrow another $7.5 million and extend the payoff by another year. That's why the bond wouldn't raise property taxes from the current seven-mill rate. Okemos Finance Director Bob Clark tells wilx.com it's like refinancing a 20-year mortgage into a 21-year mortgage. If approved, the district will use the money for remodeling, new equipment, new buses and security enhancements. The property tax rate for debt pay-down stays at seven mills no matter which way the vote goes.


WILX.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 229195431 - wilx.com/a?a=229195431