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.

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