It's a sinking fund that would raise roughly $10 million over the next 10 years for the Haslett Public School District.
Money from the sinking fund would go toward maintenance and upgrades planned for several of the district's facilities, said Superintendent Mike Duda.
"Just like any other facility, you need repairs after a certain amount of years and wear and tear," Duda said. "We're looking to maintain the facilities we currently have and stay on top of some of those repairs and renovations that are needed on a yearly basis."
The planned repairs and renovations include the resurfacing of parking lots, replacement of roofs and air conditioning HVAC units, upgrades to playground equipment, and renovations of the high school's performing arts auditorium, which will account for one of the biggest chucks of spending.
The auditorium alone is a $3 million project, but the sinking fund can only pay for roughly $2.5 million of it.
"Twenty years ago when that facility was built we had to make some cutbacks in some of the things we were going to do because we didn't have adequate funds," Duda said. "So, 20 years later, we're looking at trying to provide those upgrades at the point."
Parking lot resurfacing will cost roughly $1.8 million, while rooftop repairs and HVAC upgrades will cost around $2.4 million.
This new levy is a proposed increase of an already existing sinking fund the district has that brings in around $400,000 annually.
The new 1.25 mill increase would add roughly $600,000 in additional revenue for the district each year and would costs the average homeowner of a $100,000 home an extra $125 in taxes each year.
Duda said it was a better route to take than having the district issue a bond to raise the funds instead.
"This is pay-as-you-go, so we'll be receiving the funds on a yearly basis and we'll be using them accordingly so the general public knows exactly how those funds are being used," he said.
Duda said the sinking fund also offers added transparency because the money can only be used on "brick and mortar" maintenance and repairs and not for things like wages, furniture or technology purchases.
The millage proposal will appear on the Aug. 6 ballot.