Bond Application for November 5th 2019 vote.

Lapeer Community Schools Bond Spending

This is the Bond Application that Lapeer Community Schools submitted to the Michigan Department of Treasury. This was supplied from LCS via FOIA request. As of 6-27, approval by the State Treasury was pending, but expected. The state has 30 days to approve it. This is the detailed plan for how the LCS bond money MUST be spent. Once approved, this bond money can ONLY be spent for this project as stated on the bond application.

Lapeer 2019 Bond App 6-26-19 by on Scribd

Options that the L.C.S. Board of Education had to choose from for the November 2019 Bond Proposal...

  In early March, the Lapeer Board of Education voted to put a $94.9 million bond proposal before the voters in November of 2019. Although we do not have a total breakdown of the spending on all items and buildings, we do have the options that the L.C.S. Board of Education had to choose from in coming up with their proposal. The following document is exactly what was given to our Board of Education members when deciding which options to include in the bond. This will give you a very accurate picture of just how much various items and options in the bond would cost. The final bond application that L.C.S. submits to the Michigan Treasury will have the final numbers which the district must adhere to. It is as of yet unavailable.

  This information was obtained in response to a F.O.I.A. request sent to Lapeer Community Schools.

LCS Itemized Bond for Discu... by on Scribd

Current and Future Interest Owed on 2007 L.C.S. Bond

    The document that follows shows what we currently owe in principle and interest, as well as what the amounts for both will be going forward until the debt is retired in 2037.

2007 Bond Millage History 2 by bdcarpets on Scribd

Why the mills we pay for the LCS 2007 Bond have changed and gone up.

   As was part of the team that worked for the 2007 middle school bond, I remember that one of the biggest selling points was that the millage rate was going to be the same as the sinking fund which was expiring. That was a 2.2 millage rate. But beginning with the financial  crash in 2008, Property values fell. Just as in a mortgage or car loan, you have to make your payments. As a result, the millage rates that Lapeer School families were paying had to increase. That rate peaked in years 2012-2015. Millage rates increased 0.8 mills to a total of 3 mills. Property values have come back in recent years, and our millage rates have been adjusted to 2.75 mills. This could happen again given our unsure political climate. The new proposed L.C.S. bond proposal would add almost $100 million to our debt.

2007 Lapeer Community Schools Bond Millage Rates History by bdcarpets on Scribd

More background on LCS spending and past building projects in elementary buildings

       Among the more interesting spending information in this document are the costs of some of the LCS spending projects that were done just a few years ago at our elementary buildings. While prices have undoubtedly gone up, Even if you were to triple what was spent, we could do tremendous things with some of our current elementary buildings and not spend a hundred million dollars to do it.
Some of the most notable projects have been;

• Lynch Elementary 2006 -  New gymnasium / 6 new classrooms / parking lot work. Total cost $2,749,000.00
• Murphy Elementary 2004 - 4 new classrooms Total cost $1,137,000.00
• Turril Elementary 2004 - 10 New Classrooms / New Gymnasium with Kitchen. Total Cost $4,092,000.00
• Schickler Elementary 2006 - 8 new classrooms / Parking and bus loop. Total Cost $2,412,000
• Maple Grove Elementary (Currently being used by Community Mental Health) 2006 - Expansion of Cafeteria / Office expansion / New parking lot $1,031,000.00

   So for $11,421,000 dollars, Lapeer Schools added;

• 28 Brand New Classrooms for our Elementary kids
• 2 Brand New Gymnasiums (one with kitchen for lunches)
• Expanded 1 cafeteria
• reworked/repaved 3 building parking lots

   Assuming that these classrooms can accommodate approximately 30 kids, that is 840 kids who got BRAND NEW  classrooms for $11 million. As the new bond proposal is supposed to address problems in our elementary buildings, and the new Lapeer Elementary will hold approximately 1200, we could build New classrooms in some of our buildings that are in the best shape for a fraction of what this proposal would cost.
(This document was obtained through FOIA fron Lapeer Community Schools)

LCS Sinking Fund and Bond Expendatures by Building by bdcarpets on Scribd

Some basic history of where and what Lapeer Community Schools have spent funds on facilities.

 

   Now that the Lapeer Community School Board has passed the resolution to put before the voters a request to approve funding nearly $100 million dollars for the building of a new high school, closing virtually all elementary buildings, re-purposing the current Lapeer High School to become the "New" Elementary School for our entire district,  and investing in other buildings as well. LCS voters need to know what, where and how our district has invested its dollars in the past to determine if this is the "fix" for our district  for the next 50 years as some have suggested.

   Starting with the passage of the sinking fund for the 2.2 mill sinking fund, through the Middle School Bond passed in 2007 (a continuation of the 2.2 mills (No taxes were increased), here is a complete list by building of how much money Lapeer Community Schools have spent on individual LCS Buildings. The costs are broken down and have totals from both Sinking Fund and the 2007 Bond Expenditures. This is the list of currently operating schools and facilities only and does not include Maple Grove elementary which has circumstances unique to that building, which LCS still owns and leases to Community Mental Health. This document was obtained through FOIA from LCS.

Bond and Sinking Fund Expen... by on Scribd