Title
Public Hearing and Adoption of proposed ballot language to repurpose expired or expiring debt millage for local roads
Body
Resolved, that the Rochester Hills City Council hereby approves placing the following Proposal on the November 6, 2012 General Election Ballot:
BALLOT QUESTION
Re-purpose of Drain Bond Millage for Local Roads
Shall the City of Rochester Hills re-purpose and replace expired or expiring drain bond millage of 0.4855 mill with a tax levy of up to 0.4855 mill ($0.4855 per $1,000 of taxable value) on the taxable value of all property assessed for taxes in the City for 7 years, beginning in FY 2014 and continuing through FY 2020, inclusive, to be used for maintenance, repair, rehabilitation and reconstruction of local roads and streets and to provide a source of matching funds to support special assessment and grant programs for local roads? If approved, this proposal will not raise the overall City tax rate and will provide an estimated $1,408,010 if levied in full in the first year.
____ Yes
____ No