Dearest reader,
Well, this one is a little different.
Lady B has spent quite a bit of time lately digging through Form 3881s for school bond proposals.
But Freeland Community School District has a $21.2 million bond on the November ballot, and there is no 3881.
Why?
Because Freeland's own financial documents identify the proposed bonds as "Non-Qualified."
And that sent Lady B down a slightly different rabbit hole.
In response to a FOIA request, Freeland produced its project-cost summary, millage projections and proposed repayment schedules. The numbers estimate:
$21.2 million borrowed
Approximately $9.72 million in interest
Approximately $30.92 million in principal + interest
Payments extending into 2048
Now, before anyone gets excited: the absence of a 3881 does not mean Freeland forgot to file one. These bonds are being proposed as non-qualified bonds.
But here is where Lady B's spectacles come down a little.
After looking at what goes into the state qualification process, I have a different question:
What does that process provide? In documentation, review and scrutiny, that Freeland voters will not see with this proposal?
Because whether the paperwork is called a 3881 or something else, taxpayers are still being asked to authorize $21.2 million in debt.
And according to Freeland's own estimates, that becomes roughly $30.9 million with interest.
No accusation.
Just a different kind of bond, a different process...
and another breadcrumb worth following.
With receipts and respect.
#LadyBudgetdown #FreelandSchools #SchoolBonds #MichiganSchools #WithReceiptsAndRespect #freelandcommunityschools