VANDERCOOK LAKE, MI – Voters will soon decide if they want to allow Vandercook Lake Public Schools to borrow just shy of $20 million from the state to improve school infrastructure.
Voters are being asked in the general election Tuesday, Nov. 4, for permission to borrow up to $19,995,000 from the state to pay for several major capital improvements to the district’s infrastructure.
Approving the bond, funded by the School Bond Qualification and Loan Program, would increase the current millage rate for residents in the Vandercook Lake Public School District area from 3 mills to 7 mills for 30 years, or until the loan is paid off.
One mill is equal to $1 paid in property taxes per every $1,000 of a property’s taxable value, roughly half of market value. As an example, a Jackson County re