Comments on: AAPS to Float February Tech Millage http://annarborchronicle.com/2011/08/22/aaps-to-float-february-tech-millage/?utm_source=rss&utm_medium=rss&utm_campaign=aaps-to-float-february-tech-millage it's like being there Tue, 16 Sep 2014 04:56:38 +0000 hourly 1 http://wordpress.org/?v=3.5.2 By: Steven Norton http://annarborchronicle.com/2011/08/22/aaps-to-float-february-tech-millage/comment-page-1/#comment-71296 Steven Norton Wed, 24 Aug 2011 03:43:29 +0000 http://annarborchronicle.com/?p=70445#comment-71296 Yes, we are currently paying a millage to retire the bonds approved in 2004. The millage rate is calculated each year so that it is sufficient to redeem maturing bonds and make coupon (interest) payments each year. The bonds approved in 2004 were actually sold in three series, in 2004, 2006 and 2008, with varying maturities. The last bonds of this group will come due in FY2029, 25 years after the project started. However, the required payments (and thus the millage level) will steadily decrease until that time.

We are also currently retiring bonds issued in 2003; the last of those bonds will be repaid in FY2014 at which time the portion of the debt millage dedicated to retiring those bonds will expire.

]]> By: Jack Eaton http://annarborchronicle.com/2011/08/22/aaps-to-float-february-tech-millage/comment-page-1/#comment-71195 Jack Eaton Mon, 22 Aug 2011 19:26:43 +0000 http://annarborchronicle.com/?p=70445#comment-71195 Jennifer, thanks for this report on the school board meeting.

“If approved, the millage would pay for a bond that would fund upgrades to equipment previously purchased with a 2004 bond…”

I am unable to discern from the article whether we are paying a millage to retire the 2004 bond and if so when that millage would expire.

]]>