Cfié‘S'EGAL APPRAEAL OF BQWiNG: PRACTICES EN MIWIGAN PUBLIC SCHOOLS Thesis For “we Degree 0* Ed. D. MICHIGAN STATE UNIVERSITY Leslie Fenner Greene 1957 '1 HF‘JS This is to certify that the thesis entitled A Critical Appraisal of Bonding Practices in Michigan Public Schools presented by Leslie Fenner Greene has been accepted towards fulfillment of the requirements for Ed.D. degree in Administration Major professor Date July 31% 1957 0-169 mF-wg “a, - \’ yd ~é 'r ‘k t Y- I 1‘ . .4 .‘ . .‘ I I4 ’I ‘ ‘ . .. L' _' _‘ ‘ ’ ' i 93““ 5- WW" 1435”. .;. . ' _ ‘ . lo .- ‘|‘ :_‘\.‘. O t‘ltx‘ . ‘ L - t‘? [Ox ‘ i ~ .‘ M: . 1 .l a“ ‘i v v_- . fl 1 - . v . . 'v ’ c ' 311.: I §1 53"."- -. f", . ‘ ~- ClITICAL “>me or BONDING , .' w» :ch rucncn m mama»: punuc sermon 5 I . . -~h0- . , : AVKI‘HJWLEDC in). 7'5 ‘ 4 tom YERREILI a z o a film . Tho writer wuhcs to xyl'eg’mvgrw . w: ma - YflZIGVLfl (bl? received in making 'k. . ' jun. h" i. ‘- ‘4 N. Carl Gross, (j. V .’~’.|Il.‘.ic; ant H; rrv fiunfic‘o.“ By - t‘e membe L'H pm‘Qofivf r .nv ‘IA tlu- awn”. 13-110 rennet Greene attractive criticmmu. Spec-u! bcxc:..rlad3¢-.uc n: m3 . f , “.to Dr. William Roe. Chaim-u: n: (In me‘ “a encouragement. guidanco, .9" Mason. “blur of m M\nicipa1 Advisory Cows) C'NQ J1 NI "I. . a; M Titan. school bond anornoy'oiJ-Ifiin‘. m |l -.'. ll , Whip!!! in a.“ material and agar-u- “norm other: contributed in any any. and .‘Iuhittcd to the College of Education ~ H sea-«mmwwumua' ['0 ” 36cm: or mum ' ”ww- . . (a; . . . - - A _ 4.3,. .1 LIBRARY Michigan State University 1". A RSTRACLT I '9’ 'l Shi- n. _. ‘ '5 Wiwctclsing manner of bond 55:10» N \. .5, MlChl‘An “I ”cesoitates t stud» of the nia’ an : Michman ACKNOWLEDGEMENTS .-. “0 factors alieciin? tue t‘oct inh‘rami tail. '1! '7 {up m'uamxemcn.mmzm on. udumnang an. .my. nu. J. mu Weiss-91:9“- W m armada-IL hu'tptiwm Wuamxam.Wu WhWAu-am “a”. ' wamhm- :5 'n‘ memmuunu :3 ” ammwwam- .W ennui-Mimi it '51 '_ ,l‘ ' “hot bond inauosi . Mu... andjdata. The writer a: "unsigned mils-Iron: the Municipal Fin-mun Wu. 7 Gannon. bonding companies. -‘1~m. a hurry; lawm- and Hoes-man. and“ “his. Pads» a '«o ABSTRACT 'L ”I" marnw.:,~ .., 9'; 5 'I ”mm“m 'mflriof bond issues facing Michigan ‘ ’ . I .M ace-sinus a study of thehintoryof Michigan .‘é‘ -~ .5 , afieflctorl affiecting the not instant-colts of 'v " . ,ma-mctu the. 1955 Con-titutionll Amendment upon:- (a. Mendelian-cur. ' -~ . '-.~ 5., I 1 I I \ ..Wmfi the problem. -. The put-pone in: (1} to relate t” ._ __ i - fluidly-lime: the chancteriuice of Michigan Ichool " 5; awe-:mmtu the inc-tori um affect the us mm» .. . i. i i .. ate-determine thezmtui'ntmehoolheuding u rca . ‘ " ' tinsmutuuom.Am.udmont.,. z- i in ..W¢,b£>m study; l'I-‘he hex-emulated mes-ber- . 4, i . flushed 1w: ms'potuntial.hmd!icmtthnn .. . 7, 'dfiiflmmmy.zbh:m d iii-potential demand, it w c.._.' A”: li'f A n‘. i . . i ' u ..mmt chollhtricuhecogninutoftho : . ~ ”Whom! illuelu . . '1”ch wind: data. The writer investigated ' ‘ ”wreath Municipal Mme 'Gommiuion, Mew hudid‘aompanieu. mum... «whygrfitiww Wad“. - ed beckground of Michigan public chol .bond-= . . f. r . '7 7, w 4' (fl 7‘ 7 r — d V I f I . I , F l I l I ' 7 _, . , . l. ) I . r ‘ . ; z I " . - t ’7 l _ ‘ ’7 f . r v- , width“ and Stone. 9' - - ”WWW vat obtained from libraries relative to 5 x , - - mueypyhhaud an the subject. lo ”'“'" " - r t ‘ Wm “yum were utilized to formulate specific. .t' —"4 - ' " ' ~.M'hg¢abearing uponschoel bond issues. LA ‘ ' 1 .u ‘ . m thflchigan “providing only lipservice to the I9 1 ; ' tmveryhchild is entitled to equal educational oppor- p”. ' , education“ function of thevstata. mend hm. ‘ , ‘ ~ ~ ' tely ignored the financial inequities between districts, "h .l ”.4 _‘WWd-ua eerie: tit-expedient enactments .closely e.‘ " ngecnmhc conditioned thev'lhirteea Mill n 3 . . l ‘ mm emptiemmlt providessfernxteneieu of credit, ,‘Wrdyueelm the school-headz—problerac . J a: .‘ ' ‘ uhmwmu-m revealed: that-beards at education L. u . f ‘ an unmacmicieut latitude within the bond issue 1 ~ 1" 'l _ V .. q i _.. ._‘.t I - ~.U~fR£bmuthaapei-centage of affirmative votes 5: 1"; > ‘ me far the bond issue. I , . a “- ‘I * Mum “haematite. the acceptance met} the..- -* "- . unpopular: .vete. h . Th mum-1e: ”latitude . ..f "' 4‘ ,‘2 tan: held that certain conditions related to the bond 1 | L . . ‘ ._ 1: \ L TABLE OF CONTENTS Viemet’ s“. meme-um“. . . . . immuoslaUsudy ...... . . . Wuh‘dhemtedycrme¢ a": . . Wfltermsused .. . . . . ~Wvflfmnhpters . . 1L.mmctsshe problem . . Q j . N WNthymnyu-(o. . . . .{s 11 alilrmatiseuo: to w WMWIQWst . Chucluding grit r'"'1 mun“. ,. .t_ _. MWW“W:IM2.&LV¢ mozwmmmr BL‘N ) .ssm-ts 708 l l 353 ‘2le II ll- ~ 34 33 n n“ n. 9 y '. Wfiwsfisnmwu studies . ‘ mow " . . . :é' Mfapkriqd ‘ 1.111.”. "ax-r. . . . . . -.~nmatwmm:sonnmo. . . . . . 'quwmut ”imam, . . . . . . 3' mi; aways-chammunw Q {us-mm!” aw. . . . . . . . . . . . t : 'ummrmmmmuy-wn. sewn-<2. . ' 0 hi :.":I I. m manna-v un 91.35.51!!! .ww . -i' K‘f. '2 * ~ nut dam» “fouling affirmative. 4’: «WIQH‘MW. ‘ .mdq W m t. . 9‘; . Emit “W of affirmative vote , WW £61115“?de me on I mmmtm‘e‘i‘ffifl. s s s s s s e e e h. metastable-am ”vision "it: 5 WSW? 30.x“? inst" net; cost . . . "‘_ -.“ ' “isms-remnants: “L‘iwm-re’t 99“. n e s x - ~ ~. s e - e {‘1‘ efthscsrtifieates ........ fl 4’ Norseman: mm souncns or . Mil-MGM cramp rum: 0 M 90 AU ”I 101 l ! 1 vi PAGE Cllhble featurelinbond issues . . . . . 102 NET mmr 0031' ON BONDS . . ; . . 106 Marketiagbondewm... 106 Period for marketing bonds . . . . . . 106 Acceptance of bids . . . . . . . . . . 107 Net interest cost on bond: . . . . . . . . III. Ichtionehip of the factors to the net interventcost............ III Interest nte'compnri'eonnf nelected. 9 4 nine: to the national. average . . . . 113 " lehtionehip of amount of in see to net interest COIt of iuue . . . . . . . . ’ 114 . 1 lektienthip of number of bids to net. tnte-reeteelt -. . . . . . . . . . . . 111 , -lelttionehip of debt to valuation- ratio on ”interestcoet . . . . . . . . . . 131 1 Percentage of albbb‘bemdl and fithnehipto net interest cost . . . 124 | ' I d I . ' v. I - . . . ' .R - I D. O . - C 4-?“ ' ' .'.- 3f: ova-1mm“. 1am u relued tenet 4“ f 13‘ '2 a- mu» “w-‘intereetmtw........... 127 ‘J. L: I ‘7‘ w C I I C I U . O O I h I v I O I O C C I o . . u . o o . - . I I I 0 I . O o o . - e e e o . o u - - ¢ . r' / * . I I 7 7 I O I I I I I r e n n o n g . . . - - A I o e e u I a u . _. » r - ,7 . r‘ e u ,, , I r V1111 m Stml'of' ”manna net - ' ~ - E46 Wenlussestcdst si‘:"."=a'-.' ~. -. .._ . -. °. 51% wwaumnewufu m - '. . fl" concmw dEL‘k’N'M‘flVil‘JNfi. . 1% ' Mtge of tea: collections versus: . v. ‘- 6‘3 Recc~2W=tost.....-.z-.-.~. I” t mum: of surplus taxable years on - :7 ‘ - .utinterestcoct , . . . z. t b s 5 -. I” Bucentlge of affirmative vote versus , _. utinterest cost . . . . . . . . . . 131 ‘ 'Aflomys employed versus net ht.nstcut...'......... ‘13: «lehtton of entrant-ted mmlge end “interestcost . . . . . .. . . . . 135 ‘ MM ”Maltese menus net l.’_vilterestcost............ 13‘ mm of actors effecting not z..«htsreetesst..-.......... I“ _T , ‘3’ ' I ITATUIOI ICIOOLW. . 140 4' ‘Lhmmemm......... MI .- "3:“quth . . . . . . . . . ' I“ .‘\;I'-:L\ 2;: ‘3'". A“ a, 1 ‘1' 9"; K" | \ t LIST UF TABLSS -Weeetthw . . .... Wen...» Imdedonebt. cine: - enment..¢qs~§eqs .. an”. 1927 J. _aWtYldde ..z‘....... e . D 34;! ‘fi ' '_.-m bu Low-High man My.“ I": :1 ‘V L ..I‘. Lu ' hr timid In“ mum.m.~ . . . hdttoomuwmm . . . . hilt-Mm“ was! mono . s hdthmmoo "...". . . . . I‘ hub-Nfidouhuodmt. ‘ «mum. ell-es... ....... “-1.“. are. wammmmm... ' WW5 (-"MJ’Olf A1" rage Weekly Bond rm ‘Wwa s Rehbed- to: thn 9 Q “to! the-Type d Bondsd Sci-001‘ Dad: 9 £7: m1 Avmge Yearly Muicip‘tlt.‘ . PAGE 14‘ P Aléi: 157 2% 1“ 1‘9 I d“ I“ {fit-9 19.- ‘191' --..J _L --..A.- _ ( _. - , l I 1‘ . . 'I - “I r . ' '. . a'.‘ x l W . " to ._J .l'l - LIST OF TABLES Annlylit of Growth of Bonded Indebtedness, \‘ 'flc’lmol Districts of Michigan, 1863-1955 Analysis of School Bonded Debt, State hustled Valuation a: Related to Population :‘udEurollment....... Anlylil of the Type of Bonded School Debt lines 1927 National Average Yearly Municipal Bond WetYieldl . . '. . . . . Twenty Year Ave rage Monthly Bond Yield Twenty Year Low-High Interest Analylii ”Heathen . O O O 0 O O O O Imetof Less Than $100,‘~000 . .« has: of $100,000 to $499. 000 km: of $1, 000, 000 or more . . J V .. M. of. nob“: to Valmuoullatio of lafibr M0136 -- o o o o o o e o o Minibar: to Valmtiion Ratio-oi 5%0rheu......... G bu PAGE 184-5 186-7 188-9 190 ‘ 19! 192 193-96 197-200 201-2 203 204-6 2074 PAGE mindset: of National Ave rage Net of;- «hutcit Cost to Bond Ilene: With Debt latte Greater Than 10% . . . . . . . . 209-10 menon of National Average Net Lgum ‘f' Interest Cost to Band lune: With Debt ”ti. Of 5% or In“. 0 o o e e‘ e e e e e 211 IV. muotlhip of Net Interelt Cost to Per- VI. flame of (33.1115th .. .. . . . . . 212-6 m Ana-1111: of 22 Bond Issue: July 1,1954 to July-27,1955......;...... 211-24 am Myth, of 20030111. have: Julyl, 1.9-5.4 to . I c 41‘ ' QM, myz7,1955.............. 225-9.. m Percentage of Affirmative Vote. Intereeted 5"- ‘ . ‘f‘y (Janus. Bidders, and‘IntereItRate . . . 230-4 . " Norm-rent CostVel-ieelithmlflchedule, Comparison of Two Bide ., ._ ., . . . . . 109 ' _ Won-Average Net lateral: Celt to ~ Wzoiheue . . . . . . . . . . . . 116 . “when Average Net Interest Cost to Nmberafnidl Received . . . . . . . 118 flux-Year Average Tax Collection: . . . . 130 i J ! i 1 4 J i PAGE .I'ime Specified for Legal Opinion: 134 i3 Unlimited-tax Bond- Qualified and Not C4 -'"*V.Qialified, Sold but Not Delivered Pending 9~'-'Bup’reme Court Decision . . . . . . . . .235 , 11336115: Marketed - Debt in Excess of 15% '7 Valuation Could Not Legally Have Been ," 'M*-"isupr1or-to19551413111101: . . . . . 236-7 . Richig'anflchoel Bonds Marketed "1 Eek-Imam 1,} 1955 to January 1, 1957 . . . 238-57 ' 3:1! mm” 1, 19551» Ju1y 1, 1955 . . . . . 23.3-42 EV». Lin my 1, 1955 to Januaryl, 1956 . . . . . 243—1. ' ..,Jamry11,1956w1u1y1 1956.. . . . . '248-52. .. harm-1, 1956 to January 1, 1957 . . . . . 353-7 ‘Wfim Michigan School Bond: to Two ‘ 1,11} i F n .a chNationnlBothethtereet g ‘5" , . n ,3 -'.' 1 0‘ Awup‘ e ' I e o I ‘e e e e O 6 I I 6 258 .' g . ' 3‘!" ‘ ‘ 1" _1 WW Payment Which Will Discharge a I -.v‘ ‘3 ‘ ' ,. ' ‘ ‘ $1, 000 Bond and It: Interest in any Number 1 A dYearIUpto30 ....... 259-60 1 e u c I e I n . 1 I e I o - 1 n v o o n 9 I n e I I . a a e c e . ‘ n c e I . e e - LIST OF FIGURES PAGE I iMrison, Favorable Bonding to Business "riff . wiiaivity 1861 1956 . . . . . . . . . . . 261-2 mlr“; . r {u-ktio Michigan Valuation to School Bond don ’.- « . ' 1 t -‘ DEM e e o e e e e e e e e e e e e o e e 263 4Add'a7.' ‘o- . Hichigan School Bond Debt to Valuation- -Per :\,; ' ‘2'}. dIC‘K‘ '4. , zi'CapitaComparison............ Z64 . ,: 3233111103 of School Bond Debt to School ‘ o. ' . '. at C ' . ‘ Wtion. O O O O O O O O O O O Q 0 C O 265 ”0110.11.11 ‘W ' ' ' . . . if. wad.Un1mmed, Unlimited Qualified ‘ ;. _:n .Y. I load! -- Average Net Interests Costs. thlf. 7’ JV.“ ' ' -- I. . ° January, 1955 to January, 1957 . . . . . . 266 -' 7' ..t‘i. :ff Mulligan School Bond, National Municipal fisudlv a" 11-;.'-.. = .434. t . load. National School Bond -- Comparison 11mm; "I .~ I 1 01 Average Net Iiittirest Cost, January, 1955 10.1. 1'.'-. - g . tohtuary,l957............. 267 tibc411” - w I v u o...- I 1' ' 1's. ’ 1 1 I 4 -“.“ ..., . v-‘U .. ....-- "SJ JWI; W1: .1 ’ i\:;u:‘ ‘_.—.vw—w—F CHAPTER I INTRODUCTION The people of the United States are faced with the greatest school building program in the history of the country. The national population is currently increasing at the rate of 7, 300 people per day. Added to the high birth rate is the decreased percentage of school drop outs. In 1900, only five out of 100 students entering the fifth grade stayed on to graduate from high school; whereas, fifty-four out of 100 now finish high school. 1 On this basis it is a reasonable assumption that in the future a still higher percentage will remain in school until graduation. The current schoolpopula- tion of thirty- seven million children is expected to increase to approximately forty-eight million by 1965. 2 ' Today, schools are in need of approximately one hundred twenty thousand more classrooms. It is estimated that at least three million, five hundred thousand children are receiving inadequate education because of poor school facilities. More than a half a 1 Every Week, (Columbus, Ohio) Vol. XXII, No. 11 November 75, 1955, p. 82. 2 Loc. cit. million children are on half days or swing shift sessions. 3 The November, 1955, Washington White House conference listed the shortage of school classrooms as one of the majorcrises facing the American public. The perusal of almost any current publication reveals an article pertaining to the need for additional classrooms. The need is so urgent that it has been termed by many distinguished authors as "Today's Crisis in Education". Michigan is not exempt from the national problem. The state enrollment in public schools has increased from 946, 627 in 1945 to 1, 296, 558 in 1955.4 By 1960, an estimated 1, 636, 608 students will register for an education in our schools. This will be a gain‘of over 73 per cent since 1945-6, a period of only fifteen years. 5 Michigan's problem is becoming increasingly acute. Many school districts that have previously erected new structures find tut by are not sufficiently large to house the increasing enrollment. High school districts as well as cities have developed in areas that ‘10:. entirely undeveloped a decade ago. Even the relatively small, 3 fiery Week, loc. cit. 4 Table II, Appendix. 5 Clair L. Taylor, Michigan Public School Building Needs, (Department of Public Instruction School Facilities Survey, 1954), p. 27. 3 remote, rural areas have not entirely escaped the effect of increas- ingscheol population and the resultant need of increased school facilities. An increase of approximately seventy thousand pupils per year in the Michigan public schools during the immediate future establishes without doubt the fact that new structures must be erected. The erection of these needed structures involves enor- mous capital outlays. The capital outlay becomes even greater be- cause casual observance reveals that there is a direct relationship between the economic cycles and the birth rate. That is, there exists a parallel between the need for additional school facilities and the cost of the construction of those facilities. Neither boards of education nor administrators have been very successful in obtaining permission of the electorate to erect new building facilities prior to the actual impact of increased enroll- ment. The general pattern, on the contrary, is that the electorate will support the building program only following the experienced nub The school district then is confronted not only with the need for additional facilities, but also the problem of paying a relatively highdollarfor value received. ‘ School districts are relatively helpless in controlling socio- economic» cycles and the corresponding building needs and costs. .7 , ,7 .7 , . r r 3 fl _ . _, _ . _ c . r ‘ A _ ' . , ,. . i > . . '7 - e .i ,, ... 4 They can erect less expensive buildings, but they can not change the btdlding index costs. There are two general approaches to raising funds for this large capital expenditure. A district may be so fortunate as to have a taxable base sufficient to provide new school facilities on a pay- as—you—go basis. Unfortunately, most school districts do not enjoy this enviable position, and are forced to obtain revenue through the sale of bonds. Such bonds constitute a lien upon the school district for a specified number of years. The "bondee" (school district) agrees to repay the principal, as well as the interest charged on the principal, according to the requirements provided in the issue. It becomes extremely important then, that the bond issue contain these provi—. sions that make it most advantageous to both the buyer and the seller of the bonds. .. . Such mutually beneficial provisions are not limited solely to those conditions that exist at the time of sale, but should also predi- cate any economic condition that might present itself during the life of the issue. No one can predict accurately what the economic picture will be ten, fifteen, or fifty years from today, nor is it the pupae of this study to attempt to do so. However, it has been ob- md tint if, in the past, additional precautions had been taken and 5 a more thorough analysis made, bond issues could have been provided that would have been more beneficial to the school program and the school district. It has been observed that school districts utilize a multitude of methods in developing bond issues, and that there exists a considerable degree of variance in these bond issues. Some school districts re- ceive favorable interest rates, while others pay considerably higher interest rates. Although the economic variables greatly influence the bond interest rates, it is reasonable to assume that not all of the difference in rates is the result of these variables. Some of the vari- ance is the result of the manner in which the bond issue is framed. Closely allied to interest rates is the flexibility of the issue . itself. No school district can foresee all of the intangibles that may or may not present themselves during the interim that the issue is in effect. School district profiles are constantly being modified or chnged in some way. An issue that may appear to be plausible today, may prove to be somewhat impractical within as short a period as two or three years. A school district, therefore, should be aware of the possible pitfalls in formulating a bond issue. Further, a district should provide as many foreseeable alternatives as possible, thereby providing insurance under varying circumstances for the most feasible means of retiring the obligations. I . f .i ' \4 \ V, I A ' ‘ " . .’ , I‘ 7 . m y a V i e, I I ‘ (— - l n - ~ _ a ,- - fl / r e i __ . - A .4 'H ' .' r .' 0‘ a » - x.. 4 , ‘- i f , , , V , I . . . r - . , n ., f x V 1‘ ’ ’17 _. _ . _ _ . e~ - . I , r r’ m \ , u v .. r r» 7 . . ,. a .1 -, k s . . , - , A r In Michigan, the ability of a school district to build school buildings is dependent on the total value of real and personal property in the district, the amount of building funds on hand, and the existing capital outlay indebte dnes s. 6 Even though the state as a whole showed an ability equal to 151 per cent of the total school construction need, and a surplus of 331, 000, 000 dollars, the situation in many of Michigan's school service areas is financially unfavorable for new bond issues. 7 The Department of Public Instruction School Facilities Survey reported that one hundred seventeen service areas, or 22 per cent of the 524 reporting districts, showed building needs in excess of ability. 8 The condition has been rectified in part by the adoption of a Constitutional Amoubnent which facilitates the ability of many a school district to obtain needed funds for school housing. 9 The 117 districts are now able to extend their credit sufficiently to meet the building need. The role of the school bond, however, has by no means dintaished as an aftermath of the adopted amendment. Instead, the need for better understanding of factors involved in school bondingis ‘ bide, PP. 27-90 7 Ibid., p. 32. 8 Loc. cit. 9 State Constitution of Michigan, Section x, Article 27. f N of greater significance than ever before. The fact that it is now possible to bond and tax a school district for a period of thirty years, intensifies the need for a study of the ramifications that effect the subsequent cost of a bond issue. This study, a critical appraisal of bonding practices in Michigan public schools, is based on the following hypotheses: I. That certain factors related to the bond issue affect the average net interest cost of the issue. 2.. That bond issues often are not provided with sufficient flexibility to adapt to the ever changing socio-economic conditions. 3. That the failure of the school district to provide bond issues in light of the preceding hypotheses can result in inconven- iences as well as financial loss to the school district. 4. That every district, due to its own variables, should provide its individual bond issue. However, there are certain factors that are applicable, in a degree, to every school bond issue. 5. Michigan school bond laws have developed as a series of expedient enactments, closely allied to temporary economic condi- tions, rather than as a result of adequate re search and far-sighted planning. 6. That the 1955 Constitutional Amendment provides new avenue of approach to the bonding problem that may or may not be n . . , . .. I s ' ’ . 1’ " A l I. a ...~ < -.— h-- J.‘ beneficial to every school district in the state. 7. That revision or change in the bonding laws of the State of Michigan could improve the school district‘ s ability to provide the necessary housing for school children on a more equitable basis. I. THE PROBLEM Statement of the problem. It is the purpose of this study: (I) to relate the legal-historical background of Michigan public school headings; (2) to determine the general characteristics of Michigan school bonds and the effects of those characteristics as related to the school board, the public, and the bond buyers; (3) to debrmine the factors that affect the net interest costs of the bond issues; (4) to determine the status of school bonding as related to . the 1955 .Constitutional Amendment. Pinportance of the study. The State of Michigan is faced with a tremendous school building program. It is generally agreed that pay~as-you-go is gene rally the be st and most acceptable program. However, most school districts are in the financial position that it is either impossible or impractical to build without the issuance of bonds for the purpose of raising construction funds. " The magnitude of the present bonding programs is revealed 51th number of recently approved bond issues. The Michigan " 9 Municipal Finance Commission approved bond issues in the amount 0! $345, 888,030 in the period of January 1, 1950, to July 1, 1955. Of this amount there were 210 issues approved in the amount of O The November $74, 772, 325 from July 1, 1954, to July 1, 1955. 1 issue of the American School Board Journal reveals that in the single month of August there were $8, 165, 000 in school bonds sold in the state of Michigan. The diversification in the amount of the issues, length of maturity, and rates of interest, implies that there exists a multitude of possibilities in providing and marketing a bond issue. The bonds approved in the fiscal year ending July 1, 1955, 11 Varied in amounts from $3, 150 to $7, 250, 000. Maturities ranged from two years to 25 years, and interest rates differed frei'n a low. of 1 1/2 per cent to a high of 4 per cent. The variance in interest rates among issues of similar nature and physical qualities suggests that, in addition to the bond market, there exists criteria that has a direct effect upon the in- terest rate. In addition to the need for providing the most favorable 10 Municipal Finance Commission files, Lansing, Michigan. 11 Bond issues approved by Municipal Finance Commission, July 1, 1954, to July 1, 1955, Research Department, Michigan Education Association. .‘n 10 interest rates possible under the existing circumstances at the time the bonds are issued, there are other important criteria to be exam- ined such as the tax levy necessary to meet obligations, length of issue, type of bond, and particularly the flexibility of the issue. The profile of a district is in a constant state of flux. Econ- omic cycles do occur, and if the issue is not sufficiently flexible, the effect of the bond issue could conceivably range from hardship to disaster. The converse could likewise have a serious effect. The 1950‘s have been a relatively prosperous period in Michigan history. The growth of expenditures has resulted in approximately the doubling of property tax. School districts that failed to foresee and provide for this change in property valuations. and expanded growth, and did not provide for flexibility within the bond issue to provide . for such economic change, wrought a hardship to the community and the educational program. The variety of situations, rates, types of bonds, relative infancy of the school bond program, and number of court decisions, all bear testimony to the fact that far too little is known about the subject by school officials, even though public school borrowing is a widespread practice. There has not been any research in the field of recent and current school bond practices in the state of Michigan. It was, therefore, advisable to make a study of previous issues as a means - .4155. 1 l of. determining some of the practices, and the resultant effects of these practices. The results of such findings could provide suggested criteria for the improvement of future bond issues. It is believed that this study can provide valuable information and data that will aid school districts in analyzing their particular bond issues, and thereby provide the necessary facilities at a reduced cost and with- out. curtailment of the educational program. Limitation of the study. A complete appraisal of school bending practices and the effects of these practices, involves many facets. A study of all these factors and the subsequent findings would be too involved, too complex, and too difficult a task to com- bine in one study. Therefore, the study is limited to four facets of bonding practices in Michigan (1) historical background, (2) latitude provided boards of education within the issue, (3) factors affecting net interest costs of bond issues, (4) analysis of present status of school bonding. The historical background is limited to (l) a brief delineation of legal status of Michigan school bonding, (2) the history of Michi- gan school bond debt, (3) the average municipal bond yields since 1’15. latitude provided for boards of education involve only those areas of (I) what the money provided in the issue can be used for & mm. re 12 according to the terms of the issue, (2) the leeway that is within the jurisdiction of the local school board in the retirement of the issues, (3) the probable effect of these latitudes upon obtaining public approval for the issue. The factors that affect the net interest cost were limited to these that appear either in the bond issue itself or in the notice of sale of said issue. The study is limited to two hundred bond issues in excess of twenty thousand dollars, sold consecutively after July 1, 1954. It was determined that bond issues of twenty thousand dollars or less be deleted from the study because they can be sold through local ad- vertising, and thereby fall into a different category than bonds in excess of twenty thousand dollars. The Michigan Advisory Council publishes a notice of sale for each school bond issue prior to the date of sale of the issue. The notice contains most of the information pertinent to the bond issue. Although direct communication with each school district might have been pleasant, it was predicted that little if any benefit could be de- rived from such a procedure, as the information obtained from such an expensive and time-consuming procedure would be little if any different tho the information published in the notice of sale. . Factors such as debt to valuation ratios, debt history, and ... 13 percentage of callable bonds could not be isolated entirely one from the other in relation to the net interest cost obtained for a bond issue. Because of the probable overlap, the degree of effect of each of the factors could not be measured except in general terms. The analysis of the present school bonding status is limited, because of the short duration of time during which the present con- stitutional amendment has been in effect. However, it is believed that sufficient evidence is reported to reveal a trend, and to warrant suggestions for improvement. The total study is limited to the existing legal framework. The writer is not qualified to question bond issues in relation to the legality of the issue, or to make suggested changes within the legal framework. Rather, it was confined solely to that area in which the decision making is at least in part within the jurisdiction of the board of education. II. DEFINITIONS OF TERMS USED Certain terms are used in the pages that follow, and the "ways in which they are to be interpreted in the study should be under- stood at the outset. Bonds. Fowlkes defines a bond as "an instrument issued by {temperate body in order to borrow money under expressed conditions ..-’—- 14 of interest and principal payment. "12 Chamberlain describes school bonds as "simple" (or unsecured) quasi-municipal corporation issues for the purpose of purchasing, constructing, and equipping school property. "13 The school bond, according to Rainey, is not a mortgage against the personal and real property of the individuals of a dis- trict. but merely a lien (or evidence of legal debt); thus the pur- chaser has no. recourse at law against individuals in case of default or repudiation. 14 Bonds are issued for long or short terms. Buehler defines 15 a long-term issue as one of five years or longer. Capital Outlay. Capital outlay costs include payments for all labor, materials, supplies, and incidentals used in construction, or the total costs of finished items purchased. School Elector. A citizen of the United States, twenty-one 1.2 John G. Fowlkes, School Bonds (Milwaukee, Wisconsin: lruce Publishing Company, 1924), p. 24. 13 Lawrence Chamberlain, The Principles of Bond Investment, (Seventh Edition, New York: Henry Holt and Company, 1917), p. 103. 14 Homer P. Rainey, School Bonds, (Milwaukee, Wisconsin: Bruce Publishing Company, 1924). ' 15 A. G. Buehler, Public Finance, (Third Edition, New York: McGraw-Hill Book Company, 1948). 15 years of age, a resident of the state for at least six months, and a resident of the school district for thirty days or more is a qualified school elector. If the proposition to be voted upon is one involving the es- tablishment of a lien against the personal and real property of the district, the elector must also be an owner of property assessed for tax purposes. Funded Indebtedness. All indebtedness, including both prin- cipal and interest, evidenced by bonds, refunding bonds, notes or certificates of indebtedness lawfully issued or assumed, in whole or in part, by any municipality as a general obligation upon the municipality is considered funded indebtedness. Oblijations. This is a general term for evidences 'of indebt- edness such as bonds, refunding bonds, notes, certificates of in- debtedness and other like instruments issued by a municipality which on their face pledge the full faith and credit of the municipality and/or are payable primarily from taxes and/ or special assessments. PaLAs-You-Go. This plan requires that a school district levy an additional tax over a period of years to be put aside in a building and site fund. This money is used only when enough has accumulated to meet the cost of the project. - Tax Anticipation Notes. Tax anticipation notes are notes that 16 are issued by a simple re solution of the school board against the next current tax collection. 16 III. ORGANIZATION OF FOLIJOWWG CHAPTERS Chapter Two pertains to the review of correlated material already published. The material covered includes the requirements for a sound bonding program, and the effect of economic cycles on school bonding as well as the state's responsibility in the over-all debt program. Chapter Three is devoted to a description of the methods and procedures used in developing this study. The history of Michigan bonding, including the legal statutes from 1835 to the present, the bonded indebtedness since 1863, and the average bond yields since 1915 are discussed in Chapter Four. Chapter Five is devoted to the areas that provide for latitude in school board decision making that is included within the bond issue, and the subsequent effect of such provisions upon securing popular vote approval. Chapter Six includes those facets that were studied and 16 Betty Tableman, Paflng for the Public Schools in Micggan, (Bureau of Government, Institute of Public Education, University of Michigan Press, 1951), p. 62. C e s _. w, _ _ r s .7 7 ,- , _ . ‘— . _. 9 , 17 analysed in terms of whether or not they had any noticeable effect upon the net interest rates received for the bond issues. The chapter was not limited to those factors such as percentage of callable bonds, debt ratios, et cetera, but also included periods of marketing, legal counsel, acceptance of bid, and other factors pertinent to the interest costs. Chapter Seven relates to the present bonding status. An attornpt is made at this point to establish the present position of schools in relation to the ability to bond as well as to retire the bonds under current legislation. Certain recommendations are made that are believed necessary if districts are to continue to erect facilities to meet the growing needs. Chapter Eight contains the summaries of the study, conclusions, and rec emme ndations. r, -wwv 'rV CHAPTER II REVIEW or RELATED STUDIES I. LITERATURE RELATING TO THE PROBLEM Some justifications for bondiig: It is rather easy to sub- stantiate that no municipality should place itself in debt if such a position can be avoided without the serious impairment of a recog- nised need. This generality is as true for school systems as it is for any other municipality, and perhaps even more so. Unfortunately, the majority of school districts are in such a position that it is nec- essary to enter into some type of loan agreement in order to provide necessary school facilities. It is true that many established districts of long standing could have avoided the current need for bonding, had they had the foresight to provide future building funds during those years that additional school facilities were not in demand. However, whether they could or could not avoid the need for borrowing is of little con- sequence at present. The fact remains that if they need to erect school facilities and the building funds are not on hand, borrowing of such monies appears to be the only solution. The greatest need for borrowing is probably in the newly T—W—h 19 organized local school units and in the rapidly growing districts. Many such areas have to provide a large scale building program within a relatively short time. Such districts are usually of suburban nature where the industrial tax base is generally rather low in rela- tion to the residential tax base. This position, as described by George Lloyd, is financially detrimental to any municipality, and 1 As the area tends to stabilize, the particularly to school districts. need for additional facilities declines, and the industrial tax base tends to increase proportionately. So again, regardless of the rela- tive merits of borrowing or not borrowing, the fact remains that present capital outlays on any large scale can not be accomplished except through some type of loan. Shattuck states that the justification of long term borrowing lies in the fact that the need for capital improvement arises at irregular and unpredictable intervals. 2 This condition is not as apt to develop in the established large communities, as city growth tends in terms of percentile increase to be less spontaneous. The large , 1 George W. Lloyd, Tale Of Too Many Cities, (Published by Detroit Edison Co. ). 2 Leroy A. Shattuck, Jr. , "A Study of the Debt to Prosperity Ratio," Mgnicipgl Indebtedness, Series LVIII, No. 2, (Dartmouth College,- Baltimore: The Johns Hopkins Press, 1940), p. 113. w‘ 20 city is benefited further in that it has a more favorable opportunity to regularize capital outlays, which greatly reduces the need for long term borrowing. In fact, any locality which-is large enough to maintain a continuous building program with fairly equal annual volume, can and should avoid any long term borrowing for school erection purposes. 3 Borrowing has been, and probably will be, one of the necessary evils in most Michigan municipalities for some time to come. Between 1830 and 1870, legislatures were easily induced to approve new municipal indebtedness, and the courts of the state were milised as a restraining agency. 4 Most states adopted con- stitutional restriction during the 1870's, especially after the depres- sion of 1873, as an aftermath of the large number of defaults subse- quent to the Civil War. The problem then of protection of the community from ad- ministrative extravagance and increased public debts is not recent, but one of long standing. Most of the early outstanding debt was for municipalities other than school districts, because, as Halsey relates, the borrowing 3 Arvid J. Burke, Financing Public Schools in U. S. , (New York: Harper & Brothers, 1957), p. 198. 4 Shattuck, op. cit., p. 9. 21 for educational purposes was not a serious problem until the present century. 5 Educational expenditures were relatively small and usually paid out of current taxes. However, increased enrollments and im- proved facilities have caused borrowing inevitably to become a part of the modern school as surely as it has found its way into industry. The question then becomes not so much whether or not to borrow, but rather what is involved in the process of borrowing. Bonding versus pay-as-ygu-go. There are two basic methods of securing relatively large sums of money to finance capital outlay programs: (1) bonding, and (2) pay-as-you-go, including reserve accumulations and current levies. The relative merits of each method of financing have been described in detail by Essex. 6 His findings suggest that neither plan is satisfactory under all' circum-_- stances. Pay-as-you- go tends to avoid interest costs. Bonding ' spreads the burden over a period of years, and is feasible under more ’circunstances than other plans. Paying for each program before the 5 Henry Rowland Halsey, "A Study of Borrowing Practices in the Administration of Public Schools in Florida, " Contributions to Education, No. 368, (Teachers' COllege, Columbia University, N."Y"., 1'9'2'9). p. 68. 6 Donald Essex, "Bonding Versus Pay-As-You-Go In The Financing Of School Buildings," Contributions To Education, No. 496, New York: Bureau of Publications, Teachers' College, Calmbia University, 1931), p. 101. 22 next one is undertaken restricts the pay-as-you- go plan to com- munities that enjoy a large tax base. Only the larger and wealthier school districts have sufficient ' taxable wealth to provide adequate funds for plant construction on an annual pay-as-you-go basis. The practice is sound if current tax— paying capacity is sufficient, but most school units, of necessity, resort to long—term borrowing in order to finance their plant pro- - gram. 7 One observation is that bonding may be cheaper than pay- as-you-go when cash loaned to the district is invested at higher rates of interest than that which has to be paid on the bonds. The fallacy in this thinking is that there is always the danger of losing a part of the principal when high interest yields are given paramount con- sideration in selecting securities for investment purposes, even though the state statutes place limitations on the type of securities in which schools can invest said funds. 8 A second observation that could cause pay-as-you-go to cost more than bonding, or at least to greatly reduce the financial 7 Warren T. White, et a1. , "American School Buildings," Twenty-seventh Yearbook, AASA, (Washington, D.C., 1949), p. 292. I Pfiublic Acts of Michigan, 1951, Act No. 195, p. 248. 23 advantage of pay-as-you-go, is the increasing cost of construction. That is, if school construction is needed during periods of economic prosperity, the building cost index may rise so rapidly that in- creased erection cost as a result of delayed construction can con- ceivably absorb an amount equal to or greater than the cost of bond interest. A third observation is that most school systems, attempting the defensible practice of paying cash for school plant construction, find it necessary to accumulate reserves for varying periods of time. It is extremely important that these funds are carefully ad- ministered, and that money is available for intended purposes at the specified time. Large reserve funds provide temptation for an administration to withdraw funds from the reserve for purposes other than originally specified. The possibility of such misappro- priation of funds, as well as the possible legal loss of funds, has caused Linn to suggest that even short time accumulations are not generally advisable. 9 Indeed, both the bonding and the pay-as-you- go methods of financing capital outlay require competent adminis- tration. Neither program has all of the advantages, nor does either 9 Henry H. Linn, "Safeguarding School Funds," Contributions To Education, No. 387, (New York: Bureau of Publications, Teachers' Gefiege, Columbia University, 1930). fl 24 have all of the disadvantages. Writers in general have stressed the desirability of borrowing and building in times of deflation, and the curtailment of capital outlay in inflationary periods. The theory is 0 The undoubtedly sound, but it is also generally impractical. 1 present day' backlog of war deferred school construction and the increasing enrollment make expansion of school facilities necessary regardless of economic conditions. Neither children nor parents can afford the educational lag that would result in most school dis- tricts from a policy of providing construction solely on a pay-as- you-go program. Small indeed is the number of school districts that could provide even the minimum requirements in school housing on such a program, even if the district employed the use of tax anticipation notes. The question in the vast majority of school districts is not whether they should or should not issue bonds for the purpose of capital outlay, but what type of bonding program best meets their needs. Types of Bonds. In the past, school bonds have been issued in two common types, and in a third type less commonly used. 0f 10 William Arnold, gt a}: , Problems and Issues in Public _gchool Finance, N. C.P.E.A. , (New York: Columbia University, 1952), p. 4160 25 these three types of bonds previously used in Michigan, only the serial type bond has survived the ravages of time. It is expedient to relate briefly here the characteristics of the term or sinking-fund bond and the serial-redemption sinking-fund bond in order to better understand the serial bond. Term bonds were scheduled to mature at a single date, usually twenty years after date of issuance. This type of bond re- quired careful management to insure that payments sufficient to enable the district to retire its debt when due, were placed in the sinking fund. The term bonding program provided two serious pit- falls that contributed toward the outlawing of its use in the bonding of Michigan school districts. First, the bond program required very careful administration of the debt by the board of education and the superintendent of schools. The possibility of change of personnel in these areas during the life of the issue constituted a very serious problem as to the efficient handling of the debt. Secondly, it was necessary to provide some means of safe investment for the large sinking-fund accumulation. Such an investment not only had to be safe, but also had to be of a nature that its funds could not be used for purposes other than that for which the fund was originally in— tended. . The serial-redemption sinking-fund bond is a modified or r 3 www- 26 combination type bond that was occasionally marketed during the depression years, usually as a refunding program. Although this type of bond is not legal in the State of Michigan, fit is recommended by the American School Administrators' Association. 1 1 This type of bond probably should be more widely utilized in new school-bond issues because it has the advantage of both serial and sinking-fund types, and the disadvantage of neither. It is a term bond in that all the issue is scheduled to mature on the same future date, and is callable. However, the bonds are nmnbered serially. A provision in the deed of trust requires the school district to vote a continuing tax for the life of the issue. Annual collections from this levy are pledged to the sinking—fund, with the requirement that the sinking- fund be exhausted annually by the call and redemption of bonds in serial order. It is possible for the purchasers of such bonds to plan their investment portfolios with reasonable accuracy. For the school district that votes a tax rate instead of a definite sum, this type of bond protects the schools against unfavorable fluctuations in depression times and accelerates the retirement of the debt in good times. The serial-redemption sinking-fund bond is a callable bond in which the debt is paid off in serial order as rapidly as accumu- lations from a continuing levy permit. This is a somewhat flexible instrument, permitting the acceleration of redemption in good times, and deceleration when revenues decline. The advantages of this kind of bond would seem to more than offset the somewhat higher 11 "American School Buildings, " Twenty-seventh Yearbook of American Associatiog of School Administrators, (Washington, D. C.: 1979), p. 298. - 27 interest rate that it demands. It is recommended as possessing the advantages of both serial and sinking-fund types and the disadvantages of neither. 12 Regardless of the relative merits of the term bond and serial- redemption sinking-fund bond, the only type of bond available for Michigan school bonding, under present statutes, is the serial fund bond. 13 Serial bonds may be issued for a period up to thirty years. 14 The principle characteristic of the serial type is that it provides a definite maturities schedule for each year until the debt is retired. It is the general practice to amortize these maturities so that the sum total of principal and interest payments remains some- what constant during the life of the debt. 15 Even though serial bonds may be issued for a period of thirty years, serious consideration should be given to the use of five or tenyear terms whenever possible. All other things being equal, the school debt should be retired as soon as possible. Not only should inflated building costs be paid with inflated dollars, but the annual 12 Arnold, 22. cit., p. 407. 13 Public Acts of Micggan, 1937, Act No. 88, p. 12.0. 14 Public Acts of Michigan, 1949, Act No. 263, p. 356. 15 "American School Buildings," op. cit., p. 294. "7; A. ‘ 28 principal payments immediately increase the borrowing capacity of the district under a debt limitation. 16 When serial bonds are issued for periods 'of at least five years or more, they should contain a callable feature. That is, the district should provide a certain number of bonds that are payable on call by the district. Thus, when interest rates decline significantly, the schools may effect a savings by refunding the debt at a lower rate. Or, if a surplus is accumulated in the debt retirement fund, the district may pay off the callable bonds before maturity date and save interest costs. The call feature may carry a slightly higher rate of interest, but nevertheless is considered good financing. 17 Michigan has the advantage of having both the unlimited and limited type serial bond. Since each of these bonds has definite characteristics, and since a school district must make a choice, it is important that the board be cognizant of those characteristics. Limited tax bonds may be issued for a period not to exceed twenty years. The electors must approve the issuance of the bonds at a regular or special election. The electors must also approve an increase in the tax limitation sufficient in amount to provide funds 16 Ibii. pp. 294-98. 17 Arnold, et a1. , op. cit., p. 407. 29 to pay the principal and interest obligations of said bonds as they come due. The basic security back of limited school bonds is the voted tax millage on an equalized property tax base. 18 The legal machinery is thereby established that theoretically allows the collection of taxes and the issuance of bonds for a twenty year period. In practice, however, such is not the case. The marketability of the bond demands a certain degree of security, so it is generally necessary to vote the millage increase for a period of from two to five years beyond the life of the bond issue. Thus, when the tax millage increase can be legally extended for a period of not more than twenty years, the life of a good marketable bond issue is immediately limited from fifteen to eighteen years. Because the tax rate is limited in a limited tax bond, it is , feasible that a reserve fund be established in order to protect the bond holder and the district against the day that tax levies are not collected as anticipated. Further, it is necessary to allow for de- Raqancy in tax collections, even in normal times, of from 20 per cent to 45 per cent. Both of these factors again contribute to the shortening of the time for which the tax limited serial bond can be 18 Kenower, MacArthur and Co. , Financing the Public School System in the State of Michigan, (Detroit, Michigan, 1953), p. 7. ...“. rmiv 30 issued. In terms of ratio of debt to valuation, the Municipal Finance Commission will not approve limited tax bond issues that result in a bonded indebtedness of greater than 15 per cent of the total assessed valuation. 19 Bond purchasers sometimes refuse to sub- mit bids for bonds when the debt ratio is in excess of 10 per cent, even though the Municipal Finance Commission has granted permis- sion to sell the bonds. If the bond purchaser does submit a hid, it is not as favorable as it would be if the bonded indebtedness were less than 10 per cent of the total assessable wealth as equalized. Since limited tax bonds are then relatively short term bonds, they become a rather desirable bond for a school district that has a low debt to valuation ratio because: (1) the interest rate) is usually less than the interest rate for long term bonds, (2) bonds may be made callable at a rather early date without seriously handi- capping the marketability of the bond, (3) such early call dates per- mit the refinancing of the callable portion of the issue should economic conditions favor a considerably lower potential interest rate, (4) the ability to refinance the callable portion also allows for new financing in case of an expansion program resulting from unanticipated school 19 Public Acts ofMichifl 1949, Act No. 263, p. 356. 31 ‘ 2’- g .m or for any other voter approved capital outlay mud-tax bend, a serial bond, was made available . iets through the adoption of Section 27, Article X, of , ; , ' constitution. 20 This amendment was developed . . (Q school districts in general were bonded to a point , gypsum longer possible to bond under the 15 per cent debt ' ' . ’.I ,3. 11th. (2) in many situations it was not possible under ””1 and economic conditions to retire the tax limits-.- . ‘ -. . within the period of time for which they could be issued, ' m yhen it was possible to retire tax limitation bonds, the ’ "I . ym‘so prohibitive that the public was beginning to rebel . wage of such issues. em, unlimited-tax bond differs from the limited-tan bond ' " .. (pm-tax issue is not subject to the fifteen mill tax . = W the last maturity date does not fall due in less ? en” years from the date of issue. 21 Thu-.9 no millage , W.“ be voted by electors of the district. for this type bond. ~ “amount necessary to pay the principal and interest _ W 1955. M cActs of Michigan, 1955, Chapter 12, Section 681, lava ..q 32 obligation is levied as a tax within the district. Thus, if a district should for any reason have a rapid decline in valuation, and at the same time have a large outstanding debt, it is conceivable that an extremely high tax rate could be levied against the district. It is this fact that the bond issue is exempt from the fifteen mill limita- tion, that the name unlixnited-tax bond is derived, rather than the length of time for which it is issued. The advantages of the unlimited-tax bond issues are: (l) the length of time allowable for retirement of obligation results in a more even spread of taxation among present and future property owners, (2) even though the tax rate is usually higher for long term bonds, the principal and interest payments can be kept to a minimum by spreading the payments over a greater number of years, (3) the bonds are payable from unlimited taxes. Thus the necessity for es- tablishing a reserve fund is eliminated, and (4) the 15 per cent debt to valuation limitation is lifted for unlimited bond issues which enables a school district to bond itself up to any amount, provided a purchaser for the bonds can be obtained. The inherent weakness of the unlimited-tax bond is that the tax levy under certain circumstances could be exhorbitant. This possibility was foreseen and provisions were made for the [7: N 44 #7.. I? 33 "qualification" of bonds. 22 All outstanding school bonds issued prior to May 4, 1955, were automatically qualified for state loan purposes, and all unlimited-tax bonds issued subsequent to May 4, 1955, were eligible for qualification. A bond is qualified by the simple process of receiving affirm- ation from the Superintendent of Public Instruction that the bond is eligible for a loan in the event that a thirteen mill debt tax levy is not sufficient to meet the principal and interest obligations in any one year. This provision does protect the taxpayer from an exces- sive high levy in any year. Some schools have failed to qualify their unlimited bond issues either because they believed that it was not expedient, or because they did not choose to make the necessary effort. It would appear to be desirable for every school district to qualify their bonds even though the necessity for any future borrowing appears to be remote. Requirements for sound bonding; Several items are taken into consideration when bond dealers are considering the purchase of a new bond issue. The dealer analyzes the issue from a quality standpoint, and determines (1) whether the school board has a good attitude toward its creditors, (2) whether it has had a past history of 22 State Constitution of Michigan, Article X, Section 27. LI< I?! I; A!‘ ‘7 34 default and, if so, for what reason, (3) whether tax collections are average or better than average, (4) whether the district is resi- dential, industrial, agricultural, resort, or combinations of the foregoing, and whether the district has had major problems along this line that affect the valuation of the district, and (5) whether the new issue is properly set in) so as to protect both the purchaser and the issuing mimicipality. Points to consider when issuing new bonds are covered more fully elsewhere in this study. Let us con- sider separately each of the foregoing items. First, the attitude of school board members toward credi- tors is carefully considered by bond purchasers. Fortunately, most school officials recognize that they have a big responsibility in handling the financial affairs of their respective districts, and ‘co- operate to the utmost to ”sell" the district to bond buyers. They realize that their performance and willingness to cooperate are im- portant factors. The election of new school board members who have not had an opportunity to acquaint themselves with major pro- blems that may be pending at the time of their election, or who have set ideas of their own about school problems, can upset the best laid plans, and even damage a sound financial position. Secondly, many districts were forced to default principal and interest payments back in the early 1930's, during the commonly E;- l! h ‘- It 35 called "depression period". Some defaults resulted from the im- pounding of funds in closed banks, and many school districts with adequate funds on deposit to meet principal and interest payments were unable to make these payments. Other districts suffered from insufficient tax collections which did not allow for payment of princi- pal and interest in full. Partial payments or no payments at all were the order of the day. Other districts used the bulk of their tax collections, including operating and debt service tax collections, to cover payrolls and ope rating costs. This depleted funds that would have been used to meet debt obligations. The attitude of school officials in working out this problem, either by late payment or by refunding, is a matter of record that is considered by all bond deal- ers when bidding on bonds. Thirdly, the percentage of current tax collections is of major importance to bond purchasers. The Municipal Finance Commission of the State of Michigan, which must approve the sale of all municipal bond issues in the state, will not approve an issue if current tax collections of the municipality are less than 75 per cent of the tax levy. If tax collections are low, \(less than 90 per cent currently) then bond dealers want to know the reasons for slow collections. Among the reasons may be a lack of community interest or pride, a one-industry community where the industry is forced to curtail r‘I‘ i") I I I... I... “‘4- 4-0| I .... u,‘ A . 36 business for one reason or another, an agricultural area where crops are affected, a resort area where taxpayers pay taxes in the summertime rather than when due, etc. Each issuing‘municipality, if tax collections are less than 90 per cent currently collected, must account for the reason or reasons. Fourth, the great building boom of the current period has brought many problems to school districts. There are more subur- ban residential districts suffering from growing pains than ever be- fore. More homes mean more children and more needed school facilities. Other districts are benefiting from industrial growth that absorbs a large percentage of the tax burden of the district. Residential and industrial areas are having more problems than the agricultural areas, even though the agricultural areas in many'in- stances are reverting to residential areas. Agricultural areas on the whole are more stable, and tax collection records of such districts are good. Many former resort areas have been changing over to permanent residences, and as such have become more stable. Fifth, bond dealers are as desirous as are school officials to have a marketable security that is properly set up to protect both the purchaser and the school district. Bondholders like to feel that a district can and will pay principal and interest in accordance with a schedule that will not be a hardship on the taxpayers. Likewise, I" a t ’7! gr [1' 37 they feel that school districts when entering into a contract should live up to the terms as provided in that contract. Bids are submitted to school districts in accordance with these terms, and dealers are able to forecast the life of the issue based upon probable performance. Every bond dealer has access to the records indicating the level of the market. The appetite of the buyers is determined by the quantity of bonds being currently offered for sale. If bond issues are plentiful, the buyer will be more careful in screening and con- sidering quality of the issue, which makes it a good profit maker from the standpoint of quick resale. If bonds are not so plentiful, bond dealers are apt to bid for issues that they would not consider if they had a choice. Dealers, to stay in business, must have merchandise to sell. These issues, however, are scrutinizedvery carefully, and net interest costs to the issuing municipality may be high. In determining the net interest costs, the buyer first deter- mines what the bond should yield. The dealer then determines what coupon rate or rates plus a premium (or less a discount) will produce such a yield. Thus the interest rates which the bonds will bear are established. If the issuing municipality has offered bonds previously, then a pattern has already been established, and this is used in establishing new bids. This, in part, accounts for close bidding by r . t . .. e , r _, _ a . , \ , / . '04 a: we 38 bond purchasers or dealers. Where a municipality has offered bonds on a fairly regular schedule, the differences in rates merely reflect the market trends. The procedure to follow in setting up a bond issue to the best interest of both buyer and seller should involve the following steps in chronological order: 1. 2. 10. ll. 12. Advice from state officials Choice of a reputable bond attorney Legal school board adoption of bond resolution Authorization of bond issue Planning of debt instrument —- type, call provisions, paying dates, agent and place, denomination, maturity schedule Approval of Municipal Finance Commission to sell bonds Marketing the bonds -- prospectus, credit rating, basis for bidding, advertising for bids, acceptance of sealed bids Acceptance of low bid or rejection of all bids Printing, signing, and delivering bonds to purchaser Obtaining final legal approval Obtaining money from sale of bonds Safeguarding of funds through the establishment of a construction or building and site fund 13. 39 Establishment of debt retirement fund, schedule for payment of principal and interest, cancellation of redeemed bonds. It is important in the setting up of the long term debt instrument that the following criteria is generally followed: 1. 10. ll. 12. 13. Bond program should fit into existing debt maturity schedules Payments should fall due at time of maximum tax collections Bonds be dates near date of sale Bonds be in denominations of one thousand dollars Annual requirements of principal be in blocks of five thousand dollars Interest be payable semi-annually Principal registration be optional to buyer Debt retirement begin within two years of issuance Proceeds not be used for purchase of moveable equipment with life expectancy of less than five years Early redemption schedule be consistent with ability to pay Provide progressive release of borrowing capacity Be balanced with respect to bond and taxing power, income, and debt Be specified in the ballot the purpose for which voted increase is to be used. If the obligation is to be a tax-limited issue, include the I W 40 following criteria: 14. No maturities of greater term than twenty years 15. Ten per cent margin of obligation reserved for emergency 16. Debt service not greater than 25 per cent of total annual budget 17. Twenty-five per cent of principal to be paid within five year period 18. Tax increase provided for liberal allowance of tax delinquency 19. Tax increase provided for several years beyond maturity of issue. Effect of economic cycles upon bonding. Economic cycles can affect public school bonding in at least three areas. First, the cost of construction and the resulting amount of the bonded debt is directly related to the economic conditions prevailing or anticipated at the time of construction contract letting. Clark states: The decline in actual cost of school building has not been very large, but existence of a decline itself, however, is of very great importance. The very fact that costs have gone down even by an extremely small amount has led to hide closer to actual cost than in the past. If prices had continued to go up as they have rather steadily for fifteen years, the normal tendency would have been for a contractor to add a very substantial amount to his bid for that expected rise. If, on the other hand, prices have stabilized, or are declining slightly, the contractor is much more likely to present what he thinks is a fair bid for the actual cost of the building. 23 ' 23 H. C. Clark, "School Building Cost and Bond Prices," School Executive, 72:22, July, 1953. ‘1 .. e. a.“ 1.5" \s l! 41 It may be assumed then that the economic cycle affects not only the true building cost index, but also the estimated margin of profit expected by the contractor, both of which determines in a degree the amount of the bond issue. The second area is the effect of the economic cycles upon the net interest cost of the bond issue. According to Clark, a slight easing of the boom (1953) should have resulted in a downward trend of_interest rates. 24 The average municipal bond rate reveals that the net interest costs did drop slightly during the year of 1954, and again began to rise with the inflationary spiral that followed the 1953 period. 25 The fact is generally accepted that a bountiful supply of free money results in lower prevailing bond interest rates, pro'vided the buyers of bonds are not faced with the anticipated danger of an inflationary spiral. If such a spiral is in the offing, the converse is true. A bond provides no means of appreciating in value, conse- quently a bond buyer demands a higher rate of interest to offset the - loss of possible appreciation of monies available in other types of inve stment. 24 Clark, loc. cit. 25 Table IV, Appendix. e‘ l I \ 42 The effect of the supply of money available for the purchase of bonds is very evident in the interest rates obtained for bond issues in the years 1956 and 1957. The Federal Reserve Bank, in an attempt to control the inflationary spiral, tightened the credit res- trictions that resulted in less money being available for investment purposes. The direct result was an increase in the net interest rates obtained for school bonds, and also in the national municipal average bond interest rate. The third area is that of the ability of the district to retire its incurred bond obligation, which is directly related to the economic cycles. MoeMan states: Regardless of how well-balanced the tax revenue program is, or how carefully it is spread among state, local, and federal governments, it is necessary to recognize the effeCts of the economic cycle upon revenue. All tax revenue will diminish sharply during depression periods because of the decline in national income . . . . . Piling up long-term in- debtedness for capital improvement provides a heavy handicap during periods of depression which is neither economical nor efficient. 2 The ability to retire a school bond debt is directly related to the school district's ability to collect taxes, and the ability of the school to collect taxes is specifically effected by the economic cycles. 26 Arthur B. Moehlman, School Administration (New York: Houghton Mifflin Co. , 1951), p. 413. ..- l 1 U .155 ens . 'v., .5“ F? be. ‘04 43 The inability to collect taxes following the depression of 1929 resulted in minor defaults of payments to bond holders and the refinancing of bond debts to reduce the yearly payment’of principal and interest through the extension of the payment of the debt over a greater length of time. Bonds are prepared and sold with definite safeguards that are computed to be sufficient to offset considerable fluctuation in the economic cycle. .However, when extreme or unusual circumstances present themselves, the safeguards may not be sufficient to com- pletely offset the condition. The resulting effect is greater than the mere inability to retire the bond obligation. The noticeable absence of new school construction for a period of years following the 1929 stock market crash and the restrictive legislation for school bonding enacted by constitutional amendment in 1932, are ample evidence of the attitude of the public toward incurring any new debt obligations subsequent to such an experience. A second effect of such an extreme change in the economic conditions is that, when a school district defaults in its debt obliga- tion or is unable to make the principal and interest payments on schedule due to the percentage drop in tax collections, the ensuing bond issue will demand a higher rate of interest in relation to the u" I _f u“ I": 44 prevailing average marketable rate than it would have, had the defaults not occurred. Impact of bonded indebtedness upon the educational program. Holy and Herrick reveal the impact that financing bonded indebtedness had upon teacher salaries and educational programs during the de- pression: Thousands of teachers had their salaries reduced during the 1930‘s so that money could be transferred from the teachers' fund to pay maturing bonds and interest. Hundreds of school systems all over the country had their educational programs sharply curtailed during that period because of heavy debt requirements which had prior claim on school revenues. It was not uncommon to find systems in which one-third of the money available for school purposes was devoted to bond and interest payments. The resumption of school construction now getting underway sets the stage for the repetition of these circumstances and their regrettable impact on instruction. What is the status of bonds if a national calamity should occur, and valuations and tax collections reach a point where the voted tax increase will not produce sufficient revenues to retire the bonds within the limit of years that the tax increase was voted? John H. Nunnely answers the question as follows: Such bonds are still by law full faith and credit obligations of the school district, and would have to be paid out of 27 Thomas C. Holy and John H. Herrick, "School Plant," Engclopedia of Educational Research, (New York: The MacMillan Company, 1950), p. 166. 1‘ v: "l 3‘: J ‘54 45 current allocated tax revenues and state aid funds to the extent that state aid funds are not specifically allocated by law to other purposes. 28 If an obligation can provide the potential for a curtailed school program, then the future educational program is somewhat contingent upon the method used in financing present day construction. This would be especially true in cases where funds for the retirement of debt obligations have first priority on tax money collected by the district, and if there came to pass a large amount of tax delinquency. Writers reveal that bond obligation laws effect the school program in that monies needed for general operation can be diverted to debt retirement funds by an inequitable tax levy. Further, that monies not earmarked for specific uses by statutes can be transferred from general operating to debt retirement by action of the board of education. Some indications are that monies were transferred by boards of education to debt retirement funds with disregard to the statutes earmarking such operating funds for other purposes. It is important to relate here that the converse on occasion has also taken place and is illegal. That converse is the practice followed by some boards of education in transferring of monies from the debt retirement fund to which it is specifically 28 John H. Nunnely, "Michigan School Bonds," Bond Buyer, May 16, 1953. 'n‘ ’_.- .nl fi- :1- M I ... .-a . 46 allocated to other funds for other purposes. Such an action by a board of education not only is illegal, but it could also seriously affect the ability of the board to market future bond issues at a favorable interest rate. So far, only the effect of a major calamity has been discussed in relation to the impact of bonding upon the educational program. There is, however, another aspect that is certainly worthy of consideration. In Michigan a large capital outlay for school building took place in the period from 1910 to 1930. The subsequent depression and inability to meet tax obligations resulted in an adverse attitude toward further capital expenditures prevalent to World War II. In the post war period, school construction again skyrocketed, and many school districts were again indebted to a precarious per— centage of the total taxable wealth within the district. Mc Clurkin points out that two conditions jeopardize the school position even more than the debts of pre-depression periods. The federal government and the state government have now usurped a greater share of taxable resources, and local assessments have not kept pace with the enormous advances in income and real values. 29 The result is that in spite of local affirmation for the 29 Arnold, et a1., op. cit., p. 398. 47 construction of new school building in recent years, the people are adverse to the mounting debt, and have a tongue—in- cheek attitude toward such expenditures. Though the public is paying for buildings, it resents high tax rates; and because the debt tax rate is high, the limitation of local tax for operation is fixed at a lower level than otherwise might be. This in turn is one of the factors contributing to a scarcity of teaching staff, and the current problem of a too low teacher wage scale. One could even theorize that the current critical attitude toward schools stems in part from the tremendous tax burdens re- sulting from bonded indebtedness. The state's responsibility to the debt program. Michigan has not faced realistically the need for a plan that will provide adequate school facilities for children throughout the state. Facts show that there are districts which do not have sufficient resources to provide adequate school housing for their children with the funds available from a reasonable local tax effort. Local tax sources are largely confined to real estate, and this wealth is so unevenly distributed among school districts that nothing could be more unrealistic or unfair than to demand each school district to carry its entire school construction debt. 30 30 Finis E. Engleman, "School Financing," School Executive, 76:64, April, 1957. '01 ..1 b 48 Even though the number of school districts has been greatly reduced in the state, there are still in existence many small school districts. Some of these districts are islands of wealth, while others, often adjoining, are poverty ridden. Many individuals have proclaimed that no school building problem would exist if the districts would but reorganize. No doubt such a solution would in many cases greatly facilitate the providing of adequate school housing. However, the basic assumption is still in error unless the districts could be divided and organized in such a way as to somewhat equalize the taxable wealth. Such a division of school areas is neither possible nor entirely feasible. Certainly one could not advocate the reorganization of school districts strictly on an economic basis with reckless abandonment of all other sOcio- . economic factors. Other individuals have with equal zeal condoned the fact that if assessments were equal, poor districts would cease to be poor. This assumption is also in error. A casual survey will reveal to any investigator that the ratio of assessment to true value is not always low in the poor district and high in the wealthy district. The fact remains that whether districts are reorganized or whether tax assessments are exactly equalized, some areas are just less wealthy than other areas. Further, that the amount of local wealth does not Q's ..1 '1 49 regulate the degree of need for additional school facilities. Education has long been recognized as a function of the state; yet tradition holds that the local school district be responsible for financing its school building. Such a view has constituted a serious obstacle in the development of a feasible program designed to meet the current school building needs. For some time many individuals have recognized that the property tax base is too narrow to satis- factorily or equitably finance the current school program. By 1951, approximately nineteen states were providing some assistance from 31 Today, nearly one-half state funds for financing capital outlay. the states contribute in some way to the local school district's capital outlay program. Morphet describes in detail many of the kinds of state appropriations that have been or are being tried. 32 Such'pro- grams vary in type from loans to outright grants, the most interesting one being the Building Authority Plan currently used in Pennsylvania. More about these programs will be related later. It suffices here to state that none of these programs are without their peculiar advan- tages and disadvantages. Many problems develop in any type of program involving state 31 Edgar L. Morphet, "State Responsibility for New School Construction, " School Board Journal, 134:31, May, 1957. 32 Loc. cit. 50 assistance. A sound, long range program, for example, must take into account (1) local effort, (2) ability, (3) need, (4) economy, and (5) control. Not only must these phases be recognized, but a method must be developed to measure them objectively in order to simulate equality between districts. One type of program that has received little recognition to date, yet appears to have merit, is a revolving-fund method. Such a plan would eliminate, or at least greatly reduce, the objections that have plagued other methods. Under such a program, the State of Michigan would provide the means for loaning building funds to a district. The district in turn would reimburse the state according to a prearranged program based upon the ability of the school district to pay. The state would accept the interest charges, if any, upon the funds loaned, and the district would repay only the principal borrowed. Such a program would eliminate one of the hidden high costs of school financing. Often the interest paid by a school district on a loan exceeds the amount of the original debt. 33 Further, it would eliminate the existing inequality of the poorer district paying the higher net interest 33 Henry Rowland Halsey, "A Study of Borrowing Practices in the Administration of Schools in Florida, " Contributions to Educa- tion, No. 368 (Teachers' College, Columbia University, New York, 1929), p. 68. 51 cost because of high debt to valuation ratio and the necessary longer bonding period. The state, on the other hand, should accept the interest cost as it would be considerably less in amount than almost any other program that is currently in effect. The revolving—fund program would leave the extent of capital outlay in the control of the district, thereby eliminating the necessity of over-all state control so evident in outright grant programs. Further, the approval by the local district of what is to be con- structed, as well as the amount to be levied for repayment of the loan, would eliminate the danger of excessive squandering that often accompanies any form of outright grants. Every school district would receive equitable treatment. 'The people could provide the facilities that they deemed necessary and for which they were willing to pay. No one would be getting something for nothing. No district would be getting preference over another district through subjective evaluations at the state level. The district that previously made effort to solve its problem would not be overlooked in favor of the district that showed a greater need but had exercised less effort, as is so evident in the current Federal Aid Program. The district with the very low tax would not be dis- tressed by the enormous interest cost burden, and its rate of tax levy need not be exorbitant. No district so far studied is so poor that K I" ‘ r r . ~ . /, W x. e r , . , r . f . e f‘ . , V ‘ f n ‘ \. 52 it could not pay for its own facilities if the high interest cost were eliminated and the debt was extended for a longer period of time. One of the major advantages of such a'revolving fund is that a time would evolve in which the loans would not exceed the district payments, and the district payments could easily exceed the loans in times of decreased building demands. The return of all monies loaned plus any interest accumulation from state investment of in- operative funds would keep the fund intact for a future greatly needed building program. This would be a much more desirable position than if the funds were completely expended, through outright grants, for a current program. Some would say, "Well and good, but the state does not have the surplus funds necessary to set up a revolving-fund. " The answer is that the state can find a means of providing the initial funds on a more equitable basis than the local district. The rate of interest paid by the state for loans would be far less than the sum total of the interest paid by all the districts. Regardless of the necessary mechanics involved, the buildings could be provided at a less overall cost to the people of the State of Michigan. The fact that the Federal government is discussing federal aid provides the possi- bility that any forthcoming federal grant could be set up on a revolving- fund basis by the state. . x (h tors ( '\ f N 53 The revolving-fund can and should be provided. When the State of Michigan faces up to the problem that the education of its children is the direct responsibility of the state, the revolving-fund will be provided! 11. LIMITATION OF STUDIES REVIEWED The studies reviewed provide justification for the borrowing of funds needed for additional school plant facilities. The relative merits of bonding versus some type of pay-as-you-go, as well as the various types of Michigan bonds that are available to Michigan school districts, were described in some detail. However, no specific formulae or value scales were devised to determine the best program on a particular situation for the individual school district. It was revealed that economic cycles have had an effect upon the bonded indebtedness in the past, and that safeguards are essential to every bond program as a protection to both the buyer and the seller of bonds in the event of unusual fluctuations in the economic conditions during the life of the issue. The inherent weakness is that no one has yet succeeded in determining either the magnitude of potential economic changes or the time at which such fluctuations will occur. Although the various types of bonds are discussed in some 4" 54 detail, it is difficult, if not impossible, to determine the type of bond best suited to a particular district for the unforeseeable future. It is difficult, indeed, to obtain all of the necessary knowledge of the present; and the ability to predict, with any degree of assurance, even the probable future from such knowledge is apparently impos- sible. Thus, the information related here suggests possibilities and relative merits under certain conditions, but necessarily leaves decisions as to what is anticipated to be best for the local situation to the discretion of the local district. Security can be assured only when the future has become the past. Absolute security is only a figment of the imagination, because the future can not be known. So any proposed bond program, neces- sarily, is developed in the light of past experiences, together with such foreseeable considerations as are believed to have merit at the particular time. Sound bonding programs can be developed in this light only by following the criteria as developed, and do not guarantee absolute security. The criteria established tends only to reduce the element of risk involved. The state‘s responsibility to the debt program is established, and a program for revolving-funds is suggested. The program, no doubt, has definite potential weaknesses; but it is a means of devel- oping a form of state building authority, in which the district would 55 theoretically lease-rent the building until such time as the building cost was paid by the local district. The mechanics have been in- tentionally deleted, because the writer feels incompetent to provide the necessary legal statutes and financial details that are necessary to make the program both feasible and practical. The sole purpose here is to relate the state's responsibility, and to suggest the possi- bility of such a program. III. CONCLUDING STATEMENTS RELATIVE TO STUDIES REVIEWED Regardless of the manifestations set forth in this study, the fact remains that under present conditions and existing statutes, schools, in order to provide needed structures, must for the most part develop, some type of bonding program. It thus becomes imperative that school administrations under- stand those factors that appear within the individual bond issue that have a definite bearing upon the cost of the issue, as well as those factors that affect the use of funds derived from the sale of school bonds. The lack of such material in published form necessitates a study of those factors that fall within the jurisdiction of the board of education. It is believed that the revelation of such factors, as well as the resulting known effects, will provide a criteria that will en- able subsequent boards of education to develop a better bonding program. CHAPTER III METHODS OF PROCEDURE AND SOURCES OF DATA This study was developed by obtaining the available liter- ature pertaining to bonding, and by reviewing the contents to obtain a background to determine if other studies of the subject had been made. Visits were made to the offices of the Municipal Finance Commission, Michigan Advisory Council, Berry Stevens, and Miller Canfield to obtain information concerning bond practices. Consultations were held with members of the Department of Public Instruction and Michigan State University regarding the development of the study. 1 A brief document was then prepared as a pilot study, in which the various factors were briefly covered to determine the course of future study. It was found that two phases needed to be covered at the onset. (l) The present position of school bond debt, and (2) the history of how we arrived at this point. The statutes of the State of Michigan and other sources were examined to find the major legal enactments pertaining to the development of the bonding laws from the first known act in 1809 up 57 to the present time. These statutes provided the legal history, but they did not provide the complete story of capital outlay. It was necessary to obtain the school debt record of the State. of Michigan as far back as figures were obtainable. Such records were obtained from the Municipal Finance Commission. To obtain a true analysis of the school bond debt, the ratio of debt to valuation for the various years had to be obtained. The yearly assessments for the State of Michigan were obtained, and the ratios were computed. 1 The year 1863 was used, because it was the earliest recorded date for which figures were obtainable. Following 1863, ten year intervals were reduced to five year inter- vals tmtil 1927, after which one year intervals were utilized up to and including 1955. The census figures for the State of Michigan were obtained from the U. S. Census reports, and the Michigan school enrollment figures were obtained from the Michigan Department of Public Instruction. It was now possible to establish the per capita and per pupil debt during the period of 1863 to 1955. 7' The next step was to obtain from the Municipal Finance 1 Table I, Appendix. 2 Table II, Appendix. 58 Commission the figures pertaining to the types of bonds issued and the amounts involved in each type. This phase of the study began with 1927 in order to reveal the effect of the depression and the resulting issuance of refunding serial and term bonds, as well as the declining use of sinking-fund bonds. 3 Bond yields were determined to be an important phase of the study as related to net interest costs and to economic cycles. The national average municipal bond yields were obtained for a period of forty-one years. Some of the yields were obtained from the Municipal Bond Buyer publications, and others from the Chase Manhattan Bank of New York. 4 The average yield was then broken down for an analysis by months of the twenty year period prior to 1956, for purposes of determining if some months generally provided better ave rage in- terest rates than other months. 5 The writer visited the Michigan Advisory Council offices, and studied numerous bond issues in that office to familiarize him- self with the form and general context of the issues, as well as the 3 Table III, Appendix. 4 Table IV, Appendix. 5 Table V, Appendix. 59 procedures followed in developing the issues. Issues in the amount of twenty thousand dollars or more and sold in the fiscal year beginning July 1, 1954, were selected for study. Issues consecutively passed after July 1, 1955, were added, until a total of two hundred issues were included for the analysis. The two hundred issues were studied and analyzed according to the following: (1) what was to be constructed, (2) whether or not furnishing of buildings were included, (3) what provisions were made for site purchasing, and (4) how the issue was to be retired. Additional study was made to determine the practices followed by boards of education as related to bond denominations, retirement levy requirements, and callable features of the issues. The average net interest rate for each issue was obtained, and a check was made to determine if the number of bids received for the issue had any effect upon the net interest cost of the issue. The issues were further analyzed to determine if the percentage of affirmative vote by which the issue had passed, bore any relationship to the number of bids received for the bond issue. The issues were then divided into four groups: (1) issues of less than one hundred thousand dollars;6 (2) one hundred thousand 6 Table VII, Appendix. 60 to five hundred thousand dollars :7 (3) five hundred thousand to one 9 million dollars;8 (4) over one million dollars; and each group was analyzed to find a point of beginning for determination of the factors that affect the average net interest cost of the issue. Dates of sale, amount of the issue and assessed valuation, were tried as methods, and nene appeared to reveal any definite pattern. The ratio of school bond debt to assessed valuation was computed for each issue, and the issues were arranged according to the debt ratio. It was revealed that a definite, though not consistent, pattern existed be- tween the debt ratio and the net interest cost of the issues. It was then determined to change the four groups of issues into two groups comprising fewer issues and still representing an approximation from each extreme. Those issues that had a school bond debt to assessed valu- ation as equalized, of 10 per cent or more, were placed in Group I. 10 Those issues that had a debt to valuation ratio of 5 per cent or less 7 Table VIII, Appendix. 8 Table IX, Appendix. 9 Table X, Appendix. 10 Table XI, Appendix. 1538 11%] 12'? 3!: h'» I! ,' ~ .31 221.1 ‘N ‘M. 61 were placed in Group II. 11 Group I consisted of forty-eight issues, and Group II contained thirty-six issues. The eighty—four issues as a group covered the two extremes of debt ratio, and were represent- ative of the average net interest rate scale. The issues were then used as the basis to determine the effect of other factors within the issues that caused the variations in net interest cost as related to the percentage ratio of debt to valuation. The first portion of the study developed two phases relating to the actual selling of the bonds. The first phase is related to the marketing of the bonds. A twenty year study of the average yield of municipal bonds was made to determine if certain months of the year were generally more favorable for low interest rates than other months. 12 The second phase is concerned with the actual acceptance of the bid, and the question was asked, "Is the lowest apparent bid always the lowest actual bid under all conditions of bond retirement?" The second portion of the study was to find the effect of the following factors upon the net interest cost of the issue: (1) Amount of the issue sold (2) Number of bond bids received 11 Table XII, Appendix. 12 Table VI, Appendix. a - . a ._ \_ , _, F , -7 , . e x, \ , e a L . . . . \. . _ x O , H n, . n , n n , __. r‘ . _ a - ' ' v ‘ -' r . ... , - ~ , , .4 , , F e _ . . , . ._, \ ._ .u i .V, , ._ .W . , r r a ' w r‘ 4 . \, .7 . «.4 n . , , , .7 e - .- , r‘ , __ _, ,4 m. \ s - ,, , r- r 62 (3) Ratio of taxable valuation as equalized to debt (4) Percentage of callable bonds (5) Longevity of the issue (6) Present debt (7) Previous debt record (8) Tax collection record (9) Taxable years beyond life of issue (10) Type of district (11) Percentage of affirmative vote approving bond issue (12) Attorneys employed (13) Earmarked millage (14) Bond opinion fees (15) Bond printing fees Amount of the issues sold. The thirty-six issues with a debt ratio of 5 per cent or less, and the forty-eight issues with a debt ratio of 10 per cent or more, were studied as to the amount of the individual issue and the net interest rate received for the issue. The issues were then selected from both groups that were in amounts of fifty thousand dollars or less. The net interest cost of these issues was compared to those issues, from both groups, that were in amounts of five hundred thousand dollars or more. The twenty issues bearing the lowest net interest rates, and 63 the twenty issues having the highest net interest rates in the original 84 issues were then separated and studied as to the amounts of the issues. Number of bids received. The twenty issues bearing the lowest interest rates and the twenty issues bearing the highest interest rates, were selected from the eighty-four issues and com- pared as to the number of bids received for each issue. The two groups were again reduced by using the ten lowest net interest bids and the ten highest net interest bids. The third check on this factor was made by an analysis of the forty-four remaining issues that had not previously been used in this phase of the study. Debt to valuation ratio. A comparison of debt to valuation ratio was made by selecting those issues, from the total two hundred issues used in the study, that had a debt ratio of more than 10 per cent or less than 5 per cent. The issues in the two groups were then compared to the net interest costs received in each group. A second comparison was made by separating the above groups into four categories. The issues that had a debt to valuation ratio of 10 per cent or more, and exceeded the national average in- terest rate by one-half of one per cent, were placed in group A. Issues having a debt ratio of 10 per cent or more, but receiving a 64 net interest rate of less than national average, were placed in group B. 13 Issues exceeding the national average net interest cost, but having a debt ratio of less than 5 per cent were placed in group C. Issues having a debt ratio of less than 5 per cent, and bearing interest rates less than the national average by an amount greater than one 14 These groups were then half of one per cent, were put in group D. analyzed in terms of net interest costs. Callable bonds. The percentage of callable bonds in each of the two hundred issues was computed. 15 The net interest costs of the bonds were then compared to the percentage of callable bonds. A second test was made by finding the relationship of the net interest cost, and the percentage of callable bonds, in the eighty-four issues that had a debt to valuation ratio greater than 10 per cent or less than 5 per cent. Length of issue. The mean interest rate of the eighty-four issues was determined to be 2. 558 per cent. A study was then made of the longevity of the issues that exceeded the mean, as compared to the length of the issues that received interest rates below the mean. 13 Table XIII, Appendix. 14 Table XIV, Appendix. 15 Table XV, Appendix. 65 Debt history. Eighty-four issues were compared as to debt history and the resulting net interest cost. A further study was not made of this factor because of the multitude of implications surround- ing the debt history, such as whether defaults were the fault of the district or if there were extenuating circumstances, and the evidence that this factor could not be pinpointed or isolated. Therefore, general- izations were drawn relative to the effect of debt history and resultant net interest costs. Tax collection record. The per cent of previous tax collections were averaged for each of the eighty-four issues. The average number of years used in computing the average collection for a district was five years. The eighty-four issues were then compared as to the relationship between the percentage of tax collection of each issue and the average net interest rate obtained for the issue. Relation of surplus taxablerars. The number of years for which tax levies could be made beyond the life of the issue were calculated for each of the eighty-four issues. The median interest rate of these issues had been previously established as being 2. 558 per cent. The number of surplus taxable years for those issues exceeding the median interest rate was then compared to the number of surplus taxable years in those issues bearing interest rates less than the median. 66 'ije of district. A breakdown of the types of districts was made. The districts were classified as predominately industrial, residential, resort, and farm. The number of each Classification in the eighty-four issues was determined, and each group was analyzed as to the number of the issues exceeding the interest rate of 2. 558 per cent and the number that was less than the median. Percentage of affirmative vote. Two hundred issues were analyzed to determine if a relationship existed between the percent- age of affirmative vote obtained for an issue and the number of companies submitting bids for the issue. 16 The bids received for each issue were then analyzed to determine if a larger number of bidders for a particular issue resulted in lower net interest rates for the issue. The selected eighty—four issues were then used for further analysis to determine if those issues that received a net interest rate of more than the median had a lower percentage of affirmative vote, and if those issues that were passed by a high percentage of affirmative vote had a net interest cost less than the median. Attorneys employed. When a check was made of the two hundred issues, it was determined that certain legal firms appeared 16 Table XVIII, Appendix. 67 with more frequency than others. Secondly, it appeared that although some issues varied considerably in the mechanics of legal structure, they bore the same attorney's name. It was believed that such issues were compiled by attorneys other than the ones speci- fied for legal opinion. The offices of legal firms, bonding companies, and the Advisory Council were contacted relative to this question. It was found that such a practice was general, and that the legal opin- ions of only certain firms were recognized by bonding companies. The eighty-four issues were then studied as to the practices followed in employing legal assistance in the development of the issues, and some generalizations were made. Earmarked millage. Two hundred issues were examined to determine whether school districts generally provided for specifically earmarked millage within the bond resolutions as approved by the electorate. The eighty-four issues were then studied as to the interest rates obtained for those issues that had failed to designate what the millage was to be used for, as compared to those that did spell out the exact use to which the collected tax monies could be put. Bond Opinion fees. The eighty-four issues were investigated to determine the general practices followed by boards of education as to whether boards of education paid the fees directly, or whether they {\ (_f ‘s 35 3X 68 were paid by the bond purchasers and reflected in the net interest cost. The discovered methods of meeting these costs were then analyzed as to their resultant effect upon the net interest cost. Present status of school bonding. It was the purpose here to determine the pattern of bonding subsequent to the Thirteen Mill Constitutional Amendment. The issues were obtained that were sold during the period January 1, 1955, to January 1, 1957, and analyzed as to the number of unlirnited-tax, unlimited-tax-qualified, and limited-tax bond issues sold. 17 The issues were then compared as to interest rates received to determine the effect of the type of issue upon the interest rates 18 received for the issues. These interest rates were then com- pared to the national average net interest costs and to the national average school bond interest rates for the same period. 19 The total bonding program was studied in relation to the existing amendment as to its effectiveness during the short period 17 Table XXI, Appendix. 18 Table XXII, Appendix. 19 Graph I, Appendix. that it has been in existence. 69 - CHAPTER IV HISTORY OF MICHIGAN BONDING I. EVOLUTION OF PRESENT LEGAL STATUS The magnitude of current and future school bonding pro- grams, methods available for present day bonding as well as the manifestations involved in current capital outlays, have been dis- cussed in the preceding chapters. The laws regulating the issuance of school bonds have been somewhat in a state of flux since the time that the State of Michigan was but an enterprizing young territory with visions of perhaps becoming a state. In order to better understand the involvements of present day school bonding, it is necessary to briefly relate the delineation of the legal acts that have been or still are in effect from the earliest recorded date up to and including the so-called Thirteen Mill Amendment. The Governor and Judges (Northwest Territory) adopted an act in 1809 to levy a tax for the support of schools, but the act was not enforced. 1 A few years later, Augustus B. Woodward 1 F. Clever Bald, Michigan In Four Centuries, (New York: Harper Brothers, 1954), p. 174. (1 71 provided a plan for an educational system (Catholepistemiad) to be supported through a 15 per cent increase in taxes. This plan was 2A1- made a law by the Governor and Judges on August 26, 1817. though the system failed, it did provide an established basis of taxation for school support. In 1827, a law was passed which made provision for capital outlay, but it was not mandatory because it allowed for rejection of its provisions by a two-thirds majority vote of the qualified electors. The Territorial School Law of 1829 "an act to provide for and regulate common schools" was the first Michigan law that made provision for the mandatory establishment of school facilities and the levying of taxes against the real property within the school dis- trict for purposes of capital outlay. 3 The law of 1830 changed the authority of tax levy, in that it required that the amount of tax levy for capital outlay be duly authorized by a majority vote of the qualified electors at a legal district meeting. 4 Some schools were organized; however they were generally supported by rate bills rather than by taxes. There were no free 2 Ibid., p. ’177. 3 Laws of Michigan, 1829, Section 8, p. 58. 4 Laws of Michigan, 1830, Section 7, p. 27. (a 72 schools in Michigan until 1842, and then only in Detroit. 5 Detroit did not open the first Michigan high school until 1844. It closed shortly thereafter, and did not reopen until 1858 with an enrollment of twenty-three boys. 6 Although the Constitution of Michigan, adopted in 1835, pro- vided in Article X for a system of common schools, it did not provide for free schools. It was not until April 3, 1869, that an act was passed by the legislature providing for free schools supported by taxes and state aid. 7 In 1874, the State Supreme Court, Justice Thomas Cooley writing the opinion, upheld the validity of the tax supported school law in what became commonly known as the Kalamazoo Case. Only eighty-three years have elapsed since the support of schools in the State of Michigan has had the sanctity of tax support through a Supreme Court decision. However, legislative acts were passed during the interim that did lend support to the public schools, and slowly modified and changed the provisions through which monies could be obtained for school capital outlay. 5 Bald, op. cit., p. 175. 6 Ibid., p. 264. 7 Ibid., p. 305. n bl :19: (It 73 The first Constitution of Michigan, adopted in 1835, made no specific mention of finance for capital outlay. Provisions for capital outlay, however, were implied in the general 'mandate to the legislature to establish a system of common schools. The law of 1837 entitled, "An act to provide for the orga- nization and support of primary schools," was the first school legislation enacted after Michigan became a state. 8 It specifically limited the amount of levy for capital outlay in a primary district to five hundred dollars in any one year. It was amended in 1839 by a provision requiring a two-thirds majority of the qualified electors present at any regular qualified meeting of the school district, to approve a tax levy for capital outlay. 9 It was further amended in. 1840 by providing that no capital outlay levy could be made unless the district contained at least nine scholars between the ages of four and eighteen years. 10 Further, that the levy could not exceed one hundred dollars per year unless the township primary school inspectors certified that additional revenue was needed. In that case, the levy could be raised to a maximum of 8 Laws of Michigan, 1837, Section 8, Paragraph 8, p. 117. 9 Laws of Michigan, 1839, Act No. 105, Section 7. 10 Laws of Michigan, 1840, Act No. 121, Section 7. 74 three hundred dollars. In 1843, a law was passed to raise the levy for capital out- lay from one hundred dollars to two hundred dollars. In 1845, it was amended to provide a levy not to exceed four dollars per child for capital outlay in those districts having more than one hundred children between the ages of four and eighteen years. 11 The first reference restricting the type of building that could be erected upon land with a particular type title, appears in 12 It provided for the the law of 1846, amending the act of 1843. erection of frame buildings on sites having a title in fee or at least a fifty year lease, and restricted the erection of stone or brick buildings to sites with a title in fee or a ninety-nine year lease. The second and third Constitutions, adopted in 1850 and 1908 respectively, made no specific reference to the levying of taxes for school capital outlay. In this regard, they were like the original Constitution of 1835. They merely provided an obligation upon the legislature to maintain common schools, and gave the legislature the power to determine the method of financing said program. 11 Laws of Michigan, 1845, Act No. 69, Section 2. 12 Laws of Michigan, 1846, Act No. 134, Section 1. {W P >./ I I. I 75 The legislature, in 1861, amended the law of 1846 by pro- viding that districts having less than thirty resident pupils between five and twenty years of age, should not exceed a tax levy of two hundred dollars for capital outlay. 13 Districts with more than thirty but less than fifty pupils were allowed up to three hundred dollars. The law also included limitations on the amounts that could be expended for specific types of buildings, and placed res- trictions as to the amounts to be expended for specific sized build- ings. In 1867, the capital outlay levy was increased to one thousand dollars for any district having more than fifty resident pupils between five and twenty years of age. 14 These amounts were raised in 1881 by providing for a capital outlay of two hundred and fifty dollars with less than ten children, five hundred dollars with more than ten but less than thirty, and one thousand dollars for districts with more than thirty and less than fifty. 15 Kelder states that the law of 1881 was re-enacted from time to time in subsequent years, and was maintained in effect in 13 Laws of Michigan, 1861, Act No. 176, Section 22. 14 Laws of Michigan, 1867, Act No. 34, Section 22. 15 Laws of Michigan, 1881, Act No. 164, Section 20. ya- 0" .vv [‘3‘ 5:5 ls. ‘ I 76 primary schools without change until 1927, when a new school code removed all limitations and permitted the capital outlay levy to be determined at the discretion of the qualified electors. present and voting at the district meeting. 16 Types of schools other than primary had been created during this time to meet the needs and demands. Kelder cites the following types: (1) union or graded district, (2) city school districts under special acts, (3) city school districts under general school laws, (4) township school districts, (5) consolidated or rural agricultural districts. 17 During this period, some school districts used the practice of pay-as-you- go; but the districts, in general, followed a bonding program. Each bonding program had to have a special act of the legislature before the school district could issue bonds. In 1855, a law was enacted that provided for the issuance of bonds up to fifteen thousand dollars in amount and bearing inter- est not to exceed 10 per cent. A two-thirds majority vote of the school district was necessary to put this law into effect, and then 16 Jacob W. Kelder, "An Analysis of Debt in the School Districts of Michigan, " (unpublished Doctor's dissertation, The University of Michigan, Ann Arbor, 1936), p. 24. 17 Ibid., pp. 24—25. 77 only in districts having more than three hundred residents. 18 The time of redemption was to be set at the time of approval. In 1867, the 1855 law was amended to provide for an esca- lator ratio of membership to the amount of the bond issue. 19 The law of 1855 was again amended in 1875 to permit districts, regard- less of size, to issue bonds graduated in amounts from three hund- red dollars with a school census of thirty, to thirty thousand dollars with a school census of over eight hundred. 20 It was amended again in 1881 by reducing the maximum interest rate from 10 per cent to 8 per cent. 21 A basic change in concept occurred in the law of 1887 in that it is the first reference that assessed valuation rather than school census be utilized as a basis for issuance of school bonds. 22 A second basic change occurred in 1899 when the law of 1881 was amended to provide for a minimum of ten years duration 18 Laws of Michigan, 1855, Act No. 29. 19 Laws of Michigan, 1875, Act No. 183, Section 14. 20 Loc. cit. 21 Laws of Michigan, 1881, Act No. 164, Section 2. 22 Laws of Michigan, 1887, Act No. 56, Section 1. 78 for a bond issue. 23 This appears to be the first reference to any time limit on any bond issues. Further restrictions appear in evi- dence in the law of 1905, when it was declared that the maximum bond- ing limit could not exceed 5 per cent of the assessed valuation regard- less of the census. 24 However, it loosened the restrictions by extending the possible duration of the bonds from ten to fifteen years. The trend that followed generally made bonding easier, and restrictions tended to be lessened. In 1907, the required affirma- tive vote was reduced from a two-thirds majority to a simple majority. 2'5 In 1911, the percentage of bonded indebtedness was increased from 5 to 10 per cent of the assessed valuation, and in- creased the per capita debt from seventy-five dollars to one hund- red dollars for those districts with more than one hundred children between the ages of five and twenty years. 26 In 1921, the bonding limitation was again increased from 10 per cent to 15 per cent of the assessed valuation, and the life of the bond issue was extended 23 Laws of Michigan, 1899, Act No. 190 24 Laws of Michigan, 1905, Act No. 270. 25 Laws of Michigan, 1907, Act No. 256. 26 Laws of Michigan, 1911, Act No. 12. W 79 to a maximum of thirty years. 27 The law of 1925 began a general trend that was to be parti- cularly common until 1955, in that it recognized thatithe bonding laws were too liberal. 28 The 1925 law provided: (1) for issuance of term and serial bonds, (2) for the management and establishing of sinking funds for payment of bonds at maturity, (3) for the reduction of the allowable rate of interest for bonding purposes to 6 per cent, and (4) for the refunding of outstanding bonds, with the provision that the refunding bonds be paid in a period not to exceed fifteen years. The State Constitution of 1908 contained no provision relative to the issuance of public school bonds. It was amended, however, in 1932. 29 This action further restricted bonding, and provided a serious handicap in the building of schools. A slight change in 1948 and a major dhange in 1955 did alleviate the situation. The 1932 amendment provided that (1) the total tax levy on property for all purposes should not exceed 1 1/2 per cent of the assessed valuation, except that taxes required for payment of obligations incurred before 27 Laws of Michigan, 1921, Act No. 31, Section 1. 28 Laws of Michigan, 1925, Act No. 273. 29 State Constitution of Michigan, Article X, Section 27. 80 1932 might be levied separately, and that (2) the tax limitation could be increased in an amount not to exceed 5 per cent of the assessed valuation for all governmental units participating in the fifteen mill tax limitation, for a period not to exceed five years, when approved by a two-thirds majority vote of the qualified electors at a regular or special meeting. The efforts of the legislature to protect the taxpayer still further during the early 1930‘s, is evidenced by the 1933 Property Tax Limitation Act. 30 The act (1) created the allocation board, (2) provided the mechanics for controlling and enforcing the fifteen mill constitutional amendment, and (3) established specific minimums of millage that the county‘, township, and schools could demand from the allocation board. Because the schools were assured of only four mills, under this act, for purposes of operation and capital outlay, two new con— cepts were in evidence in the period of 1932 to 1941. The first concept was the new interest of the bond purchasers in the operating funds of the school. Bonds were the obligation of the school’ district, and could be paid from the operation funds. The operation funds were now dependent upon the decision of the allocation 30 Public Acts of Michigan, 1933, Act No. 62. W ‘I-u 3. W! t] [i ‘- 81 board, in terms of the budgets submitted, but not necessarily determined solely by the school budget. The second concept was that school bonds could, if financed within the fifteen mill allocation, be issued for a duration of thirty years; but if they were financed under the provisions of Article X, Section 21, of the State Constitution, the bonds could be issued for a duration of only five years. However, all was not restriction in the year of 1933. The legislature did provide for the issuance of revenue bonds, which offered a new avenue for raising money to purchase, acquire, con- struct, improve, extend, or repair and own and operate, revenue producing public inlprovements. 31 Such revenue bonds were paya- ble solely from the revenue derived therefrom, and they were of little use to schools because of the limited number of revenue pro- ducing possibilities. In 1935, further action was taken to ease the burden on the taxpayer by an amendment to Act 13 of Public Acts of 1932. 32 The amendment provided: (1) that with the permission of the commission, the municipality might refund its unmatured bonded indebtedness in 31 Public Acts of Michigan, 1933, Act No. 39, p. 129. 32 Public Acts of Michigan, 1935, Act No. 42, p. 67. 82 whole or in part for the purpose of reducing the interest rate thereon, where the evidences of such indebtedness are subject to redemption or retirement prior to the maturity date thereof. Refunding under this section was limited to the refunding of bonds or notes issued prior to March 1, 1935; (2) that the money received from the sale thereof shall be deposited in a duly qualified bank or trust company, designated by the governing body of the municipality, in a special trust account for the payment of the outstanding refunded bonds and for no other purpose; and (3) that certificates of indebtedness might be issued for the purpose of refunding in full, interest maturing during the calendar years 1931 to 1934, inclusive. Further evidence of the hardship existing in the early thirties, and the resulting inability to meet bond obligations, is revealed in the act to provide municipalities with the authority to proceed under the federal municipal debt adjustment act, thereby providing a means to secure readjustment of the municipality debts. 33 A second act, adopted in 1935, is of particular importance to all school treasurers, and was enacted as a result of some school 34 treasurers' misuse of school funds. It amended Section 43B of 33 Public Acts of Michigan, 1935, Act No. 53, p. 83. 34 Public Acts of Michigan, 1935, Act No. 93, p. 148. f N 83 Act No. 206, Public Acts of 1893. and provided that the school treasurer be rendered liable for any loss occasioned by failure to deposit funds in a depository designated by resolution. A third act, passed in 1941, amended Section 13 of Chapter 9 of Act No. 314, Public Acts of 1915. 35 It provided that the actions upon bonds which are the direct or indirect obligation of the school district be brought within ten years after the respective causes of such action were proved, but not afterwards. By the early 1940's, a period of prosperity was well under way, and school enrollments were increasing to the point that they no longer could be housed. The twenty year period of practically no new school construction had resulted in a definite building short- age. However, needed new construction was still handicapped because of the limited tune for which bonds could be offered outside of the fifteen mill limitation. At the November, 1948, election, the voters of Michigan amended the fifteen mill constitutional tax law by (1) increasing the time limitation for which increased taxes could be levied from five years to twenty years, and (2) substituting a single majority vote for 35 Public Acts of Michigan, 1941, Act No. 73, Chapter 9, p. 90. . s < . v.4 4 I I l .. o s a p I ., , u - s _ \ ~ - . I F ' I I (r x 84 the previously required two—thirds majority. 36 This act greatly relieved the restricted conditions under which school bonds could be issued. Several problems, however, still existed, and, ifa school district were to receive a favorable rate of interest, the following provisions had to be made: (1) the district must vote a tax increase large enough to provide liveral allowances for tax delinquency, (2) the tax increase should be voted for several years beyond the final maturity date of the proposed bond issue, and (3) the district must establish a reserve fund equal to at least one year's principal and interest requirements. 37 Although the change in the fifteen mill amendment was a help, it did not go far enough. Rapid population growths in some areas resulted in decreased per capita valuations, because of the fact that industrial development did not keep pace with residential growth. Further, the continued erection of new school facilities and the resulting increase in bonded indebtedness soon placed many districts in a position that they could not float any new bond issues. To relieve this situation, the people of the State of Michigan 36 State Constitution of Michigan, Article X, Section 21. 37 Paper presented at Conference of County Superintendents, Lansing, January 19, 1949, by Louis Schimmel, Director of Munici- pal Advisory Council of Michigan, Detroit 26, Michigan. 85 8 again amended the Constitution on April 4, 1955. 3 The new amendment provided: 1. That the state could borrow monies not to exceed one hundred million dollars for the purpose of making loans to be used by the districts for payment of principal and interest on school bonds. 2. That the conditions under which the state shall loan money to a school district and the conditions under which the school shall repay the loan to the state be as follows: (a) In any calendar year that a school district is required to levy more than thirteen mills on its state equalized valuation for the payment of the principal and interest on its bonds (present and future bonds), the State of Michigan shall loan the district the amount of the excess over the thirteen mill levy. (Total aggregate amount the State can loan to all school districts over ' the life of this amendment is limited to one hundred million dollars.) (b) After a school district has received a loan or loans from the State, the district each year thereafter shall continue to levy not less than thirteen mills on its state equalized valuation until the amount loaned by the state has been repaid. Whenever the thirteen mill levy produces more than enough to pay the annual principal and interest on the bonds of the district, the excess must be used toward the repayment of the state loan. 3. That all school district bonds issued after the effective 38 State Constitution of Michigan, Article X, Section 27. 86 date of this amendment and prior to July 1, 1962, -- if such bonds mature in not less than twenty-five years from date of issue -- should be payable from taxes without limitation as to rate or amount. This removes from such bonds the tax restrictions imposed by the fifteen mill constitutional amendment, and permits a school district to finance a bond issue over a period up to the legal limit of thirty years. This last constitutional amendment may have permitted schools to arrange their financing programs on a more realistic and reason- able basis. Only time can reveal its true effect. It did provide a means for schools to get further in debt, and to project the debt over a longer period of time. Just how effective the amendment is functioning will be treated in a later chapter in this study. II. HISTORY OF SCHOOL BOND INDEBTEDNESS, 1863 —- 1955 Although the history of Michigan school bonded indebtedness as well as the history of municipal bond yields are closely allied to the evolution of the legal statutes governing the issuance of school bonds, it is believed that they can each be best understood by re- lating them separately and subsequent to the preceding section. In 1863, the gross school bonded debt was a mere $112, 266, a. debt equivalent to . 0007 of the state's assessed valuation. 39 The 39 Table I, Appendix. 87 per capita wealth in this period was $183. 00, while the per capita . 40 debt was only thirteen cents. The bonded debt steadily increased until 1931, when it reached a peak of $188, 465, 101, and the ratio to bonded debt 1 to assessed valuation had increased to . 0239. 4 The state popula- tion had increased during this period from $861, 000 to $4, 792, 000, and the per capita wealth had increased to $1, 637. 42 The per capita debt had increased to $39. 29, and the per pupil debt had increased to $179. 92. The 1929 stock market crash and the ensuing depression years resulted in issuance of refunding bonds as well as a steady decline of school bonded indebtedness. 43 The taxpayers who had previously supported bond issues were now reluctant to give their approval. The legislative action of 1932, in adopting the commonly called fifteen mill amendment, had further restricted the ability of the schools to secure public approval by raising the requirements of popular vote and reducing the term of the bond issue. 40 Table II, Appendix. 41 Table 1, Appendix. 42 Table II, Appendix. 43 Table III, Appendix. 88 By 1948, the total gross school bond debt had been reduced to $88, 495, 745. 44 The per capita debt had dropped to $14. 33, while the per pupil debt reached a new low of $88. 76.45 School enrollments followed a different pattern, in that they had shown a steady increase until 1932, when a high of 1, 049 505 pupils were enrolled in Michigan public schools. 46 Membership in the public schools decreased more than 91, 000 between the years 1932 to 1933; and a steady decrease followed through 1937, when a new low of 942, 328 enrollees was reached. 47 In 1938, enrollments again began an upward trend, and except for a minor reduction during the war years of 1941 to 1945, continued to rise until the previous peak was passed in 1951, and a new high was attained by 1955 of 1,296, 553.48 Antiquated buildings, prosperous times, and the increasing enrollments was reflected in an upsurge in the construction of im- proved school facilities, In the period from 1949 to 1950, the gross 44 Table 1, Appendix. 45 Table II, Appendix. 46 Loc. cit. 47 Loc. cit. 48 Loc. cit. 9‘ _‘n 1‘! le?‘ 14' 89 school bonded indebtedness increased over $43, 000, 000, and by 1955 it had attained the staggering height of nearly $350,000, 000.49 The indebtedness now stood at $46. 47 per capita, and $259. 46 per enrolled pupil. 50 At the time of this writing it would appear that the bonding debt would continue to rise considerably in the ensuing years due to the continually increasing costs of construction, the backlog of needed facilities (only one—third of children being satisfactorily housed) the increasing birth rates, and the increased holding power of the schools. 51 It is significant to note that although the per capita debt has reached a new high of $46. 47, the ratio of bond debt to assessed valuation is much less than it was in 1934. 52 Today there is a considerable demand by the public for federal aid to provide the needed school construction, because it is believed that the school debt is so large that it is impossible to provide facilities through local channels. Yet debt ratios reveal that Michigan today 49 Table III, Appendix. 50 Table II, Appendix. 51 Clair L. Taylor, So ManLChildren, (Department of Public Instruction) . 52 Table 1, Appendix. Ll IT 90 is better able to take care of its school bonded debt than it was in 1934. III. MUNICIPAL BOND YIELD HISTORY In the early part of the twentieth century, the average bond yield was well over 4 per cent. 53 Bond yields increased with World War I, and reached a high of 5. 08 per cent shortly after the war ended. 54 The bond market generally softened in the 1920's with a gradually decreasing bond yield until the stock market crash in 1929. In fact, bond yields continued to fall through the years 1930-31.55 The period of 1931 to 1935 witnessed very little reduction in interest rates. The market was extremely small, as practically no new bonds were offered for sale. However, offsetting the advan- tage of limited marketable sales, was the tax collection delinquency rate and the resultant inability of the schools to meet principal and interest payments. It was not uncommon for a school district to receive as little as 10 per cent in non-delinquent tax collections on 53 Table IV, Appendix. 54 Loc. cit. 55 Loc. cit. 91 a current levy. A period of refunding followed legislation of 1935, and school districts began to recover from their financial distress. This was particularly true as many districts changed from term to serial refunding bonds. 56 In the years 1931 to 1948 the school bond debt was reduced from $180,000, 000 to $88, 000, 000. 57 Accompanying the reduction of debt was a very noticeable, though not parallel, decline in bond interest rates. The drop in rates was without doubt accelerated by (1) the lack of new issues on the market, (2) stabilization of school debt, (3) improved prosperity, (4) general easing of credit res- trictions. In 1949, the trend changed. 58 (1) Money tightened slightly, (2) stocks were a little more desirable than bonds, (3) schools were offering an accelerating number of new bond issues, (4) the bonded debt began to rise very rapidly. By 1955 the bonded school debt had reached $336,000,000. 59 56 Table III, Appendix. 57 Table 1, Appendix. 58 Loc. cit. 59 Table III, Appendix. 92 Some bonds were now demanding interest rates from 3 per cent to over 4 per cent interest, and many sellers of bonds were unable to find buyers. 60 The preceding paragraphs point out that interest rates do vary, and that the variance generally follows (1) economic cycles, (2) supply and demand, and (3) estimated risk. 60 Table XVIII, Appendix. CHAPTER V GENERAL CHARACTERISTICS OF BOND ISSUES AND THEIR EFFECTS The need for school bonding has been established, and the history of Michigan school bonding has been briefly reviewed. The next phase in the appraisal of Michigan public school bonding practices is the study of those provisions that are incorporated within the bond issue itself. This phase of the study was believed necessary by the writer because school boards are often negligent in determining specifically the terms of the bond issue. Further, the content of the issue is often not thoroughly understood until it becomes expedient to alter the original plans. Inevitably, ,at that time, the board of education discovers in many cases that it can not make the change within the provisions of the issue. Two hundred issues bearing bond sale dates between July 1, 1954, and July 20, 1955, were examined as to their flexi- bility within the bond issues, determining if boards of education provided themselves with sufficient latitude for possible emer- gencies or expedient variation. It was found that two hundred of the issues provided for buildings, 182 for buildings and furnishings, while only sixty- six provided for buildings, furnishings, and 94 site. It was revealed that 143 provided no means of acquiring additional sites or for changing the building provisions. Eight issues were limited to the degree that they could make no changes of any kind. For example, a bond issue might call for the erection of four classrooms to a specific school. Several things could suddenly happen that would cause a board to change its original plan. (1) Cost of construction might exceed the architect's esti- mate, and only three rooms could be constructed. (2) Surplus funds could remain after building or buildings are erected, and with this surplus the board is desirous of building additional rooms. (3) Population shifts, increases, or decreases might make it feasible to erect additions on a different building or possiblyon a different site. (4) The board might build the additions as stated, and find that they have surplus funds with which to provide an addi- tional site for future construction; or they might be desirous of providing necessary playground equipment, furniture, educational equipment, janitorial equipment, etc. Other possibilities could be suggested, but these are sufficient to point out that not one of the alternates could be utilized no matter how feasible that alternate 1 Table XVI, Appendix. 95 might be. The bond issue provides specifically for four classrooms on a certain building, and no matter how valid the reason for change, the board has no legal right to do anything other than that which the issue spells out. Twenty-two of the issues examined did provide that the board of education could acquire additional lands for site purposes over and beyond the immediate building site. Eighteen issues pro- vided for varying degrees of latitude in the number and type of schools to be constructed. These issues varied in phraseology from "a specific addition to a specific building" to "erect and fur- nish additional school facilities. " Fifteen issues provided varying degrees of flexibility in the purchasing of sites as well as in the erection of facilities. The terminology varied in these issues from "erect additions and acquire additional sites" to "erecting additional school facilities either as new buildings or additions to existing buildings and acquiring additional school sites. " One hundred eighty—two issues did provide for furnishings, which means that those districts can, within the terms of the bond issue, provide the building with the necessary equipment and supplies to operate it. Such equipment is limited not only to furni- ture, laboratory equipment, etc. , but may also include such items as library books, typewriters, maps, globes, and visual aids. 96 Unfortunately, an architect sometimes underestimates the cost of the potential building or buildings, which results in a lack of funds for furnishings even though the provisions were included in the bond issue. This experience is an unfortunate one for the school district because the district has the additional expense of reducing the cost of structure through (1) the negotiation and reduction of facilities, (2) the cost of rebidding a revised building program, (3) the reduction of equipment and supplies, (4) or paying for the equipment and supplies out of general operating funds, which in most cases are already seriously depleted. Therefore, it must be pointed out that it is imperative that boards of education should not only provide a means for furnishings within the issue, but must also provide an issue large enough to meet the financial costs of furnishings as well as buildings. The effect of flexibility on obtaining affirmative acceptance for the issue. It is believed by some that the issue must spell out exactly what the board of education is going to do with the funds, or else the people will not support the bond issue and popular vote approval would be improbable. Obviously, some particular phase of a bond issue, such as the construction of a swimming pool or the erection of an auditorimn, for example, might contribute to the defeat of a bond issue. This could be true if the public did not have 97 sufficient confidence in the school administration, or if the public had not been sufficiently prepared as to why such facilities were needed. This, however, is quite different from the matter of providing flexibility within the issue, and the issue would be de- feated generally under the above circumstances regardless of the flexibility or lack of the same within the bond provisions. Two hundred bond issues were examined to determine whether or not flexibility of powers, provided for the board of education within the issue, had any detrimental effect upon the percentage of popular affirmative vote obtained for the issue. 2 The bond issues were separated into the four following classifi— cations: (1) provided little or no flexibility, and specifically de— tailed the latitude of operation for the board of education; (2) pro- vided latitude only for the purchasing of additional sites; (3) pro- vided flexibility only for the erection of buildings; (4) provided flexibility both in the acquiring of sites and the erection of build— ings. The percentage of affirmative vote in relation to total number of votes cast was then computed for each bond issue and compiled on the following page: 2 Percentage of affirmative vote was not available for three of the issues. 98 Classification Number of Average Percentage Median Issues Affirmative 1 143 77. 0% _ 78% 2 22 73. 8% 73% 3 18 76. 4% 73% 4 14 81. 0% 73% The issues examined were those issues that had been successfully passed. It was not feasible in this study to determine the percentage factor of unsuccessful issues, because of the multi- tude of causes and effects that affect the passing of an issue. These causes and effects would require a separate study in each commun- ity in order to isolate any one reason or series of reasons for de- feat of the issue. It is, however, clearly indicated in the percentage of affirmative votes cast for each of the four classifications, that the provision of a broadened latitude for the board of education within a bond issue does not result in any substantial difference in the percentage of the vote in favor of the issue. It would appear then that it would behoove every board of education to provide some degree of flexibility within the bond issue that would allow the board of education to function in the most ex- pedient manner during the life of the issue. The effect of percentage of affirmative vote obtained on the A s l ‘ e . . v / . a . . < .. . , s \- . 9 r- \4 . ~ ._ e, . , ‘ . ‘ . ‘_. ., . ' ‘z , ,‘ \. ~ . .. ,_ , , u . . . . 1., . e , \ - - ~n . m r. V 99 number of bond bids received. Dr. Eugene Johnson made the following statement about an affirmative vote of 576 to eighty-four, approving a $, 765, 000 bond issue in the Bloomfield Hills School District:3 We hope that this vote (576 to eighty-four) will mean a smaller percentage of interest on our bonds. Usually more bonding companies bid against each other when such total community support is indicated. The writer desired to check the validity of this statement. The 197 issues were arranged in chronological order according to percentage of affirmative vote. The issues were checked to find if more bonding companies were interested in submitting a price bid when the percentage of affirmative vote was high, and also if fewer companies were interested when the bond issue was passed by a narrow margin. It was found that there was no specific cor- relation between affirmative vote and bond buyer interest. 4 II. MEANS OF MEETING THE DEBT RETIREMENT PROVISIONS Millage levy. Three of the 200 issues guaranteed no mini- mum millage or dollar tax levy for the retirement of their bonds. Three issues were unlimited-tax bonds, hence it was not necessary 3 Superintendent, Bloomfield Hills School District, 1955-195 . 4 Table XVIII, Appendix. 100 to specify a millage or dollar levy. Five provided for a maximum millage until such time as the reserve was established. Then the required minimum levy became an amount sufficient to meet the principal and interest due in that fiscal year. Eleven issues pro- vided for a minimum millage levy until a reserve was established. One hundred nineteen provided for a tax spread of a minimum number of dollars, while fifty-nine provided for a minimum millage or a minimum dollar tax spread, whichever is the lesser. 5 It should again be pointed out that if boards of education are lax in checking the exact provisions of the bond resolutions before the bond sale, they may find themselves saddled with an issue that is not in the best interest of the school district. The general policy is to employ legal counsel or other qualified advisors to provide the wording of the issue, prior to its presentation for public approval and subsequent sale. The school board and the administration often assume that everything is correct, or they do not fully understand the provisions of the issue and pass resolutions later submitted to the voter for approval. If the advice they received was correct, and if the bond issue provided sufficient levy flexibility clauses, probably no crisis can occur that would seriously handicap either their 5 Table XVII, Appendix. 101 payment program or any future building programs. However, if the advice was in some varying degree faulty, the board may find itself seriously handicapped as well as severely embarrassed. Taxablelears in excess of the life of the'issue. The exam- ination of the issues involved revealed that all but thirteen provided for a tax levy that extended beyond the date of maturity of the last bond. 6 A common practice (ninety—six issues) is to extend the possible tax collection time two years beyond the life of the bond issue. One district provided for a ten year cushion, while the balance varied from three to seven years. No specific interest rate variation can be attached to the number of years of cushion that is provided in theissue. However, it is generally agreed that the more protection that is afforded the bond holder by the provision of a suitable cushion, the more marketable the bond. Amount of certificates. Bonding companies have advised the writer that the sale of bonds is gene rally most acceptable when the bonds are in denominations of one thousand dollars and in blocks of five. A check of two hundred issues revealed that 188 were in one thousand dollar denominations, seven were in combinations of 6 Table XVI, Appendix. 102 one thousand and of five hundred dollar bonds, four were issued in five hundred dollar certificates, and one was of a five thousand dollar denomination. The apparent trend is for boards of education to follow the practice of issuing their certificates in denominations of one thousand dollars. It should also be noted that although the bonding companies do prefer certificates in amounts of one thousand dollars, there appeared to be no noticeably higher rate of interest on those issues that specified certificates in greater or lesser amounts . Callable features in bond issues. Most school districts provide bonds within the issues that are callable before the date of maturity. For example, a bond issued in 1954 and maturing in 1974, may be called on any interest date within that period, accord- ing to the legal provisions provided within the issue; or it may be allowed to be outstanding until the date of maturity. Such a pro- vision provides more flexibility for the board of education in that the board may decide (1) to buy up the bond on the first callable date, (2) to buy on any other callable date prior to the date of maturity, or (3) to retire the bond debt at the date of maturity. This legal provision in the bond issue provides a means for the board of education to determine, according to its best judgment, \ ( ') 103 which is the best plan to follow in light of the tax program, the amount of monies available for debt retirement, and the current interest yields. However, such a variable program is not all to the advantage of the board of education. The fact that the board has a choice in such a debt retirement program adds to the bond buyer risk. That is, the bond holder can not, under such a program, be assured that he will or will not receive his payment for the bond prior to the date of maturity. Therefore, the buyer could, under certain conditions, require a higher interest rate than if such a condition did not exist. The condition is then established that if a bond issue provides for callable bonds, and the bonds are not called prior to date of maturity, the interest cost on the total issue might be greater than if the callable feature were not included. Conversely, if the bonds were called before the maturity date, the total interest cost for the issue could be substantially lower than if the callable pro- vision had not been included in the issue. The exact position of the individual board of education in calling bonds can not be determined here because of such factors as the legal provisions within the issue, the school's debt retire- ment investment program, and the current interest rates obtained on such investments as related to the interest demanded by the ’_. 104 bonds in question. It is legally possible, under certain conditions, for the school district actually to make money on outstanding bonds whenever the interest rate received for legally invested debt re- tirement funds is greater than the net interest charge for the callable bonds. However, these points should be considered: (1) the school is not an investment company; (2) the board of educa- tion has definite moral obligations to the school district; (3) no matter how apparently safe the investment, it still is not as safe as retirement of the district's obligation; (4) districts are expected to call bonds when debt retirement funds are available in accord- ance with the provisions of the bond sales agreement, and refusal of the board to call such bonds may result in unfavorable debt retirement records, causing subsequent issues to demand higher rates of interest. It has been revealed in this chapter that there is a con- siderable variation in the provisions that are incorporated in the individual issues. Often these provisions are inserted by the bonding attorney with little regard by the board of education as to the limitations imposed or to the resulting consequences. Some boards of education, no doubt, do make a concerted study of the provisions involved, but from a study of the issues it is evidenced that far too many do not. Whether or not school boards are 105 cognizant of the possibilities of variance within the issue, the fact remains that these possibilities do exist. The effect of these pro— visions has been revealed in part. In order to understand the full impact, it is expedient that they be studied in their relationship to the net interest costs. CHAPTER VI NET INTEREST COST ON BONDS. I. MARKETING BONDS Periods for marketing bonds. Little can be done by the local school administration to control the bond market price. However, there are conditions surrounding the sale of each issue that do affect the net cost of the issue within the limits of the existing bond market. An analysis of bond yields, month by month, from January, 1936, to December, 1955, reveals that some months provide lower rates of interest than do others. 1 The twenty year monthly bond yield average was 2. 27%. The months providing the lowest average yield were August, November, and December, each with an average yield of 2. 24%. April, June, and October appear to be on the average the poorest months in which to market bonds. The average interest charge over the twenty year period for bonds marketed in these three months was 2. 29%. One can not state positively that certain months will always 1 Table V, Appendix. 107 provide the best interest rates. For example, December rated one of the lowest average interest rates, and was actually the lowest month seven times within the calendar year; but it was also the highest calendar month four times within the twenty year span. April, during the same period, had the highest twenty year average rate, but was actually the lowest calendar month three times in that period. 2 One can, however, generalize that bonds offered for sale in August, November, and December will generally obtain more favorable rates than those sold in April, June, and October. The one thing that apparently pushes bond interest rates up in the spring months is the increased number of issues offered on the market at that time. Therefore, it be- hooves every school board to be cognizant of the number of issues that may be offered at any one time, and if possible, to offer their bonds for sale at an off peak period. Acceptance of bids. One of the ilnportant decisions that boards of education must make is that of deciding which company provides the lowest bid. Provisions are generally made within the notice of sale of bonds that the average net interest bid shall be computed according to a specific schedule. The bid may be computed 2 Table VI, Appendix. .. r4 1. . \_. > . a \. IV v . I A ‘ c , . ( ‘ s .. n . ' . I 'r . ‘ _ , L . ‘ . l . . 1 108 on the understanding that the callable bonds go to maturity. Or the bid may be computed on the basis that the callable bonds would be called on the earliest call date. The fact that most of the bonds issued today are unlimited rather than limited, and the subsequent effect of having no reserve established, somewhat limits the ability of early calling of bonds. The results are that the possibility of early calling is reduced, and bonding companies usually assume that fewer bonds will be called prior to maturity. However, bond issues will probably continue to provide for callable bonds sufficient in number to necessitate careful scrutiny of the bid prices submitted. Generally, the legal counsel or advisor provides the number of callable bonds and the schedule for the calling of bonds as close as possible to the foreseeable paying abilities of the dis- trict. However, as has been previously pointed out, no matter how careful the economic projection at the time of sale, economic conditions within a district may vary considerably from the forecast. Table XIX reveals that one bid differs from the other by only $278. 00 when the bonds are redeemed at maturity. However, the difference in the two bids increases to over three thousand dollars if the callable bonds are redeemed at the earliest call date. 109 .omoH .m nongooon— .mHoonom auwggfiou scunxumHU 05 >3 nozooon spam ..n co .moo .3. oo .33 Ba 3 oodoaowfin oo 4:. .2: oo 85. 53 ~88. oodooa oo.ooo.m . fiaafioam oo 4:. .2: oo oz. .3: oo .mdd 2% oo Sam .omN :8 suoaoofi “oz cc .2553 8 at. .Sm co and sums oo .2.~ .mmc :8 soz 2. .5; cm .3 me 4.3 om .3 8382..“ me .mS .mmm om .Ncm .Sm 2. 4.2 .35 om .Ncm .mNc 3835 can Hodsofiad Eon. oo .25 .32“ oo .25 .33 oo .25 .33 oo 68.2.3 recon mo 335.4. m ensmanU «en asmanU m 523500 4 assanU oumn Zoo «unison bananas." us noaoonon endow. no noaoonou spoon *mam 03H. ....HO ZOmHmdnnszU EDQHEUM j<0 EH3 95%:st .HmOU BwNMHHZH .HHZ a H429 .l 110 It is revealed in Table XIX that total net interest costs vary with the call schedule. A condition could conceivably exist, then, in which one bid would be low if the bonds are retired at maturity, and a different bid could be low if the callable bonds were redeemed prior to maturity. The board of education should weigh the two bids in the light of its potential bond retiring ability, and determine which bid would probably be the lower. Obviously, the forecast could be in error, but a reasonable forecast should, on the aver- age, provide a more sound program than no forecast at all. One of the most important decisions that a board must make is the acceptance of one bid or the rejection of all bids sub- mitted. The board should have time to examine and weigh care- fully the provisions previously mentioned. Unfortunately, under present conditions, bids submitted are firm only at the time of submitting. The bond sale notices do not provide any clause for a delayed acceptance of a submitted bid. This places the board of education in the position that it must accept the low bid, or it must reject all bids. Such a rejection implies, however, the possibility of negotiating with the low bidder at a later time. This procedure involves the risk that the bid may be withdrawn before the time of negotiation. It would be a much better situation if a provision could be tr-w \. h‘ , .4 K 7 A r ’ ' . . , l‘ ’T C yr . ‘ l . . t' P A f ' ' s 3 ' l r r V l C ’4 I ». ,_ C , 111 inserted in the notice of sale that the bids submitted be firm for a period of at least twenty-four hours. There are several reasons for such a stipulation: (1) If an error occured in the bid, the time span would allow the necessary checking, et cetera, to determine whether or not it was merely typographical. (2) Granted that the bond market fluctuates, a period of only twenty-four hours would not noticeably jeopardize the bond bidder, because the market might move in either direction. (3) It would provide opportunity to obtain legal counsel, on any point not entirely clear, before the final acceptance of a bid. 11. NET INTEREST COST ON BONDS Factor analysis of bond issues to determine the relation- ship of the factors to the net interest cost. In order to determine the factors other than marketing that affect the net interest cost of bond issues, two hundred bond issues, sold from July 1, 1954, to July 20, 1955, were separated into four categories according to the amount of the issue. 3 The amount of the issues was studied in relation to the net interest cost obtained for the issue, and it was determined that the re 3 Tables VII through X, Appendix. 112 might be such a relationship. The net interest cost obtained for each issue was then studied in relation to the equalized valuation of the district that marketed the issue. While it was evident that the districts having a higher valuation generally had more favorable net interest costs, it was also evident that valuation alone did not determine the rate of interest. The issues were then arranged in order of the ratio of debt to valuation. It was found that although many variations appeared, there was a definite existing correlation between the amount of the net interest cost of the bond issue and the percent- age ratio of debt to valuation of the school district. Those issues that had a debt to valuation percentage ratio of more than 10 per cent, and those issues that had a debt ratio of less than 5 per cent, were separated into two groups for further study. Group one consisted of forty-eight issues that had a debt ratio of more than 10 per cent.4 The issues varied in amounts from $21, 000 to $1, 500, 000. The ratio of total debt to total valuation, including the new issue, ranged from 10. 06 per cent to 14. 83 per cent. In group two there were thirty- six issues that had a debt to valuation 4 Table XI Appendix. f \ 113 ratio of less than 5 per cent. 5 The ratio of debt to valuation in this group ranged from 1. 34 per cent to 4. 97 per cent. The amounts of the issues ranged from $24, 000 to $2, 100, 000. The issues in group one were then arranged chronologically according to dates of sale, and compared to the national average net interest costs of municipal bond sales for the same periods. Interest rate comparison of selected issues to the national average. It was found that forty of the issues in group one de— manded a higher net interest cost than the national average, and that only eight Michigan issues sold for a lower rate of interest than the national average at the time of sale. The same procedure was followed with group two. 7 It was found that of the thirty-six issues, twenty-three demanded an average net interest cost equal to or less than the national average of municipal bond sales at time of sale, and thirteen issues required an average net interest cost than the national average. It is not the purpose here to determine why these issues we re above or below the national ave rage. Rather, the national 5 Table XII, Appendix. 6 Table XIII, Appendix. 7 Table XIV, Appendix. 114 average was utilized solely for the means of establishing that those issues that had a debt ratio of less than 5 per cent, had a greater number of issues demanding less than the national average inter- est rates than did those issues with a debt ratio of 10 per cent or more. It is recognized that some hazard exists in this particular procedure, as Michigan interest rates may not always parallel the national average. However, it was impractical to use Michigan averages because the issues studied determine the Michigan aver- age. Further, it was believed that the national average did provide a reasonable scale for comparative purposes. It is worthy to note that the Michigan school bond average interest rate was generally above the national municipal average bond interest rate. Relationship of the amount of the issue to the net interest cost of the issue. Thirty-six issues, with a debt ratio of 5 per cent or less and bearing an interest rate variation of from 1 per cent to 3. 112 per cent interest, and forty-eight issues with a debt ratio of 10 per cent or more and an interest rate variation from 2. 02 per cent to 3. 5 per cent, were examined as to relationship of the amount of the issue to the average net interest cost. The average amount of the issues in group one was $324, 000 and in group two, $289, 000. The slight difference in the average amount of the issues 115 would tend to indicate slight relationship between the amount of the issue and the net interest cost. If any inference could be drawn, it would be that larger issues demand more favorable interest rates. The issues of fifty thousand dollars or less were then selected from both groups, and the average interest rate was com- puted. There were twenty-one such issues, and the net average interest rate was computed to be 2. 654 per cent. The issues were then selected from both groups that were five hundred thousand dollars or more. There were seventeen such issues, and the average net interest cost of these issues was 2. 206 per cent. This analysis would substantiate the fact that larger bond issues received more favorable net interest rates. A third means of checking the relationship was to separate the eighty-four issues into two groups. Group one consisted of the twenty issues demanding the lowest interest rates, and group two consisted of the twenty issues demanding the highest interest rates, as shown on Table XX. It was found that group one contained only five issues of less than one hundred thousand dollars, and ten issues of more than two hundred thousand dollars. Group two contained fourteen issues less than one hundred thousand dollars, and only four issues of two hundred thousand dollars or more. The exact effect of the amount of the issue upon the net 116 TABLE XX COMPARISON AVERAGE NET INTEREST COST TO AMOUNT OF ISSUE Group one Group two No Average net Amount of Average net Amount of interest cost issue interest cost issue 1 1.186 $1,225,000 3.500 $ 180,000 2 1.493 350,000 3.228 61,000 3 'l.514 800,000 3.195 40,000 4 1.597 125,000 3.112 2,000,000 5 1.612 2,100,000 3.110 45,000 6 1.650 40,000 3.094 21,000 7 1.689 170,000 3.090 21,000 8 1.729 60,000 3.065 26,000 9 1.743 50,000 3.013 32,000 10 1.749 500,000 2.997 350,000 11 2.020 750,000 2.970 50,000 12 2.065 525,000 2.968 75,000 13 2.083 315,000 2.941 27,000 14 2.093 40,000 2.930 200,000 15 2.104 40,000 2.918 50,000 16 2.110 24,000 2.919 37,000 17 2.112 310,000 2.910 45,000 18 2.138 200,000 2.910 65,000 19 2.150 600,000 2.863 150,000 20 2.183 100,000 2.847 395,000 117 interest cost has not been established, nor has a point of dilninish— ing return been located. Rather, it has been the purpose here to establish whether or not there is any relationship between the amount of the issue and the average net interest rate obtained for the issue. There are many variations in the issues studied, but each of the three methods revealed in varying degrees that there is an existing relationship, and that those issues receiving the lower interest rates tend to be the larger issues. Relationship of the number of bids received to the net interest cost. The same eighty-four bond issues were used to determine the effect, if any, of the number of bids received at a bond sale upon the net interest cost of the issue. The issues again were separated into two groups, Table XXI. Group one was made up of the twenty lowest consecutive interest bearing issues, and group two consisted of the twenty highest consecutive interest bearing issues. The average number of bids received per issue in group one was 3. 3, and 2. 9 per issue in group two indicated that on the average a lower interest bearing bond might have obtained a greater number of bids. The groups were then reduced to ten issues each by re- moving the lower ten issues in each category, thereby increasing the differential in interest rates of the two groups. Group one ... e 1.. . ,. re a , ., x ..c n . O a , . r._ .... r ,1 . ... Kc ,L ,1, ,— s e ,_ — Fv , C a . C e .n an _ Q a. .1 A F» a . ,,e a ., _., ._ n (a . a. a .. _- . r_ _ ’— r._ . r, -.x I“ Que-c I If. (ti-1. KM _ . r. .r. r._ we an r "4 Q rd 118 H H cow.N N N mmH.N w N new.N o m omH.N m N mom.N w v mmH.N H H oHo.N N H NHH.N N N oH@.N m m oHH.N m m oHo.N N N voH.N . m m me.N v w moo.N o m ome.~ oH v mwo.N m N Hwo.N vH N moo.N h o moo.~ o m 0No.N m m opo.N m N ovh.H m w hom.N m m n¢>.H m m mHo.m m m mN>.H v v moo.m NH 0 owo.H N N oao.m H H omo.H v v woo.n N N NHQ.H N N oHH.m N N bwm.H N m maH.m w N va.H N N mNN.m v N mmv.H H H oom.m Hm o owH.H @36an noises." :00 wfinan Hoo>Hooon uooo uoHundnm unHm soon 35 uoflumnm nnHm usouousH o?» asouu ono afiouO nnm>hmnvmfimmfiflfimMflHmQADbHAVH . .HmfixuLHMHHflflhvflIHMEA"HUZJEH>RVvfiumflfi .4 . J _ r. ..e . , . p . r n T ... __ C x: . wa ,_ I ,. ac . ‘ ‘ .. a, r. r. _. C r. r. C r... 149 provision of the extended credit period and the elimination of the limitation on the amounts that could be borrowed. At this writing, at least one district had sold bonds although their debt ratio to the total taxable valuation was in excess of 40 per cent. Many of these districts are not as seriously indebted as would appear on the surface. As the community tends to stabilize, many of them will enjoy a larger tax base and a corresponding lesser demand for additional new school facilities. Definite ad- vantages are evident here: first, in that the taxpayer supposedly is protected against unusually high tax levies at any one time, and second, over a twenty-five to thirty year period, the facilities tend to be paid for by all the users; whereas, if the debt must be retired in eight to twelve years, the cost is born just by the initial users. The district no longer has to vote tax limitation increases unless it desires to sell limited-tax bonds. If the district does not choose to float limited bond issues, it is unnecessary to overlevy for the purpose of establishing reserve funds. The elimination of such reserves greatly reduces the necessity for the school to be in the investment business. As has been pointed out earlier in this study, such a condition not only provides additional safety factors for the taxpayers, but also greatly reduces the strain and mental (W f 3 150 anguish on the part of the members of the board of education and the school administrators. An advantage of some consequence is that the district has several alternatives. Not only does the district have a choice in the type of issue it desires to market, but if the bonds are qualified the district has several possibilities for determining the amount of tax that is to be levied. The district may levy less than thirteen mills in any one year, provided that the amount levied will meet the principal and interest obligations, and provided that the district has no obligation due the state loan fund. If a thirteen mill levy will not meet the principal and interest obligation in any one year, the district may levy in excess of thirteen mills that amount that will meet such obligations; or it may borrow from the state the amount of difference needed. A third choice would be to levy some in excess of the thirteen mills, but not enough to meet the entire obligation, and thereby reduce in part the amount necessary to borrow from the state loan fund. It is further stressed by proponents of the amendment, that a wider market for sale of Michigan school bonds will develop as out of state companies become aware of the possibilities of sound investments in Michigan school bonds. In the past, many companies r h 151 have regarded Michigan bonds as being somewhat of a risk because of the limitations on tax spread under the fifteen mill provisions. Not enough time has elapsed since the adoption of the amendment to determine the extent to which this will be an advantage. How- ever, the recent concern of a New York firm in Michigan unlimited bonds, as evidenced by the Supreme Court case, indicates that there exists an added interest; and, if that be the 'case, it is conceivable that more favorable net interest costs may result for school districts in the state. Weaknesses of the amendment. It has been revealed that the amendment has greatly aided the ability of school districts to meet the pressing problem of large capital outlays for building purposes. However, the possibility exists that the amendment did not go far enough in its effort to provide relief to school dis- tricts; and that it is just another means of acquiring a temporary solution to a problem without truly facing up to the fact that educa- tion is a function of the state, and that the state should provide a greater semblance of equality throughout its multitude of individual districts. It was related previously that it was necessary for only twelve districts to borrow from the state loan fund, and then only for an estimated amount of $369, 000. Opponents of the amendment ( 7 ( \ \ 152 interpret this small sum as being evidence that the amendment did not truly meet the need of hard pressed districts, but provided merely a means for getting further in debt for a longer period of time. Even with the extension of credit, eight of the 161 districts having the largest bonded indebtedness still are in the position of having a debt to valuation ratio in excess of 15 per cent, and one district has a deb ratio of 36. 37 per cent. Though they were pro- vided with the means of procuring added facilities, they were saddled with a larger long term debt and with a greater potential risk than any district should carry for the safety and welfare of its inhabitants. All other things being equal, the possibility of industry moving into these Michigan areas and stabilizing the community is reduced because of the debt ratios previously es- tablished. The point in question is that the new amendment still utilizes the tax base of the local district as the sole means of retiring a school bond debt obligation. When the amount of tax collections are subject to the fluctuating state equalization factor, economic conditions, and indirectly to the allocation board whims, it is dif- ficult indeed to justify the property tax as the sole means of income for debt retirement. Under present conditions, with state revenues for operation 153 declining and the trend of the allocation boards to usurp a greater portion of the fifteen mill allocation for county functions, it becomes increasingly difficult for schools to operate withOut levying special millages. 9 Those districts that must levy a thirteen mill debt tax rate to meet their bonded school indebtedness in part or in full, are also handicapped in finding sufficient revenue for opera- tion. Thus the amendment provides an easier means of financing school debt, but jeopardizes the ability to raise adequate funds for ope ration. The resulting inequality not only reduces the operation funds in one district versus a more fortunate area, but results in the poorer district paying a third to a half more for classrooms because of added interest costs than does a district that can finance its buildings over a relatively short time. A weakness of the amendment is that it provides for the issuance of unlimited-tax bonds only until July 1, 1962. If the current anti-borrowing attitude persists among the public, it may be impossible to extend the time limit now established, and some districts may find themselves again in the position of not being able to sell unlimited bonds for purposes of capital outlay. If 9 Home Rule Depends on Local Support, (Central Michigan School Administrators Research Association, Vol. 1, No. 4. Mt. Pleasant, 1956), 15pp. \ A 154 an unforeseeable condition should materialize in which the one hundred million dollar fund is exhausted, some school districts might conceivably have to levy a millage considerably higher than thirteen mills. The assumption is that the amendment provisions will be extended if the need proves justifiable, and that the loan fund could be increased if needed. However, these are only assumptions, and may not come to pass. Therefore, the criticism of this phase of the amendment is justifiable at this time. A shortcoming that was not sensed until after the amend- ment was passed resulted from the interpretation of the wording. Several districts had marketed lirnited-tax bonds, but the bonds were not delivered until after May 4, 1955. The amendment stated that all bonds sold prior to May 4 were automatically qualified, and that all unlimited-tax bonds issued subsequent to that date could be qualified. The opinioning attorneys held that the bonds were not sold until they were actually delivered. Thus a situation developed in which some districts had bonds that they were unable to qualify, no matter what the districts' wishes might have been. The amendment as originally worded provided for the full faith and credit of the State of Michigan as security for the bond issue. The wording was changed, and the amendment as adopted - r r u l 4 . - . a .. . . . ,. s , a . r, , x u . s _ u , . , s .. 155 provides for the full faith and credit of the school district supple- mented by the provision of monies available through state loan. It is not possible to relate at this time the effect’of this change upon the net interest rates currently being obtained for school bond issues. It is reasonable to assume, however, that the full faith and credit of the state would have resulted in lower net in- terest costs, because it is a larger and wealthier unit of govern- ment possessing additional means of obtaining needed revenues. Several conditions of the amendment could be potential causes for embarrassing or hardship situations. A well-meaning district, through error of judgment or through extenuating cir- cumstances, may levy a millage less than thirteen mills. Tax collections from the levy might not be sufficient to cover. the total principal and interest obligations. In accordance with the pro- visions of the qualifying clause, the district would have no means of securing a loan and would have to temporarily default in its payments or utilize such non-earmarked funds as it might be fortunate enough to possess. Further, if the district has already borrowed from the loan fund, the state may withhold primary and state aid monies when the full thirteen mills are not levied until such time as the loan is repaid. A third way in which the opera- tion of a school can be affected through the qualifying program, is \ 156 that the state levies a charge against the district for the qualifi- cation of bonds. No maximum fee is established, but a minimum fee of one hundred dollars is provided. Although any fee charged against the school district results in the lessening of revenue for some other purpose, it is reasonable to assume that this fee will not become so exhorbitant that it will become too serious a matter. The seriousness, though, results from the fact that this amendment provides a wedge through which the state may legally charge school districts for services rendered. The inherent danger, then, is not so much the amount of the fee, but the fact that a pattern may have been established that could grow ultimately to a point where the state "back charges" the school for all the services rendered. The State Department then becomes an entity in itself rather than merely an agent of the schools in the state. Another phase of the amendment that may have serious im- plications is that the bonds to be qualified must provide revenues for certain types of school facilities. Facilities not approved by the state can still be erected, but that portion of the total bond issue used for such expenditures must be deducted from the amount qualified. On the surface this could be good, in that it allows a school district to provide what it wishes if it is willing to pay for it in excess of the thirteen mill qualified limitations. The fallacy is 157 that some districts, by virtue of their location, can provide special facilities on a reasonable basis, while at the same time a relatively poor district is informed that such facilities for its students is out of the question unless an additional levy over and above the thirteen mills is raised. However, had such a district provided special facilities with limited-tax bonds even to the detriment of sound planning prior to May 4, 1955, the facilities could have been paid for within the provisions of the thirteen mill levy. Probably one of the strongest objections to this situation is not the additional levy necessary, but it is the fact that for the first time in the history of the state, approval must be received from the state for the erection of certain facilities under specified conditions. This is interpreted by many as again being an opening wedge that leads in the direction of state control of education. Such fear at this time may be grossly exaggerated. However, control of facilities no matter how slight can only be interpreted as a step in that direction. Analysis of bond issues, 1955-56. A condition developed during this period that resulted in considerable financial loss as well as time loss to school districts. It was related more to the rising bond market than to any phase of the amendment, but is nevertheless pertinent to the study of the issues marketed in this 158 period. This condition developed through the persistent attempts of bonding attorneys to estimate the bond market too closely. The Constitution provides that the maximum interest. rate for a bond issue shall not exceed 6 per cent. However, bond attorneys usually provide in the resolution to be adopted by the board of education prior to the sale of bonds, an interest rate somewhat less than the maximum, and as close to the prevailing rate as possible. The maximum rate as established in the resolution has no bearing upon the interest rate actually received for the issue, but merely signifies that the district will not pay a rate greater than the amount stipulated. The reluctance of the attorneys to provide for a 6 per cent maximum resulted in many issues being offered for sale with maximum acceptable rates lower than the market price at the actual time of sale. The inevitable result of such a procedure was that the issue offered for sale received no bids. The maximum interest rate was then increased in the reso- lution, and the issue was re-offered for sale. By this time, how- ever, the bond market in some cases had increased to the extent that the revised maximum was again too low. The result of this procedure was that many bond issues were rebid at least once, and some as often as three times. The board of education not only has the additional cost of readvertising, LN 159 but experiences considerable delay in marketing the bonds. Some districts experienced a financial loss in that in a rising market the greater the delay in selling the bonds, the higher the interest rates obtained for the sale of the issue. This point is stressed because no value apparently is derived from setting a maximum acceptable millage of a lesser amount than that established by the Constitution, and a great amount of loss can develop from establishing the acceptable rate too low. Although the amendment has been in effect less than two years, it is important that the issues marketed during this period be examined in the light of what it has or has not accomplished. The analysis began with January, 1955, even though only one un- limited bond was marketed in the first six months of that year. Though the amendment was effective in early May, most bond issues had progressed sufficiently that the local districts did not deem it to their advantage to revise the issue. Consequently, un- limited issues did not appear in any great number until after July 1, 1955, and the number of unlimited—tax issues did not ex- ceed limited-tax issues until the semi-annual period beginning January, 1956. Many supporters of the unlimited-tax bond amendment and its qualification clauses, were of the opinion that its adoption would I- r\ E 160 result in no district paying more than 2 per cent interest on the bonded school debt. It was also anticipated that debts already in existence could be refunded at a lower rate of interest. An exam- ination of bonds sold in a two year period indicates that the reverse was true. 10 Average interest rates have continued to rise with occasional spasmodic downward trends. 11 It is signi- ficant to note, though it is too early to tell the complete story, that the evidence available at this time indicates that unlimited qualified bonds on the average demanded higher interest rates than did unlimited issues, and unlimited-tax bonds demanded higher rates than did limited issues. Further, that Michigan school bonds demanded still higher average net interest rates than the national municipal bond ave rage. In the six month period from January to July, 1955, there were ninety issues sold totaling $30, 666, 000, and varying in amounts from twenty thousand dollars to $1, 250, 000. The median interest rate for these bonds was 2. 5111 per cent, and they ranged from a low of 1.4932 per cent to a high of 3. 934 per cent. One hundred seventeen issues in the amount of $55, 295, 000 10 Table XXVI, Appendix. 11 Figure 5, Appendix. 161 were sold from July, 1955, to January, 1956. Sixty-two issues were limited-tax, nineteen unlimited, and thirty-six were of the qualified-unlimited-tax variety. The issues varied in amounts from twenty thousand dollars to $4, 500, 000. Median interest rate was 3. 058 per cent, while the range was from a low of 2. 2649 per cent to a high of 4. 04 per cent. Average net interest cost continued to rise in the period of January to July, 1956. The low for one hundred eight issues sold in the amount of $76, 931, 000 was 2. 2422 per cent, and the high was 4. 1385 per cent, while the median was established at 3. 3516 per cent. There were forty-three limited-tax issues, eight unlimited, and fifty-seven qualified unlimited-tax issues, varying in amounts from twenty thousand dollars to $4, 500, 000, sold during this period. In the six month period ending December 31, 1956, there were ninety-two issues marketed in the amount of $72, 775, 000. Forty-three were limited-tax issues, while only seven of the seventy unlimited-tax issues were unqualified. Although some rather sizeable and excellent marketable issues were offered, the largest being fourteen million dollars, the interest rates con- tinued to increase. The lowest average net interest rate was 2. 6876 per cent, and the new high was found to be 5 per cent, 162 while the median for this period was established at 4. 03 per cent. During the entire four periods, 216 limited issues, thirty-five unlimited-unqualified, and 156 unlimited-qualified tax issues were marketed. The percentage of each type of bond exceeding the median interest rate for that period is as follows: Period U. T. Q. U. T. L. T. Median interest rate 1/1/55 to 7/1/55 100.0% 49.4% 2.5111 7/1/55 to 1/1/56 94.4 63.1 33.8 3.0580 1/1/56 to 7/1/56 70.2 50.0 9.5 3.3516 7/1/56 tol/l/57 71.4 42.8 2.3 4.0300 It is recognized that many of the districts selling unlimited bonds had debt to valuation ratios that would have prohibited the sale of limited-tax bonds. Also accepted is the fact that some unlimited-tax issues sold during the past two years could not have been marketed had the bonds not been qualified. Qualified issues received higher net interest rates than non-qualified be- cause of such reasons as debt to valuation ratios in the local district, rather than because the state had agreed to loan sufficient monies to meet the principal and interest obligations. Obviously, the greater the possibility of the need for such loans, the greater the need for districts to qualify their unlimited-tax issues. ‘ e n . I ‘ I ' I I' ' m , I 1‘ , a I , 163 Limited-tax bond issues, as pointed out earlier in this study, generally receive more favorable interest rates than unlimited-tax issues. This two year analysis further substanti- ates the fact that, in spite of state guaranteed payments of local obligations, the net interest costs for unlimited—tax issues ex- ceeded that of the limited-tax issue by a considerable margin. It has been stated by some that the interest rates were lower during this period than might otherwise have been, had the amendment not been passed. This of course can not be sub- stantiated either way at this time, because one can only hypothe- size such generalizations unless the condition actually came to pass. However, it can be pointed out definitely that the bond market did rise considerably during this period, probably because of governmental controls placed upon banks for purposes of con- trolling inflation. Whether the resulting market is higher or lower than it would have been if the amendment had not passed, is a point of conjecture. The fact is that the amendment did not result in greatly reduced interest costs as predicated. The amendment also failed in another respect, in that it did not provide for greater equality among school districts. The district that is the hardest pressed for monies for purposes of building, is still paying the higher interest rates because of such 164 factors as higher debt to valuation ratios. For example, the actual construction cost of a classroom might be twenty thousand dollars. District A might be in a position to purchase said room on a pay-as-you-go basis, and the room actually will cost twenty thousand dollars. District B is in a financial position such that it can use limited-tax bonds, and the classroom might actually cost twenty-five thousand dollars. District C might have to use unlixnited—tax bonds, and the principal and interest cost for the classroom to the district could conceivably be thirty thousand dollars or more. 12 Interest costs are something that are usually left out of discussions relative to bond issues. Figures quoted represent usually the bonded indebtedness, and neglect to include the interest costs. As has been pointed out earlier, interest costs often be- come nearly as great as the bonded indebtedness. Thus, the district that is financially pressed is still paying more for the same commodity, in spite of the amendment, than the district that is not so financially encumbered. The district that is a "hardship district" in terms of pro- viding building facilities is usually one that is also sorely pressed 12 Table XXVIII, Appendix. 165 for operation funds. Obviously, if a greater portion of its poten- tial tax levy is spread for loans, a smaller portion must be spread for operation. Thus it is reasonable to assume that those districts that are paying a greater cost for their classrooms, because of added interest charges, have less proportionate poten- tial for providing operation revenues. Some years ago, the State of Michigan recognized that the local tax base was not sufficient to provide funds for operation. It also recognized that the local tax base did not provide funds on an equitable basis to school districts, and an equalization factor was applied to the state formulae for state aid in the form of deductible millage. The thirteen mill amendment recognizes neither of these points in that it does not provide for any revenues other than local taxes for payment of bonded indebtedness, and it does not provide for an equalization between districts, no matter what may be their relative financial positions. a ’ r a - a , r , r . . ,. n> I CHAPTER VIII CONC LUSIONS AND RECOMMENDATIONS I . CONCLUSIONS The study revealed that: (1) Michigan school bond laws have developed as a series of expedient enactments closely allied to temporary economic conditions rather than as a result of ade- quate research and far-sighted planning; (2) boards of education, too often, fail to provide sufficient latitude within the bond issue for board decision-making subsequent to the acceptance of the bond issue by popular vote; (3) the provision for this latitude with- in the issue has little or no effect upon the percentage of affirm- ative votes cast by the public for the bond issue. ~ It was found that certain factors related to the bond issue have a definite bearing upon the average net interest cost of the bond issue. Those factors are: (1) period of marketing the issue, (2) amount of the issue, (3) ratio of valuation to debt of the district, (4) percentage of callable bonds, (5) longevity of the issue, (6) history of previous debt payments, (7) percentage of current tax collections, (8) number of surplus taxable years beyond the life of the issue, (9) socio-economic characteristics of the district, r W 167 and (10) millage specifically earmarked to the issue. The study revealed that certain other factors had no measurable effect upon the marketing of the bond issue and the resultant net interest cost. It was found, for example, that (l) the number of companies involved in making a single bid had no direct measurable effect upon the interest rate obtained, (2) the number of bids received, at the time of sale, for the purchase of the bonds did not in itself determine the rate of interest obtained. and (3) the percentage of the affirmative popular vote obtained in the passing of the bond issue bore no relationship to the ability of the district to market the bonds, nor to the number of bids re- ceived for the purchase of the bonds. It was further concluded that the so-called thirteen mill amendment provides the school districts with the same ability to get itself into long term debts that it had prior to 1932. A school district, with the assistance of an expedient con- - stitutional amendment, can now bond itself for a period of thirty years; thus it is able to provide itself at least for a brief time with the necessary new school housing. However, it faces the same dilemma that any indebted individual experiences when his credit is further extended by increasing the length of time that is re- quired to meet the obligation. \ '\ 168 The amendment then does not relieve the burden of the heavily taxed and rapidly expanding districts. It enables the district only to get further in debt for a greater period of time. It was very evident throughout the various phases of the study that the tax levies for building purposes we re very inequit- able throughout the State of Michigan. Many school districts were able to provide pupil housing with little local tax assessment effort, while other districts were in the position of levying ex- tremely high tax rates for long periods of time. This condition often existed simply because the employees resided in one dis- trict while the location of employment was largely located in the other school district. The very fact that high millage levies for a long-period of time are necessary to finance capital outlay in certain areas, in'itself adds to the cost to the district because of demanded higher bond interest costs. Such a condition must, to some degree, re- flect in the kind of school facilities that are made available in the various districts. The slightest examination of the data in this study reveals " that Michigan is giving only lip service to the concept that education is a function of the state and that every child should have an equal educational opportunity. a 169 II . RE COMMENDATIONS 1. That the Department of Public Instruction prepare and publish a handbook for the perusal of boards of education. The handbook should contain the procedure for developing and market- ing a bond issue, and should describe those factors that have a definite effect upon the net interest cost. Such a handbook would aid school boards to avoid many pitfalls that they have encountered in the past and will encounter in the future. 2. That a study be made at a later date to determine the full impact of the thirteen mill amendment upon the ability of school districts to issue and redeem school bonds. 3. That further study be made to determine the psycho- logical impact of the public toward its schools, resulting from the increased tax burden for school construction. 4. That a study of Michigan tax structure be made for the purpose of determining if a revision of Michigan tax laws would result in school bond interest rates being lowered at least to the average rate that is obtained by the schools of the United States. 5. That a study be made of the possibility of a state re- volving fund as a means of providing a more equitable and feasible manner of financing public school buildings. (1) Such a fund would 170 eliminate the danger of excessive squandering usually evident in outright grants. (2) It would leave the control of the extent of capital outlay within the district. (3) The fund Would be replen- ished and available at a later date rather than depleted as in a grant program. (4) The cost of such a program to the state, even if no interest were charged to the district for the loan, would be far less than if outright grants were made. (5) Every school district would be treated equitably. (6) School districts would not be placed in jeopardy by interest costs that under present conditions often approximate the cost of the buildings. BIBLIOGRAPHY 171 A. BOOKS Arnold, William, et a1. , Problems and Issues in Public School Finance. N.C.P.E.A. New York: Columbia University, 1952. 492 pp. Bald, F. Clever, Michigan in Four Centuries. New York: Harper 8: Brothers, 1954. 498 pp. Bond Buyer, Inc. , The Bond Buyer. New York: Bond Buyer, Inc. , 1946. 408 pp. Buehler, A. G. , Public Finance, Third Edition. New York: McGraw Hill Book Company, 1948. 740 pp. Burke, Arvid J. , Financing Public Schools in the United States. New York: Harper 8: Brothers, 1951. 584 pp. Castetter, William B. , The Administration of Bond Issues in Selected Pennsylvania School Districts. Philadelphia: School of Education, University of Pennsylvania, 1948. l 12 pp. , Suggestions For Determining the Best Bid on a School Bond Issue. Educational Service Bureau, Publication No. 3, Philadelphia: School of Education, University of Pennsylvania, 1951. 16 pp. , Suggestions for Planning and Marketing School Bond Issues. Philadelphia: Educational Service Bureau, University of Pennsylvania, 1952. 60 pp. Chamberlain, Lawrence, The Principles of Bond Investment. Seventh Edition; New York: Henry Holt and Company, 1927. 699 pp. Chatters, Carl H. , and Albert M. Hillhouse, Local Government Debt Administration. New York: Prentice-Hall Inc. , 1929. 528 pp. Clark, Harold F. , Economics. New York: American Book Company, 1948. 508 pp. :- s O I O D c a o u , I ~ - . - s - 7 o . a s n v u , , v a f o . - . , s I s s - - a f. . ‘ . . l s ‘r s n I 1 s . . 172 Clark, H. F. , and Paul Royalty, When To Issue School Bonds. Bloomington: Bureau of Cooperative Research, Indiana University, 1926. 15 pp. Essex, Don L. , Bonding Versus Pay-As-You—Go in Financing of School Buildings, Contributions to Education, No. 496. New York: Teachers College, Columbia University, 1931. 101 pp. Fairchild, Fred Rogers, and Thomas J. Shelly, Understanding Our Free Economy. New York: D. Van Nostrand Company, Inc. , 1952. 589 pp. Fowlkes, John G. , School Bonds. Milwaukee, Wisconsin: Bruce Publishing Company, 1924. Halsey, Henry Rowland, A Study of Borrowing Practices in the Administration of Public Schools in Florida, Contributions to Education, No. 368. New York: Teachers College, Columbia University, 1929. 127 pp. Hamilton, Robert R. , and Paul R. Mort, The Law and Public Education. Chicago: The Foundation Press, Incorporated, 1941. 579 pp. Harris, Seymour E. , How Shall We Pay for Education? New York: Harper & Brothers, 1948. 214 pp. Henzlik, Frank Ernest, Rights and Liabilities of Public School Boards Under Capital Outlay Contracts. New York: Teachers College, Colmnbia University, 1924. 118 pp. Herrick, John Henry, et a1. , From School Program to School Plant. New York: Holt Publishing Company, 1956. 482 pp. Hickman, Walter B. , Trends and Cycles in Corporate Bond Financing. Washington, D. C.: Financial Research Program, National Bureau of Economic Research, 1952. 37 pp. Holly, Thomas C., and John H. Herrick, School Plant, Encyclo- pedia of Education Research. New York: MacMillan Company, 1950. (m, e o s . a ‘x I . , . s F s o . P o u o s ,1, 173 Howarth, Walter Everett, The Bonded Indebtedness for Public Schools in Cities of the United States with a Population of over One Million, Doctorate Dissertation. Philadelphia: Temple University, 1930. 110 pp. Huebner, S. S. , Bonds and Bond Market. Philadelphia: American Academy of Political and Social Science, 1920. 223 pp. Lagerquist, Walter Edwards, Investment Analysis; Fundamentals in the Analysis of Investment Securities. New York: MacMillan Company, 1927. 792 pp. Lindman, Erick Leroy, The Development of an Equalization Matching Formula for the Apportionment of State Building Aid. Seattle: University of Washington Press, 1948. 19 PP. Linn, Henry H. , SafeguardingSchool Funds, Contributions to Education, No. 387. New York: Bureau of Publications, Teachers College, Columbia University, 1930. 187 pp. MacConnell, James D. , Planning for School Buildings. Englewood Cliffs, New Jersey: Prentice-Hall, 1957. 348 pp. Misnes, Frank Marion, Extra Costs and Incidental Costs in the Erection of School Buildings. New York: Teachers College, Columbia University, 1934. 79 pp. Moehlman, Arthur B. , Public School Finance. Chicago: Rand McNally and Company, 1927. 508 pp. , School Administration. New York: Houghton Mifflin Company, 1951. 514 pp. Morphet, Edgar L. , and Erick L. Lindman, Public School Finance Programs of the Forty-eight States, Federal Security Agency, Office of Education, Circular No. 274. Washington: Govern- ment Printing Office, 1950. 110 pp. Mort, Paul, and Walter C. Ruesser, Public School Finance. New York: McGraw Hill Company, 1941. 569 pp. Moulton, Harold G. , Controlling Factors in Economic Development. Washington: The Brookings Institution, 1949. 397 pp. 174 Pittenger, Benjamin Floyd, An Introduction to Public School Finance. New York: Houghton Mifflin Company, 1925. 372 pp. Rainey, Homer P. , School Bonds. Milwaukee, Wisconsin: Bruce Publishing Company, 1924. Shattuck, Leroy A. Jr. , A Study of Debt to Prosperity Ratio, Series LVIII, No. 2. Dartmouth College. Baltimore: John Hopkins Press, 1940. 145 pp. Spurrier, Leo, Common Stocks and Bonds as Long Term Invest- ments. Chicago: University of Chicago Press, 1941. 91 pp. Trusler, Harry Raymond, Essentials of School Law. Milwaukee, Wisconsin: Bruce Publishing Company, 1927. 478 pp. White, Warren T. , et a1. , American School Buildings, 27th Yearbook. Washington, D. C.: American Association of School Administrators, I949. 525 pp. B. PERIODICAL ARTICLES A.A.S.A. , "Three Economists Tell Where the Money's Coming From, " School Administrator, 14:8, March 15, 1957. ”April Municipal Bond Sales," Bond Buyer, 132:12, January 26, 1957. Burke, Arvid J. , "Development of the State's Responsibility for School and College Building, " American School and University, 28:41, 1946. Castetter, William B. , "Suggestions for Planning School Bond Issues," American School and University, 21:59, 1949. Clark, H. F. , "School Building Cost and Bond Prices, " School Executive, 72:22, July, 1953. , "School Building Cost and Bond Prices,” School Executive, 75:23, September, 1955. 175 Clark, H. F. , "Salaries, Bonds, and Building Costs," School Executive, 75:21, January, 1956. , "School Building Costs and Bond Prices, " School Executive, 76:21, October, 1956. , "School Building Costs and Bond Prices," School Executive, 76:21, December, 1956. , "School Building Costs and Bond Prices," School Executive, 76:22. March, 1957. _______ "School Building Costs and Bond Prices," School Executive, 76:24, May, 1957. , "School Building Costs and Bond Prices," School Executive, 76:22, July, 1957. "December Municipal Bond Sales, " Bond Buyer, 132:1, January, 1957. "District Reorganization Criteria Proposed," Letter to Schools, 9:1, May, 1957. Engleman, Finis E. , "School Financing, How to Pay the Bills, " School Executive, 76:63, April, 1957. , "White House Conference and School Finance," National Education Journal, 44:397, October, 1955. Fuller, Edgar, "Criteria for Congressional Action to Deal With Financial Discrimination Against Public Education, " Nation's Schools, 56:53, November, 1955. Garber, Lee 0. , "Legal Limitations of Issuing School Bonds, " Nation's Schools, 59:87, February, 1957. , "Legal Questions Involved in Issuing School Bonds, " Nation's Schools, 56:90, November, 1955, , "Michigan Supreme Court Upholds State Equalization Values," Nation's Schools, 55:81, March, 1955. 176 Garvey, Neil, "Legal Status of School Bonds, " American School Board Journal, 72:51, March, 1956. Gregg, Russel T. "Battle for Tax Supported Schools," Nation's Schools, 60 :49, July, 1957. "How Can We Finance Our Schools?" Parents Magazine, 31:37, February, 1956. Johns, R. L. , "Significant Trends in State and Federal Support for School Building," American School and University, 27:123, 1956. Lindm3n, Erick L. , "State Aid for School Buildings, " American School and University, 19:60, 1947. Morphet, Edgar L. , "Financing Our Schools, " Saturday Review, 38:22, September 10, 1955. , "State's Responsibility for New School Construction, " School Board Journal, 134:31, May, 1957. Morphet, Edgar L. , and John E. Corbally, "How Shall We Finance New School Buildings 7" American School and University, 1:173, 1957. Mulford, Herbert, "School Board Borrowing -- A Check List," Phi Delta Kappan, 27:261, May, 1946. Nunnely, John H. , Bond Buyer, __:22, May 16, 1953. "Only 3. 48 Interest Rate, " Michigan Education Journal, 34:382, April 15, 1957. Saunders, Carleton M. , "School Bonding Limitations," American School and University, 20:369, 1953. "School Finance and Taxation," American School Board Journal, 131:82, September, 1955. "School Finance and Taxation," American School Board Journal, 131:92, October, 1955. 177 "School Finance and Taxation, " American School Board Journal, 131:94, November, 1955. Schussman, Leo G. , "Long Term School Bonds and the Future," American School Board Journal, 73:65, OCtober, 1926. Thrun, Caroline W. , "School Segregation in Michigan, " Michigan History, 38:1, March, 1954. "White House Conference Opens--Citizens Study School Problems," Every Week, 22:1, November, 1955. C. PUBLICATIONS OF LEARNED ORGANIZATIONS Bert Graham et a1. , versus Noel Miller, Supreme Court Case No. 47353. Brief for Defendant. Snyder and Loomis attorneys for Defendant. Detroit: Inland Press, 1957. 26 pp. Bert Graham et a1. , versus Noel Miller, Supreme Court Case No. 47353. Brief for the Plaintiff. Miller, Canfield, Paddock and Stone, and Berry, Stevens, and Moorman, attorneys for the Plaintiff. Detroit: Inland Press, 1957. 29 pp. Bert Graham et a1. , versus Noel Miller, Supreme Court Case No. 47353. Record. Miller, Canfield, Paddock and Stone, and Berry, Stevens, and Moorman, attorneys for Plaintiffs. Detroit: Inland Press, 1957. 40 pp. Bert Graham et a1. , versus Noel Miller, Supreme Court Case No. 47353. Application for Writ of Mandamus, Reply brief for Plaintiffs. Miller, Canfield, Paddock and Stone, and Berry, Stevens, and Moorman. Detroit: Inland Press, 1957. 10 pp. Future School and College Enrollments in Michigan: 1955 to 1970. A Report by the Population Study Group, Higher Education Study, Michigan Council of State College Presidents. Ann Arbor, Michigan: S. W. Edwards Inc., 1954. 65 pp. 178 Home Rule Depends on Local Support. A Study of Trends in Michigan in Appraisal of Property and Allocation of Millage for Tax Support of Local Government with Special Reference to Schools, Vol. 1, No. 4. Mt. Pleasant, Michigan: Central Michigan School Adrninistrators' Research Association, 1956. 13 pp. The Michigan Economy to 1970. A Study in Growth, Michigan Council of State College Presidents. Ann Arbor, Michigan: Edwards Brothers, Inc. , 1955. 23 pp. D. UNPUBLISHED MATERIALS Kavanaugh, Thomas, "Certain Questions Concerning Unlimited- tax School Bonds Issued Under Article X, Section 27 of the Constitution Answered." Opinion No. 2236, August 12, 1955. 10 pp. Kelder, Jacob w., "An Analysis 31 Debt in the School Districts of Michigan." Unpublished Doctor's dissertation, The University of Michigan, Ann Arbor, 1936. 429 pp. Miller, Canfield, Paddock and Stone, "Long Term Bond Issues." Detroit, undated. 2 pp. Phillips, A. J. , "Proposed Amendment No. 3." Michigan Educa- tion Association, Lansing, 1955. 3 pp. Schimmel, Louis H. and William Shunck, "An Analysis of Michigan Constitutional Mendment, Proposal No. 3." Michigan Advis- ory Council, Detroit, March 10, 1955. 6 pp. Schimmel, Louis H. , "Effect of Constitutional Amendment Adopted November 2, 1948." Unpublished paper presented at Confer- ence of County Superintendents, Lansing, Michigan, January 19, 1949. 5pp. , "Michigan 1955 Constitutional Amendment and Implementing Legislation." Michigan Advisory Council, Detroit, September 10, 1955. 4pp. 179 Schimmel, Louis H. , "Summary of Testimony Before the Sub- Committee of General Education of the House Committee on Education and Labor. " Michigan Advisory Council, Detroit, March 11, 1957. Thrun, F. M. , "The Desirability of Michigan Limited-tax Bonds, Subsequent to Section 21, Article X of State Constitution. " Unpublished paper, Lansing, undated. 3 pp. , "School Financing. " Unpublished paper prepared for Miller, Canfield, Paddock and Stone, Lansing, undated. 6 pp. E. NEWSPAPERS Detroit Free Press, February 9. 1955. Detroit Free Press, April 1, 1955. Detroit Free Press, November 27, 1955. Detroit Free Press, November 30, 1955. Detroit Free Press, January 30, I956. Detroit Free Press, May 17, 1956. Detroit Free Press, May 18, 1956. Detroit Free Press, May 19, 1956. Detroit Free Press, July 2, 1956. Detroit Free Press, March 20, 1957. Detroit Times, February 10, 1955. Detroit Times, February 11, 1955. 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Lansing: Research Department, Michigan Education As soc— iation, 1956. , Bond Issues Approved by the Municipal Finance Com- mission, July 1, 1956 to January 1, 1957, by Wesley Thomas. Detroit: Research Department, Michigan Education Assoc- iation, 1957. Michigan State University, Equalizing Educational Opportunity Through Community School Districts. Special Bulletin No. 410, by J. F. Thaden, January, 1957. Department of Sociology and Anthropology. 44 pp. Municipal Finance Officers Association, Marketing Municipal Bonds, Some Practical Suggestions, Special Bulletin. Chicago: The Association, 1946. 11 pp. United States Office of Education, Selected Bibliog_raphy on School Finance, 1933 to 1948, by Timon Covert, Bulletin 1949, No. 14. Washington, D.C.: Government Printing Office, 1949. 47 pp. United States Office of Education and the University of California, Berkeley, State Provisions for Financing Public School Capital Outlay Programs, by Erick L. Lindman and Clayton D. Hutchins, Bulletin 1951, No. 6. Washington, D.C.: Government Printing Office, 1951. 170 pp. 182 United States Office of Education, Trends in Significant Facts on School Finance, 1930-1954, by Clayton Hutchins, Albert Munse and Edna Booker, Circular No. 498. Washington, D. C.: Government Printing Office, 1957. 77 pp. G. PAMPHLETS Constitutional Provisions and Legislative Acts Relating_t_o_ Michigan Qualified Unlimited-tax School District Bonds, A Study of Outstanding Bonds and Adequacy of the State Bond Loan Fund. Detroit: Braun, Bosworth and Company, 1956. 19 pp. Coordinated Analysis of the Provisions of the Property Tax Limitation Act. Lansing: Michigan State Tax Commission, undated. 52 pp. FinancingPublic Education in the Decade Ahead. New York: National Citizens Commission for Public Schools, December, 1954. 62 pp. Financing the Public School System in the State of Michigan. Detroit: Kenower, MacArthur and Company, 1953. 15 pp. . Paying for Public Schools in Michigan, Pamphlet No. 21, by Betty Tableman, Bureau of Government, Institute of Public Administration. Ann Arbor, Michigan: University of Michi- gan Press, 1951. 70 pp. Pay the Piper, A Study of Michigan Taxes, by Denzel C. Cline. Governmental Research Bureau, Michigan State College, 1953. 99 pp. Report of the Michigan White House Conference on Education. Lansing, Report to the Governor, by Clair Taylor, Lansing: 1955. 106 pp. 80 Many Children, by Clair Taylor. Lansing: Department of Public Instruction, undated. 6 pp. 183 Special Message to the Sixty-eighth Legislature on the Needs of Education in Michigan, Governor G. Mennen Williams, January 20, 1955. 24 pp. Trend of Municipal Bond Market, revision of January 7, 1957. New York: Bond Department, Chase Manhattan Bank. 14 pp. 1950 United States Census of Population, United States Depart— ment of Commerce, Bureau of Census, P-A 22. Reprint of Vol. I, Chapter 22, Number of Inhabitants in Michigan. Washington, D. C.: Government Printing Office, 1951. 38 pp. APPENDIX 18h -‘ ‘0'..- same. ama.aaa.msa oma.mee.mafl.o mmaa ammo. mam.maa.emfl 0mm.mmm.amo.e mmafi same. Hmo.mqfi.mea mma.eom.mam.m amma ammo. mam.emm.aea oao.:>m.0me.m emafl memo. omw.mam.oafl emN.mmm.mmo.m mmma memo. mme.aam.mafl a:m.mem.mme.m amaa Home. oam.mom.mea mmm.mao.amm.m mmma mane. Noa.ooa.owH amo.Hmm.moe.e Nman ammo. 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