Shall the Dexter Community Schools, Counties of Washtenaw and Livingston, Michigan, borrow the principal sum of not to exceed Seventy-One Million Seven Hundred Five Thousand Dollars ($71,705,000) and issue its unlimited tax general obligation bonds for the purpose of defraying the cost of:
- Erecting, completing, equipping and furnishing a new elementary school building;
- Constructing additions to and remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, and other facilities, including for technology, energy conservation and security improvements and purchasing school buses;
- Acquiring land and preparing, developing, or improving sites, including school buildings, outdoor athletic fields, athletic facilities, playfields, playgrounds and other facilities;
- Acquiring, installing, equipping and re-equipping school buildings and other facilities, including classrooms?
The debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this ballot is expected to remain at or below 8.50 mills. The estimated millage to be levied in 2017 to service this issue of bonds is 1.939 mills ($1.939 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.406 mills ($2.406 per $1,000 of taxable value). The bonds may be issued in one or more series, payable in the case of each series in not to exceed 30 years from the date of issue of such series.
The School District currently has $60,595,000 of qualified bonds outstanding and approximately $25,194,160 of qualified loans outstanding under the School Bond Qualification and Loan Program (the “Program”). The School District expects to borrow from the Program to pay debt service on these bonds. The estimated total principal amount of additional borrowing is $2,175,550 and the estimated total interest thereon is $10,542,205. The estimated duration of the millage levy associated with that borrowing is 13 years and the estimated computed millage rate for such levy is 8.50 mills. The estimated computed millage rate may change based on changes in certain circumstances.
(Under State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)