Shall South Lyon Community Schools, Oakland, Washtenaw and Livingston Counties, Michigan, borrow the sum of not to exceed Sixty-Four Million Four Hundred Thousand Dollars ($64,400,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping a new elementary school; erecting, furnishing and equipping additions to the early childhood center; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring, installing and equipping or re-equipping school buildings for instructional technology; acquiring, preparing, equipping, developing and improving athletic facilities, playgrounds, structures and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016, is 1.12 mills ($1.12 on each $1,000 of taxable valuation), for a net -0- mill increase from the prior year's levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.60 mills ($1.60 on each $1,000 of taxable valuation). (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)