Shall Plymouth-Canton Community Schools, Wayne and Washtenaw Counties, Michigan, borrow the sum of not to exceed One Hundred Fourteen Million Four Hundred Thousand Dollars ($114,400,000) and issue in one or more series its general obligation unlimited tax bonds therefor, for the purpose of:
partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; erecting, furnishing and equipping a new middle school; erecting, furnishing, and equipping additions to and partially remodeling, furnishing and refurnishing, equipping and re-equipping East, West, Discovery and Pioneer Middle Schools; acquiring, installing and equipping educational technology for new and existing school facilities; purchasing school buses; constructing, equipping, developing and improving athletic facilities, play fields and playgrounds; and developing and improving sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013 is .35 mills ($0.35 on each $1,000 of taxable valuation) for a -0- net increase in current debt millage levied for all bonds. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.22 mills ($1.22 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.)