Shall the Public Schools of the City of Ann Arbor, County of Washtenaw, Michigan, borrow the principal sum of not to exceed Forty-Five Million Eight Hundred Fifty-Five Thousand Dollars ($45,855,000) and issue its unlimited tax general obligation bonds for the purpose of defraying the cost of making the following improvements:
- acquiring and installing instructional technology and technology infrastructure and equipment in the School District; and
- associated remodeling, equipping, furnishing, reequipping and refurnishing of existing School District buildings?
The estimated millage to be levied in 2012 to service this issue of bonds is .48 mill ($.48 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is .51 mill ($.51 per $1,000 of taxable value). The bonds may be issued in multiple series, payable in the case of each series in not to exceed 11 years from the date of issue of such series. The debt millage levy required to retire all bonds of the School District currently outstanding and proposed by this ballot proposal is currently estimated to be at or below 2.60 mills.
(Under state law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance costs or other School District operating expenses.)