Shall Columbia School District, Jackson, Lenawee, Washtenaw and Hillsdale Counties, Michigan, borrow the sum of not to exceed Five Million Dollars ($5,000,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; developing and improving sidewalks, driveways, parking lots, playgrounds and athletic facilities; and developing and improving sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2011 is 0.46 mill ($0.46 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, will not exceed ten (10) years for any single series of bonds. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.14 mills ($1.14 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.)