Shall the Dexter Community Schools, Counties of Washtenaw and Livingston, Michigan, borrow the principal sum of not to exceed Forty-Seven Million Eight Hundred Ninety Thousand Dollars ($47,890,000) and issue its unlimited tax general obligation bonds for the purpose of defraying the cost of:
remodeling and constructing additions to School District buildings, including energy conservation and security improvements;
acquiring land and improving and developing sites, including playgrounds, playfields and outdoor athletic fields and facilities in the School District;
furnishing, refurnishing, equipping and reequipping School District buildings, including the acquisition of school buses; and
acquiring and installing technology equipment in School District buildings, including classroom technology?

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 mils. The estimated millage to be levied in 2008 to service this issue of bonds, which is included in the 8.50 mills, is 2.24 mills ($2.24 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.08 mills ($2.08 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 20 years from the date of issue of such series. If the School District borrows from the State to pay debt service on the bonds of this issue, the School District may be required to continue to levy mills beyond the term of the bonds to repay the State.
(Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)