Shall Stockbridge Community Schools, lngham, Jackson, Livingston and Washtenaw Counties, Michigan, borrow the sum of not to exceed Nineteen Million Eight Hundred Seventy Thousand Dollars ($19,870,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
partially remodeling, furnishing and refurnishing, equipping and re-equipping Stockbridge Community Schools' facilities, in part, for safety improvements; erecting, furnishing and equipping additions to Stockbridge High School; acquiring, installing and equipping instructional technology for school facilities;
acquiring, constructing and installing lights and bleachers for the stadium; purchasing school buses; and developing and improving sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2016 is 2.50 mills ($2.50 on each $1,000 of taxable valuation) for a net increase of 1.70 mills ($1.70 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-one (21) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.27 mills ($3.27 on each $1,000 of taxable valuation).
The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $9,530,000. The total amount of qualified loans currently outstanding is $-0-. The estimated computed millage rate may change based on changes in certain circumstances.
(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.)