This proposal would continue and extend the authority last approved by voters in 2008 and which expires with the 2014 levy for the Public Schools of the City of Ann Arbor to levy a sinking fund millage. This proposal would also allow the use of proceeds of the millage for any purposes permitted by law.
Shall the Public Schools of the City of Ann Arbor, County of Washtenaw, Michigan, be authorized to levy 1.00 mill ($1.00 per $1,000 of taxable valuation) to create a sinking fund for the purpose of the construction or repair of school buildings and the improvement and development of sites and, to the extent permitted by law, for other purposes, including, but not limited to, the acquisition and installation of furnishings and equipment, by increasing the limitation on the amount of taxes which may be imposed on taxable property in the School District for a period of five (5) years, being the years 2015 to 2019, inclusive? It is estimated that 1.00 mill ($1.00 per $1,000 of taxable valuation) would raise approximately $7,450,000 in the first year that it is levied.
(Under state law, sinking fund proceeds may not be used to pay teacher or administrator salaries.)