Shall Pinckney Community Schools, Livingston and Washtenaw Counties, Michigan, borrow the sum of not to exceed Fifty-Nine Million Four Hundred Sixty-Five Thousand Dollars ($59,465,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for purposes of:
acquiring, installing and equipping technology for school facilities; constructing, equipping, developing and improving outdoor athletic and physical education facilities, play fields, playgrounds and storage sheds; partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; erecting, furnishing and equipping additions to Pathfinder Middle School, in part, to connect to Navigator Elementary School for a performing and visual arts wing; erecting, furnishing and equipping a facility for building and grounds and transportation; and acquiring, developing and improving sites?
The following is for informational purposes only:
It is estimated that .46 mill ($0.46 on each $1,000 of taxable valuation) will be levied for the first series of the proposed bonds in 2010 for a -0- net increase in debt millage currently levied for outstanding bonds. The maximum number of years each series of bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.45 mills ($2.45 on each $1,000 of taxable valuation).
If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State.
(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 and benefits, or other operating expenses.)