Shall Northville Public Schools, Wayne, Oakland and Washtenaw Counties, Michigan, borrow the sum of not to exceed Twenty Million Eight Hundred Seventy Thousand Dollars ($20,870,000) and issue its general obligation unlimited tax bonds therefor in two series, for the purpose of:
acquiring and installing instructional technology improvements, communication and building security systems and
related equipment, infrastructure and remodeling, and purchasing school buses?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2013, is .40 mill ($0.40 on each $1,000 of taxable valuation) for a net increase in the debt levy over 2012 of -0- mills. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is nine (9) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.09 mills ($1.09 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.