Shall Van Buren Public Schools, Counties of Wayne and Washtenaw, State of Michigan, borrow the sum of not to exceed $111,000,000 and issue its unlimited tax general obligation bonds therefor, for the purpose of defraying all or part of the cost of:

(1) Purchasing land for a new Belleville High School facility and developing and improving a site, and constructing, erecting, equipping, including equipping for technology and technology improvements, and furnishing thereon a new Belleville High School facility, including athletic fields and related structures; and

(2) Preparing and improving the site of the current Belleville High School and improving and remodeling (to
include partial demolition and abatement) the current Belleville High School?

The following is for informational purposes only:

The bonds shall be qualified pursuant to Section 16 of Article IX of the State Constitution of 1963. In the event the School District borrows from the State of Michigan 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.

The bonds may be issued in series, with the maximum number of years any series of the bonds may be outstanding, exclusive of any refunding, not to exceed thirty (30) years. The estimated millage that will be levied for the proposed bonds in the year 2006 is 2.90 mills ($2.90 per $1,000 of taxable valuation). The estimated simple average annual millage anticipated to be required to retire this bond is 2.18 mills ($2.18 per $1,000 of taxable valuation).

(Pursuant to state law, expenditures of bond proceeds must be audited and cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)