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Proposal Text
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Shall Parchment School District, Kalamazoo County, Michigan, borrow the sum of not to exceed Eighteen Million Dollars ($18,000,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: -erecting, furnishing and equipping additions to, and remodeling, refurnishing and re-equipping Parchment High School; acquiring and installing educational technology improvements; and developing and improving athletic fields and facilities and the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2007, under current law, is 1.80 mills ($1.80 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, willnot exceed thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.58 mills ($3.58 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, thje 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, or other operating expenses.)
Shall the Portage Public Schools, County of Kalamazoo, Michigan, borrow the principal sum of not to exceed One Hundred Forty Five Million Three Hundred Thousand Dollars ($145,300,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of: -remodeling, reequipping, and refurnmishing existing School District buildinsts, including safety, security, energy conservation, accessibility, and restroom improvements; -constructing new buildings in the School District, including two new replacement elementary school buildings and constructing additions to School District buildings; -furnishing and equipping new and existing School District buildings, including the acquisition of new musical equipment and school buses; -acquiring and installing technology infrastructure and equipment in and connecting new and existing School District Buildings; and -acquiring, improving and developing sites, including traffic flow and parking improvements, playgrounds, athletic fields and outdoor athletic facilities and structures in the School District? The estimated millage to be levied in 2007 to service this issues of bonds is 3.11 mills ($3.11 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 3.22 mills ($3.22 per $1,000 of taxable value). The debt millage required to retire the bonds of the School District currently outstanding and proposed prusuant to this ballot is estimated to be at or below 4.70 mills. The bonds may be issued in one or more series, payable in the case of each series in not to exceed 25 years from the date of issue of such seried. (Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)
