Proposal Text

Waverly Community Schools Bond Proposal -- To support an increase of 1.64 mill for a period of 10 years

BONDING PROPOSAL Shall Waverly Community Schools, Ingham, Eaton and Clinton Counties, Michigan, borrow the sum of not to exceed Eighteen Million Four Hundred Seventy Thousand Dollars ($18,470,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: acquiring and installing instructional technology for school buildings; equipping and re-equipping school buildings for instructional technology; partially remodeling, equipping and re-equipping and furnishing and refurnishing school facilities; purchasing school buses; and developing, improving and equipping sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2013 is 1.64 mills ($1.64 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is ten (10) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.80 mills ($2.80 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.)