Shall Fowlerville Community Schools, Livingston, Ingham and Shiawassee Counties, Michigan, borrow the sum of not to exceed Seventeen Million Five Hundred Thousand Dollars ($17,500,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
remodeling, equipping and re-equipping, and furnishing and refurnishing school facilities; acquiring, installing and equipping school facilities with instructional technology; and preparing, developing, improving and equipping athletic fields, athletic facilities, and sites?
The following is for informational purposes
The estimated millage that will be levied for
the proposed bonds in 2018, under current law, is ‑0- mill ($0.00 on each
$1,000 of taxable valuation). The maximum number of years the 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 1.83 mills ($1.83 on each $1,000 of taxable valuation).
district expects to borrow from the State School Bond Qualification and Loan
Program to pay debt service on these bonds. The estimated total principal
amount of that borrowing is $4,620,875 and the estimated total interest to be
paid thereon is $13,696,513. The estimated duration of the millage levy
associated with that borrowing is 22 years and the estimated computed millage
rate for such levy is 9.55 mills. The estimated computed millage rate may
change based on changes in certain circumstances.
amount of qualified bonds currently outstanding is $72,350,000. The total
amount of qualified loans currently outstanding is approximately $6,199,531.
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.)