School Improvement Bond Proposition

The question on your ballot

Shall The Lamphere Schools, County of Oakland, State of Michigan, borrow the sum of not to exceed Forty-Seven Million Three Hundred Forty Thousand Dollars ($47,340,000) and issue its general obligation unlimited tax bonds, in one or more series, to pay the cost of the following projects to create a modern learning environment for students and for health, safety, security, energy conservation and other purposes: - Remodeling, equipping and re-equipping school buildings and other facilities; and - Preparing, developing and improving sites at school buildings, and other facilities? The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 2.50 mills (which is equal to $2.50 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 2.50 mills annually ($2.50 per $1,000 of taxable value). If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $0 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District does not expect to borrow from the Program to pay debt service on these bonds. The estimated computed millage rate required to be levied to pay the proposed bonds may change in the future based on changes in certain circumstances. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)