|| Shall Grandville Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Seventy-Five Million Two Hundred Five Thousand Dollars ($75,205,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
erecting, furnishing and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; acquiring technology for and installing technology in school buildings and equipping and re-equipping school buildings for technology; purchasing school buses; erecting, constructing, equipping and re-equipping, developing and improving playgrounds and athletic facilities; and preparing, developing and improving sites?
The following if for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2015 is 3.20 mills ($3.20 on each $1,000 of taxable valuation), for a net -0- mill increase from the 2013 and 2014 levies. Interest for the first two (2) years of issuance will be paid from capitalized interest budgeted as a part of the project. The maximum number of years the bonds may be outstanding for any single series, 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 2.57 mills ($2.57 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.)