NORTH ADAMS-JEROME PUBLIC SCHOOLS BONDING PROPOSAL
Shall North Adams-Jerome Public Schools, Hillsdale and Jackson Counties, Michigan, borrow the sum of not to exceed Eight Million Dollars ($8,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; erecting, furnishing, and equipping additions to the K-12 school building, including wood shop, car shop, and home economics additions; erecting, furnishing, and equipping a restroom facility; purchasing school buses; and preparing, developing, improving, and equipping a running track, athletic fields, athletic facilities, a playground, and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2020, under current law, is 3.57 mills ($3.57 on each $1,000 of taxable valuation). The maximum number of years the bonds of any series 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 3.45 mills ($3.45 on each $1,000 of taxable valuation).
The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $0. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances.
(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.)