Proposal Text

Bangor City -- Bond Proposal

Shall the City of Bangor, County of Van Buren, Michigan, borrow a sum of not to exceed One Million Three Hundred Thousand Dollars ($1,300,000) and issue its general obligation unlimited tax bonds, in one or more series, payable in not to exceed thirty (30) years from the date of issue, for the purpose of paying the cost of acquiring, constructing, furnishing and equipping a new city hall and police station, including site acquisition, site improvements, demolition of existing structures and related appurtenances and attachments thereto? The estimated millage to be levied in 2010 is 2.52 ($2.52 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 2.53 mill ($2.53 per $1,000 of taxable value).