Shall Cedar Springs Public Schools,
Kent and Newaygo Counties,
Michigan, borrow the sum of not to
exceed Sixty-Eight Million Dollars
($68,000,000) and issue its general
obligation unlimited tax bonds
therefor, in one or more series, for
the purpose of:
erecting, completing, remodeling,
or equipping or reequipping school
buildings or other facilities, or
parts of or additions to those
facilities; furnishing or refurnishing
school buildings; acquiring,
preparing, developing, improving,
or equipping structures, athletic
fields, playgrounds or sites, or
parts of or additions to sites, for
school buildings or other facilities;
and acquiring, installing, or
equipping or reequipping school
buildings for instructional
technology?
The following is for informational
purposes only:
The estimated millage that will be
levied for the proposed bonds in
2021, under current law, is 1.18 mills
($1.18 on each $1,000 of taxable
valuation) for a 0.00 mill net increase
over the prior year’s levy of 7.00
mills. The maximum number of years
the bonds of any series may be
outstanding, exclusive of any
refunding, is thirty (30) years. The
estimated simple average annual
millage anticipated to be required to
retire this bond debt is 4.04 mills
($4.04 on each $1,000 of taxable
valuation).
The school 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 $6,499,371 and
the estimated total interest to be paid
thereon is $6,824,042. The
estimated duration of the millage
levy associated with that borrowing
is 18 years and the estimated
computed millage rate for such levy
is 7.00 mills. The estimated
computed millage rate may change
based on changes in certain
circumstances.
The total amount of qualified bonds
currently outstanding is $32,140,000.
The total amount of qualified loans
currently outstanding is
approximately $1,601,284.
(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.)