Kentwood Public Schools Proposal -- Bonding Proposal $64,860,000

Shall Kentwood Public Schools, Kent County, Michigan, borrow the sum of not to exceed Sixy-Four Million Eight Hundred Sixty Thousand Dollars ($64,860,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring, installing and equipping or re-equipping school buildings for instructional technology; purchasing school buses; and acquiring, preparing, developing, improving and equipping athletic facilities, playgrounds, play fields and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2016 is 1.11 mills ($1.11 on each $1,000 of taxable valuation), for a net 0.75 mill increase from the prior year's levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-nine (29) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.40 mills ($1.40 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.)