Bonding Proposal

Shall Godwin Heights Public Schools, Kent County, Michigan, borrow the sum of not to exceed Fourteen Million One Hundred Thousand Dollars ($14,100,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping additions to and partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities, in part, for security and energy conservation improvements; acquiring, installing and equipping instructional technology for school facilities; purchasing and equipping school buses; constructing, equipping, developing and improving athletic and physical education facilities, playfields and playgrounds; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2015 is 1.60 mills ($1.60 on each $1,000 of taxable valuation) for a -0- net increase in debt millage. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.39 mills ($3.39 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.)