Bonding Proposal

Shall Kelloggsville Public School District, Kent County, Michigan, borrow the sum of not to exceed Thirty-Three Million Nine Hundred Thousand Dollars ($33,900,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing and equipping instructional technology for school facilities; erecting, furnishing and equipping additions to the high school; constructing, equipping, developing and improving athletic and physical education facilities and playfields; purchasing school buses; constructing a storage/warehouse building; and acquiring, developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2015, under current law, is 7.32 mills ($7.32 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 thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 6.14 mills ($6.14 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.)