Cascade Township Proposal I -- Millage Renewal - Library Maintenance

Shall Godfrey-Lee Public Schools, Kent County, Michigan, borrow the sum of not to exceed Two Million Two Hundred Thousand Dollars ($2,200,000) and issue, in one or more series, 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 educational technology for school facilities; purchasing school buses; constructing, equipping, developing and improving play fields and athletic facilities; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2013 is 1.6289 mills ($1.6289 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.43 mills ($1.43 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.)