BONDING PROPOSAL

Shall Grandville Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Twenty-Two Million Eight Hundred Fifty-Five Thousand Dollars ($22,855,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping additions to and remodeling and equipping and re-equipping school buildings; purchasing school buses; acquiring technology for and installing technology in school buildings and equipping and re-equipping school buildings for technology; erecting, constructing, equipping and re-equipping, developing and improving athletic fields and facilities; and preparing, developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2012 is 1.39 mills ($1.39 on each $1,000 of taxable valuation). 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 1.37 mills ($1.37 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.)