Bonding Proposal I -- $21,530,000 Bond for School Facilities

Shall Comstock Park Public Schools, Kent County, Michigan, borrow the sum of not to exceed Twenty-One Million Five Hundred Thirty Thousand Dollars ($21,530,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing and refurnishing, equipping and re-equipping school facilities; acquiring, installing and equipping instructional technology for school facilities; constructing, equipping, developing and improving physical education/athletic facilities, playgrounds and play fields; purchasing school buses; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for this bond proposal in 2011, under current law, is .57 mill ($0.57 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 3.08 mills ($3.08 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)