Tri County Area Schools -- Bonding Proposal

Shall Tri County Area Schools, Montcalm, Kent and Newaygo Counties, Michigan, borrow the sum of not to exceed Nine Hundred Forty Five Thousand Dollars ($945,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: replacing the high school roof; acquiring and installing educational technology in school buildings; remodeling and equipping school buildings; and purchasing school buses? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2011 is .14 mill ($0.14 on each $1,000 of taxable valuation), for a new -0- mill increase from the prior year's levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is eight (8) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is .39 mill ($0.39 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.)