EAST GRAND RAPIDS PROPOSITION V -- MILLAGE PROPOSAL BLDG AND SITE SINKING FUND

This proposal renews building and site sinking fund millage that expired with the 2005 tax levy and restores millage lost as a result of the reduction required by the Michigan Constitution of 1963. Shall the limitation on the amount of taxes which may be assessed against all property in East Grand Rapids Public Schools, Kent Co, MI, be increased by and the board of education be authorized to levy .5 mill ($0.50 on each $1,000 of taxable valuation) for a period of 10 years, 2006 to 2015, inclusive, for sinking fund purposes to be used for the purchase of real estate for sites for, and the construction or repair of, school buildings and all other purposes authorized by law (.448 mill of the above is a renewal of millage for building and site sinking fund purposes which expired with the 2005 tax levy and .052 mill is to restore millage for the same purpose lost as a result of the reduction required by the Michigan Constitution of 1963); the estimate of the revenue the school district will collect if the millage is approved and levied in 2006 is approximately $251,006?