Grand Rapids Public Schools - Bonding Proposal $175,000,000

Shall Grand Rapids Public Schools, Kent County, Michigan, borrow a sum of not to exceed One Hundred Seventy-Five Million Dollars ($175,000,000) and issue its general obligation, unlimited tax bonds in two or more series for the purposes of: - purchasing, erecting, completing, remodeling, and equipping or re-equipping school buildings, including structures, athletic fields, playgrounds and other facilities, and parts of or additions to those facilities, and acquiring, preparing, developing and improving the sites thereof; - furnishing or refurnishing new and remodeled school buildings and additions; and - acquiring, installing, and equipping or re-equipping school buildings or additions to school buildings for technology, infrastructure and safety and security improvements. The following is for informational purposes: The estimated millage that will be levied for the proposed bonds in 2016 is 2.07 mills ($2.07 for each $1,000 of taxable valuation) and the estimated simple average annual millage rate required to retire the bonds is 2.12 mills ($2.12 for each $1,000 of taxable valuation). The maximum number of years that any series of the bonds may be outstanding, exclusive of any refunding, will not exceed twenty-six (26) years from the date of each issue. The Downtown Development Authority of the City of Grand Rapids is authorized by law to capture and retain a portion of the School District's collected millage, including millage levied to make bond payments. Based on current projections, it is not expected that any millage collected by the School District to pay principal and interest on the bonds authorized herein will be captured and retained by the Downtown Development Authority of the City of Grand Rapids. (Pursuant to State law, expenditure of bond proceeds must be audited, and the bond proceeds cannot be used for maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)