Bonding Proposal

Shall Kenowa Hills Public Schools, Kent and Ottawa Counties, Michigan, borrow the sum of not to exceed Seventy-Eight Million Six Hundred Forty Thousand ($78,640,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping a new early childhood building; erecting, furnishing and equipping additions to school buildings; remodeling, equipping or re-equipping and furnishing or refurnishing school buildings; acquiring, installing, equipping or re-equipping school buildings for instructional technology; purchasing school buses; and acquiring, preparing, developing, improving, and equipping playgrounds, play fields, athletic facilities, and sites? The estimated millage that will be levied for the proposed bonds in 2015 is 1.95 mills ($1.95 on each $1,000 of taxable valuation), for a net 1.65 mill increase from the prior year's levy. The maximum number of years the bonds of any series 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 3.22 mills ($3.22 on each $1,000 of taxable valuation). The school district does not expect to borrow from the State to pay debt service on the bonds. The toal amount of qualified bonds currently outstanding is $26,465,000. The total amount of qualified loans currently outstanding is $-0-. The estimated computed millage rate may change based on changes in certain circumstances. (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.)