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Proposal Text
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Shall Lake City Area Schools, Missaukee County, Michigan borrow the sum of not to exceed Twenty Million Seven Hundred Seventy-Five Thousand Dollars ($20,775,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping a new high school, developing and improving physical education fields and the site; partially remodeling, refurnishing and re-equipping the high school portion of the Lake City School for middle school purposes and constructing and equipping a playground for elementary school purposes; erecting, furnishing and equipping an addition or additions to and partially remodeling, refurnishing and re-equipping the elementary portion of the existing Lake City School; constructing and equipping a playground; and developing and improving the site? THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY: The bonds are expected to be outstanding for a maximum of 25 years, exclusive of refunding. The estimated millage rate for this debt the first year is 7 mills ($7.00 for each $1,000 of taxable valuation). This is 6.83 mills ($6.83 for each $1,000 of taxable valuation) more than last year. The estimated simple average annual debt millage rate for the repayment of this bond issue is 6.16 mills ($6.16 for 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.)
