Proposal Text

Potterville Public Schools Bonding Proposal -- Building Security and Education Technology

Building Security and Education Technology Bonding Proposal Shall Potterville Public Schools, Eaton County, Michigan, borrow the sum of not to exceed Three Million Two Hundred Twenty Thousand Dollars ($3,220,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: erecting, furnishing and equipping an elementary addition and partially remodeling, refurnishing and re-equipping school district buildings; acquiring and installing educational technology improvements and security improvements, and developing and improving the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2012, under current law, is 0- mills ($0.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is ten (10) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.53 mills ($1.53 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (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.)