Proposal Text

Grand Ledge Public Schools Bonding Proposal -- To support a bond not to exceed $68,325,000

BONDING PROPOSAL Shall the Grand Ledge Public Schools, Eaton, Clinton and Ionia Counties, Michigan, borrow the sum of not to exceed Sixty-Eight Million Three Hundred Twenty-Five Thousand Dollars ($68,325,000) in one or more series, and issue its general obligation unlimited tax bonds therefor, for the purpose of: acquiring, installing and equipping instructional technology for school facilities; erecting, furnishing and equipping additions to and partially remodeling, furnishing and refurnishing, equipping and re-equipping Grand Ledge Public Schools’ facilities; purchasing school buses; constructing, equipping, developing and improving athletic and physical education facilities, playgrounds and playfields; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2015, under current law, is 2.20 mills ($2.20 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.77 mills ($2.77 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 total amount of qualified bonds currently outstanding is $55,470,000. 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.)