Ironwood Area Schools: $12.5 million bond proposal

The question, as printed on the ballot

Shall Ironwood Area Schools of Gogebic County, Michigan, borrow the sum of not to exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: remodeling, furnishing and refurnishing, and equipping and re-equipping a school building, erecting a school support building; and equipping, developing, and improving athletic fields and facilities, parking areas, driveways, and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027 is 1.95 mills ($1.95 on each $1,000 of taxable valuation) for a -0- mill net increase over 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 1.92 mills ($1.92 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 $670,000. 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.)