Eastpointe Community Schools: school improvement bond ($99 million)

The question, as printed on the ballot

Shall the Eastpointe Community Schools, County of Macomb, State of Michigan, borrow the sum of not to exceed Ninety-Nine Million Dollars ($99,000,000) and issue its general obligation unlimited tax bonds, in one or more series, to pay the cost of the following projects for the purpose of consolidating the middle school into the high school and creating a modern, safe and healthy learning environment for students: Remodeling, equipping, re-equipping, furnishing and re-furnishing school buildings; Constructing an addition to and preparing, developing and improving sites at a school building; and Acquiring and installing instructional technology infrastructure and equipment in a school building?The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 3.50 mills (which is equal to $3.50 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 5.45 mills annually ($5.45 per $1,000 of taxable value). If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $35,090,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District expects to borrow from the Program to pay debt service on these bonds. The estimated total principal amount of additional borrowing is $5,737,821 and the estimated total interest thereon is $10,821,346. The estimated duration of the millage levy associated with that borrowing is 32 years and the estimated computed millage rate for such levy is 7.00 mills. 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 teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)