Gwinn Area Community Schools: $24.95 million bond proposal

The question, as printed on the ballot

Shall Gwinn Area Community Schools, Marquette County, Michigan, borrow the sum of not to exceed Twenty-Four Million Nine Hundred Fifty Thousand Dollars ($24,950,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: erecting, furnishing, and equipping an elementary school addition to the middle/high school building;partially remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings;purchasing school buses; andpreparing, developing, and improving sites?The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027 is 1.89 mills ($1.89 on each $1,000 of taxable valuation). 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 2.29 mills ($2.29 on 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.)