Jefferson Schools: $28,700,000 bond proposal

The question, as printed on the ballot

Shall Jefferson Schools, Monroe County, Michigan, borrow the sum of not to exceed Twenty-Eight Million Seven Hundred Thousand Dollars ($28,700,000) 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 school buildings, including roof replacements and safety and security improvements; and preparing, 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 2.00 mills ($2.00 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 twenty (20) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.99 mills ($1.99 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.)