Freeland Community School District: $21.2 million bond proposal

The question, as printed on the ballot

Shall Freeland Community School District, Saginaw, Midland and Bay Counties, Michigan, borrow the sum of not to exceed Twenty-One Million Two Hundred Thousand Dollars ($21,200,000) and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of: remodeling school buildings and facilities; equipping, re-equipping, furnishing and refurnishing school buildings and facilities; and preparing, developing, improving and equipping structures, facilities, sites and a stormwater drainage project at the Freeland Learning Center playground? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027 is 1.984 mills ($1.984 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 1.849 mills ($1.849 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.)