St. Charles Community Schools: $10.475 million bond proposal

The question, as printed on the ballot

Shall St. Charles Community Schools, Saginaw County, Michigan, borrow the sum of not to exceed Ten Million Four Hundred Seventy-Five Thousand Dollars ($10,475,000) and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of: remodeling, equipping and re-equipping, and furnishing and refurnishing school buildings; 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 1.34 mills ($1.34 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 2.30 mills ($2.30 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.)