Shall Harbor Springs Public Schools, Emmet County, Michigan, borrow a sum of not to exceed Four Million Two Hundred Thousand Dollars ($4,200,000) and issue its general obligation, unlimited tax bonds for the purposes of purchasing, erecting, completing, remodeling, and equipping or re-equipping structures, athletic fields and other facilities, and parts of or additions to those facilities, including without limitation, track and field facilities, soccer, softball and baseball fields, tennis courts, football practice field and football stadium, and acquiring, preparing, developing and improving the sites thereof, including parking, fencing, furnishing, landscaping, concession stands, bleachers, restrooms, dugouts, scorer's booths and scoreboards; and furnishing or refurnishing and equipping and re-equipping classrooms, libraries and hallways at the high school and middle school?
The following is for informational purposes:
The debt millage required to retire all voted bonds of the School District which are currently outstanding and proposed by this bonding proposal is estimated to remain at or below the current debt levy of 2.65 mills ($2.65 for each $1,000 of taxable valuation. Of the total estimated debt levy of 2.65 mills, the estimated millage that will be levied for the proposed bonds in 2018 is 0.64 mills ($0.64 for each $1,000 of taxable valuation) and the estimated simple average annual millage rate anticipated to be required to retire the bonds is 0.71 mills ($0.71 for each $1,000 of taxable valuation). The maximum number of years that proposed bonds may be outstanding, exclusive of any refunding, will not exceed seven (7) years from the date of issue.
(Pursuant to State law, expenditure of bond proceeds must be audited, and the bond proceeds cannot be used for maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)