May 5, 2015 Election
Exhibit "A" Bonding Proposal
Shall Berkley School District, Oakland County, Michigan, borrow the sum of not to exceed Fifty-Eight Million Nine Hundred Fifty Thousand Dollars ($58,950,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
Erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; acquiring, installing and equipping or re-equipping school buildings for the instructional technology; and developing and improving sites?
The following is for informational purposes only
The estimated millage that will be levied for the proposed bonds in 2015 is 3.00 mills ($3.00 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 4.15 mills ($4.15 on each $1,000 of taxable valuation).
The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $12,100,000. The total amount of qualified loans currently outstanding is $-0-. The estimated computed millage rate may change based on changes in certain circumstances.
(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.)