August 8, 2023 Election
Berkley School District Bond Proposal
Shall Berkley School District, Oakland County, Michigan, borrow the sum of not to exceed Eighty-Eight Million Dollars ($88,000,000) and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of:
erecting, furnishing and equipping a new indoor practice/robotics team building; erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing and equipping and re-equipping school buildings; acquiring, installing, equipping and re-equipping school buildings for instructional technology; and preparing, developing, improving and equipping playgrounds, athletic fields and facilities and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2024 is 3.05 mills ($3.05 on each $1,000 of taxable valuation), for a 2.25 mills net increase over the prior year’s levy. The maximum number of years the bonds of any series 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 3.61 mills ($3.61 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 $45,575,000. 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.)