WHITTEMORE-PRESCOTT AREA SCHOOLS
Shall Whittemore-Prescott Area Schools, Iosco, Ogemaw and Arenac Counties, Michigan, borrow the sum of not to exceed Four Million Eight Hundred Fifty Thousand and 00/100 Dollars ($4,850,000) and issue its general obligation unlimited tax bonds therefor for the purpose of:
remodeling, equipping and re-equipping, furnishing and refurnishing of school facilities, including security upgrades, classroom furnishings and roof replacements; erecting, furnishing and equipping additions to the junior/senior high school and transportation building; and preparing, developing, improving sites, including parking areas.
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2018, is 0.82 mills ($.82 on each $1,000 of taxable valuation) for a -0- mill net increase over the prior year’s levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twelve (12) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.36 mills ($2.63 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 $2,200,000. The total amount of qualified loans currently outstanding is $-0-.
(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.)