LAKEVIEW SCHOOL DISTRICT
COUNTY OF CALHOUN
STATE OF MICHIGAN
SCHOOL IMPROVEMENT BOND PROPOSAL
Shall the Lakeview School District, County of Calhoun, State of Michigan, borrow the sum of not to exceed Forty Seven Million Dollars ($47,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of paying for the cost of the following projects:
- Erecting, remodeling, improving, equipping, re-equipping (including equipping and reequipping for technology) and furnishing the construction of a new classroom addition and replacement of certain existing classrooms, an expansion to the existing cafeteria, new school office spaces and a secure vestibule to Lakeview Middle School;
- Demolition, erecting, equipping (including equipping for technology), improving and furnishing the construction of a preschool facility, including playgrounds, upon a property owned by the School District;
- Erecting, remodeling, equipping, re-equipping (including equipping and reequipping for technology), improving and furnishing additions to or demolition to or for school buildings and other facilities, including playgrounds;
- Remodeling, equipping, re-equipping (including equipping and reequipping for technology), improving furnishing, re-furnishing school buildings, athletic fields and other facilities for technology and to enhance safety and security and for other purposes;
- Preparing, developing and improving sites for school buildings, playgrounds, athletic fields and other facilities, including new drives, parking lots and landscaping?
The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than twenty five (25) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 0.00 mills (which is equal to $0.00 per $1,000 of taxable value) for a 0 mill net increase over the prior year’s levy; and the estimated simple average annual millage that will be required to retire each series of bonds is 3.00 mills annually ($3.00 per $1,000 of taxable value).
The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $20,385,494 and the estimated total interest to be paid thereon is $25,082,979. The estimated duration of the millage levy associated with that borrowing is 28 years and the estimated computed millage rate for such levy is 7 mills. The estimated computed millage rate may change based on changes in certain circumstances.
The total amount of qualified bonds currently outstanding is $54,005,000. The total amount of qualified loans currently outstanding is approximately $1,702,063.
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)