"Shall Pellston Public Schools, Emmet and Cheboygan Counties, Michigan, borrow the sum of not to exceed Seven Hundred Seventy Thousand Dollars ($770,000 and issue its general obligation unlimited tax bonds therefore, for the purpose of:
acquiring and installing educatinal technology equipment and related wiring and infrastructure improvements; partially remodeling and refurnishing school district buildings, included new lockers; and purchasing school buses?"
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2012 is 0.15 mil ($0.15 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is eight (8) years. The estimated simple average annual millage anticipated to be required to retire this bond is 0.42 mil ($0.42 on each $1,000 of taxable valutation).
(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).