ATHENS AREA SCHOOLS - BONDING PROPOSAL
Shall Athens Area Schools, Calhoun, Branch, Kalamazoo and St. Joseph Counties, Michigan, borrow the sum of not to exceed Two Million Eight Hundred Fifty Thousand Dollars ($2,850,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:
erecting, furnishing and equipping additions to Athens High School; partially remodeling East Leroy Elementary School and Athens High School; acquiring, installing and equipping educational technology for school facilities; purchasing school buses; and developing and improving the sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2011 is 4.45 mills ($4.45 on each $1,000 of taxable valuation) for a -0- net increase in millage. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is six (6) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 4.50 mills ($4.50 on each $1,000 of taxable valuation).
(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.)