Garden City Street Improvement Bond Proposal
Shall the City of Garden City, County of Wayne, Michigan, borrow the principal sum of not to exceed Fifty Million Dollars ($50,000,000) and issue its general obligation unlimited tax bonds, in one or more series, payable in not to exceed fifteen (15) years from the date of issuance of each series, for the purpose of paying the cost to improve, replace, resurface, and reconstruct streets in the City, including sidewalk improvements, drainage improvements, and water and sewer improvements, together with necessary rights-of-way, appurtenances and attachments thereto?The estimated millage to be levied in 2018 is 0.7495 mills ($0.7495 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 6.2266 mills ($6.2266 per $1,000 of taxable value).
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