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Flushing Community Schools Initiative

FLUSHING COMMUNITY SCHOOLS PROPOSALSSCHOOL IMPROVEMENT BOND PROPOSITIONShall the Flushing Community Schools, County of Genesee, State of Michigan, borrow the sum of not to exceed Seventeen Million Eight Hundred Thousand ($17,800,000) Dollars and issue its general obligation unlimited tax bonds, in one or more series, for the purpose of paying for the cost of the following projects:Erecting, equipping and furnishing a gymnasium addition to the High School facility;Remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic fields and other facilities to enhance safety and security and for other purposes;Erecting a team room, restrooms, concessions, storage, lighting and sound facilities at the athletic fields;Acquiring and installing technology equipment and technology infrastructure in school buildings and other facilities; and Preparing, developing and improving sites at school buildings, athletic fields and other facilities?The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than twenty-one (21) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 1.38 mills ($1.38 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire the bonds over twenty-one (21) years is 1.83 mills annually ($1.83 per $1,000 of taxable value).If approved by the voters, the repayment of the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the "Program"). The School District currently has $14,310,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District does not expect to borrow from the Program to pay debt service on these bonds. The estimated computed millage rate required to be levied to pay the proposed bonds may change in the future based on changes in certain circumstances.(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.)
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