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Pickford Public Schools Bonding Proposal

Pickford Public SchoolsBonding Proposal Shall Pickford Public Schools, Chippewa and Mackinac Counties, Michigan, borrow the sum of not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: Erecting, furnishing, and equipping additions to the school building; remodeling, improving, equipping and re-equipping and furnishing and refurnishing the school building; acquiring, installing, equipping or re-equipping the school building for instructional technology; purchasing school buses; and acquiring, preparing, developing, improving the site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2022, under current law, is 4.56 mills ($4.56 on each $1,000 of taxable valuation) for a 1.65 mills net increase over the prior year’s levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 4.48 mills ($4.48 on each $1,000 of taxable valuation). The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $775,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances. (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.)

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