FITZGERALD PUBLIC SCHOOLS SCHOOL BUILDING AND SITE BOND PROPOSAL
Shall Fitzgerald Public Schools, Macomb County, Michigan, borrow the sum of not to exceedFORTY TWO MILLION FOUR HUNDRED FIFTY FIVE THOUSAND ($42,455,000) andissue its general obligation unlimited tax bonds, in one or more series, therefore for the purposeof: Remodeling, furnishing and re-furnishing, equipping and re-equipping school buildings and other facilities; Acquiring and installing technology equipment and technology infrastructure in school buildings and other facilities; Erecting, equipping and furnishing an addition to a school building; and Improving, developing and equipping and re-equipping sites and structures in the School District, including playgrounds, playfields and athletic fields and constructing thereon an outdoor learning area?The estimated millage that will be levied for the proposed bonds in 2026, under current law, is1.16 ($1.16 on each $1,000 of taxable valuation) for a 0 mill net increase over the prior year’slevy. The maximum number of years the bonds may be outstanding, exclusive of any refunding,is twenty five (25) years. The estimated simple average annual millage anticipated to be requiredto retire this bond debt is 4.74 mills ($4.74 on each $1,000 of taxable valuation).The school district currently has $36,085,000 of qualified bonds outstanding and $0 of qualifiedloans outstanding under the State School Bond Qualification and Loan Program. The schooldistrict does not expect to borrow from the program to pay debt service on these bonds. Theestimated 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 beused for repair or maintenance costs, teacher, administrator or employee salaries, or otheroperating expenses).
