RICHMOND COMMUNITY SCHOOLS BOND PROPOSAL
Shall Richmond Community Schools, Macomb and St. Clair Counties, Michigan, borrow the sum of not toexceed Fifty-One Million Eight Hundred Thousand Dollars ($51,800,000) and issue its general obligationunlimited tax bonds therefor, in one or more series, for the purpose of:erecting, furnishing, and equipping additions to school buildings; remodeling, equipping and reequipping,and furnishing and refurnishing school buildings; acquiring, installing, equipping and reequippingschool buildings for instructional technology; and preparing, developing, improving, andequipping playgrounds and sites?The following is for informational purposes only:The estimated millage that will be levied for the proposed bonds in 2026 is 1.70 mills ($1.70 on each $1,000of taxable valuation) for a 0 mill net increase over the prior year’s levy. The maximum number of years thebonds of any series may be outstanding, exclusive of any refunding, is twenty-two (22) years. The estimatedsimple average annual millage anticipated to be required to retire this bond debt is 3.79 mills ($3.79 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 totalamount of qualified bonds currently outstanding is $34,500,000. The total amount of qualified loanscurrently outstanding is $0. The estimated computed millage rate may change based on changes in certaincircumstances.(Pursuant to State law, expenditure of bond proceeds must be audited and the proceeds cannot be used forrepair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
