ROMEO COMMUNITY SCHOOLS COUNTIES OF MACOMB AND OAKLAND STATE OF MICHIGAN SCHOOL IMPROVEMENT BOND PROPOSITION
Shall the Romeo Community Schools, Counties of Macomb and Oakland, State of Michigan, borrow thesum of not to exceed Sixty-Two Million Dollars ($62,000,000) and issue its general obligation unlimitedtax bonds, in one or more series, to pay the cost of the following projects to create a modern learningenvironment for students and for health, safety, security, energy conservation and other purposes:• Remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic fields,playgrounds and other facilities;• Erecting and completing additions to school buildings;• Acquiring and installing instructional technology infrastructure and equipment in school buildingsand other facilities; and• Preparing, developing and improving sites at school buildings, athletic fields, playgrounds and otherfacilities and the purchase of school buses?The annual debt millage required to retire all bonds of the School District currently outstanding andproposed pursuant to this ballot is expected to be at or below 3.85 mills which is a 0 mill increase fromthe annual debt millage levied in 2025. The maximum number of years any series of bonds may beoutstanding, exclusive of refunding, is not more than twenty-five (25) years; the estimated millage thatwill be levied to pay the proposed bonds in the first year is 0.72 mills (which is equal to $0.72 per $1,000of taxable value); and the estimated simple average annual millage that will be required to retire eachseries of bonds is 0.98 mills annually ($0.98 per $1,000 of taxable value).If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualificationand Loan Program (the “Program”). The School District currently has $132,755,000 of qualified bondsoutstanding and $0 of qualified loans outstanding under the Program. The School District does not expectto borrow from the Program to pay debt service on these bonds. The estimated computed millage raterequired to be levied to pay the proposed bonds may change in the future based on changes in certaincircumstances.(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used forteacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)
