Troy Bond Proposal
Shall the City of Troy, Oakland County, Michigan, borrow the principal amount of not to exceed $137,000,000 and issue its general obligation unlimited tax bonds for all or a portion of that amount in one or more series payable over not to exceed 20 years from the date of issue of each series for the purpose of defraying the cost of City improvements, including without limitation acquiring, constructing, installing, furnishing and equipping a new public library; acquiring, constructing and installing road improvements in the City; acquiring, constructing, renovating, installing and equipping improvements to parks and recreation facilities in the City, including but not limited to the Troy Community Center, the Troy Farm, additional Troy Recreation parks, trails, athletic courts, and other facilities; and acquiring, constructing and installing equipment for City public safety services, including but not limited to fire apparatus equipment, police body cameras, and other public safety technology upgrades and equipment, as well as all other work, equipment, and appurtenances necessary or incidental to these improvements?The estimated millage that will be levied to pay the proposed bonds in the first year that the levy is authorized is 1.1327 mills ($1.1327 per $1,000 of taxable value of real and tangible personal property in the City of Troy); and the estimated simple average annual millage that will be required to retire the bonds is 1.1329 mills ($1.1329 per $1,000 of taxable value of real and tangible personal property in the City of Troy).
