PUBLIC SCHOOLS OF CALUMET, LAURIUM AND KEWEENAW BOND PROPOSAL
Shall the Public Schools of Calumet, Laurium and Keweenaw, Houghton and Keweenaw Counties, Michigan, borrow the sum of not to exceed Twenty-One Million Eight Hundred Fifty Thousand Dollars ($21,850,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:remodeling, including the replacement and upgrade of heating systems, air handling and ventilation systems, building infrastructure improvements, and exterior windows, of school buildings; acquiring and installing instructional technology and instructional technology equipment for school buildings; and developing and improving a parking area and site?The following is for informational purposes only:The estimated millage that will be levied for the proposed bonds in 2027 is 3 mills ($3.00 on each $1,000 of taxable valuation) for a -0- mill net increase over the prior year’s levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.31 mills ($3.31 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 $13,945,000. The total amount of qualified loans currently outstanding is $0.00. 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.)
