CHIPPEWA VALLEY SCHOOLS SCHOOL SAFETY AND IMPROVEMENT BOND PROPOSIT
Shall the Chippewa Valley Schools, County of Macomb, State of Michigan, borrow the sum of not to exceed Two Hundred Eighty-Eight Million ($288,000,000) Dollars and issue its general obligation unlimited tax bonds, in one or more series, to pay for the cost of the following projects for the purpose of creating a modern, safe and healthy learning environment for students:• Equipping school buildings for safety and security improvements including security cameras, secure keyless access system, emergency communication systems, upgraded fire alarms and emergency generators;• Remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, career technical education program facilities, athletic fields, playgrounds and other facilities including improvements to roofs, flooring, mechanical systems, parking lots;• Acquiring and installing instructional technology equipment and infrastructure in school buildings and other facilities; and• Erecting and completing a replacement elementary school and classroom and other additions to school buildings, preparing, developing and improving sites at school buildings, playgrounds and other facilities and the purchase of school buses?The annual debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant this Proposition is expected to be at or below 8.64 mills which is a 0 mill increase from the annual debt millage levied in 2026. The estimated millage that will be levied to pay the proposed bonds in the first year is 0 mills (which is equal to $0 per $1,000 of taxable value); the estimated simple average annual millage that will be required to retire the bonds is 2.47 mills annually ($2.47 per $1,000 of taxable value); and the maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than twenty-five (25) years.If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $323,265,000 of qualified bonds outstanding and approximately $33,286,048 of qualified loans outstanding under the Program. The School District expects to borrow from the Program to pay debt service on these bonds. The estimated total principal amount of additional borrowing is $31,063,179 and the estimated total interest thereon is $20,646,936. The estimated duration of the millage levy associated with that borrowing is 9 years and the estimated computed millage rate for such levy is 8.64. The estimated computed millage rate may change based on changes in certain circumstances.(Pursuant to State law, expenditure of bond proceeds must be independently audited, and the proceeds cannot be used for teacher, administrator or employee salaries, repair or maintenance costs or other operating expenses.)
