Royal Oak Schools Bond Proposal
Bond ProposalShall the Royal Oak Schools, County of Oakland, Michigan, borrow the principal sum of not to exceed Fifty-Nine Million Nine Hundred Eighty-Five Thousand Dollars ($59,985,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of:• constructing additions to and remodeling existing School District buildings;• improving and developing sites, including parking areas, playgrounds, and outdoor athletic fields and facilities in the School District;• furnishing, refurnishing, equipping and reequipping School District buildings; and• acquiring and installing instructional technology equipment in School District buildings?YESNOThe debt millage levy required to retire all bonds of the School District currently outstanding and proposed by this ballot proposal is estimated to remain at or below the current 3.25 mill levy. The estimated millage to be levied in 2018 to service this issue of bonds is 1.00 mills ($1.00 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.32 mills ($2.32 per $1,000 of taxable value). The bonds may be issued in one or more series, payable in the case of each series in not to exceed 11 years from the date of issue of such series.(Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)
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