VOTE411 Voter Guide

Bloomingdale Public School District No. 16 BOND PROPOSAL #2Shall Bloomingdale Public School District No.16, Van Buren and Allegan Counties, Michigan, borrow the sum of not to exceed Fifteen Million Dollars Four Hundred Thousand Dollars ($15,400,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:parially remodeling, furnishing and refurnishing, and equipping and re-equiping school buildings; erecting, furnishing, and and equipping additions to the elementry school building; relocating and partially remodeing the bus garage facility; and preparing, developing, equipping, and improving a playground and sites? The following is for informational purposes only:The estimated millage that will be levied for the proposed bonds in 2024, under current law, is 0 mills ($2.00 on each $1,000 of taxable valuation). The maximum number of years the bonds of any series 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 2.25 mills ($2.25 on each $1,000 of taxable valuation).The school district expects to borrow from the State School Bond Qualification and Loan Program to pay debt service on these bonds. The estimated total principal amount of that borrowing is $860,041 otal interest to be paid thereon is $1,951,942. The estimate duration of the millage levy associated with that borrowing is twelve (12) years and the estimated computed millage rate for such levy is 9.7 mills. The estimated computed millage rate may change based on changes in certain circumstances.The total amount of qualified bonds currently outstanding is $10,385,000. THe total amount of qualified loans currentlly outstanding is approximately $4,356,441.(Pursuant to State law, expenditure of bond proceeds must be audited and the proceeds cannot be used for repair or maintenance costs, teacher, adminstrator or employee salaries, or other operating expenses.)