VOTE411 Voter Guide

BLOOMINGDALE PUBLIC SCHOOL DISTRICT NO.16Proposal #1Shall Bloomingdale Public School District Nol 16, Van Buren and Allegan Counties Michigan, borrow the sum of not to exceed Seventeen Million Dollars ($17,000,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: partially remodeling, furnishing and refurnishing, and equippipng and re-equipping school buildings; acquiring and installing instructional trechnology and instructional technology equipment for school buildings; purchasing school buses; and preparing, developing, and improving 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 ($0.00 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 2.64 mills ($2.64 on each $1,000 of taxable valuatiion).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 $1,328,803 and the estimated total interest to be paid thereon is $1,951,942. The estimated duration of the millage levy assiciated with that borrowing in 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 currently 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, administrator or employee salaries, or other operating expenses.