MI AC Saugatuck Public Schools Bond Proposal
Shall Saugatuck Public Schools, Allegan County, Michigan, borrow the sum of not to exceed Forty-Nine Million Five Hundred Thousand Dollars ($49,500,000) and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of:· erecting, furnishing, and equipping a new community recreation center building, a new early childhood education center building, and additions to school buildings;· partially remodeling the middle school/high school auditorium for the arts, and furnishing and refurnishing, equipping and re-equipping, and remodeling school buildings; · acquiring and installing instructional technology and instructional technology equipment; · purchasing school buses; and· preparing, developing, equipping, and improving athletic fields, athletic facilities, playgrounds, and sites?The following is for informational purposes only:The estimated millage that will be levied for the proposed bonds in 2027 is 1.31 mills ($1.31 on each $1,000 of taxable valuation), for a -0-mills net increase over the prior year's levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.92 mills ($1.92 on each $1,000 of taxable valuation). (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.)
