2015 Bond Ballot Language
Shall the Public Schools of the City of Ann Arbor, County of Washtenaw, Michigan, borrow the principal sum of not to exceed Thirty-Three Million Dollars ($33,000,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of making the following improvements:
- remodeling, equipping, furnishing, reequipping and refurnishing School District buildings, including classroom furnishings, performing arts facilities and secure school entrances;
- acquiring school buses and musical instruments; and
- improving and developing sites, including athletic fields and structures and playgrounds, in the School District?
The debt millage levy required to retire all bonds of the School District currently outstanding and proposed by this ballot proposal is estimated to remain at or below the current 2.45 mill levy. The estimated millage to be levied in 2015 to service this issue of bonds is .13 mill ($.13 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is .43 mill ($.43 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 10 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 costs or other School District operating expenses.)