NOVEMBER CONSOLIDATED Tuesday, November 2, 2021 Wayne County, Michigan INKSTER CITY, Ward 1 Precinct 2
LOCAL SCHOOL DISTRICT PROPOSALS
TAYLOR SCHOOL DISTRICT COUNTY OF WAYNE STATE OF MICHIGAN SCHOOL IMPROVEMENT BOND PROPOSITION
Shall the Taylor School District, County of Wayne, State of Michigan, borrow the sum of not to exceed One Hundred Thirty Million Dollars ($130,000,000) and issue its general obligation unlimited tax bonds, in one or more series, for the purpose of paying for the cost of the following projects:
Erecting a new High School building and Career Center building which will include athletic fields and parking lots;
Erecting additions to and remodeling of the current High School for conversion to a Middle School;
Remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic and play fields and other facilities to create a modern learning environment for students, for safety and security and other purposes;
Acquiring and installing instructional technology infrastructure and equipment in school buildings and other facilities; and
Preparing, developing and improving sites at school buildings, athletic and play fields and other facilities?
The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 3.64 mills (which is equal to $3.64 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 3.64 mills annually ($3.64 per $1,000 of taxable value).
If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $0 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District does not expect to borrow from the Program to pay debt service on these bonds. The estimated computed millage rate required to be levied to pay the proposed bonds may change in the future based on changes in certain circumstances.
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for teacher, administrator, or employee salaries, repair or maintenance costs or other operating expenses.)