Ballot Language

Shall Leland Public School, Leelanau County, Michigan, borrow the sum of not to exceed Twenty-Four Million Six Hundred Thousand Dollars ($24,600,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:

 

erecting, furnishing and equipping additions to school buildings; remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; preparing, developing, and equipping playgrounds and play fields; and acquiring, developing and improving sites?

 

The following is for informational purposes only:

 

The estimated millage that will be levied for the proposed bonds in 2018 is 1.05 mills ($1.05 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 twenty-six (26) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.02 mills ($2.02 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.)