Bond Proposal

Shall the Fitzgerald Public Schools, County of Macomb, State of Michigan, borrow the sum of not to exceed Forty Six Million, Seven Hundred Sixty Five Thousand ($46,765,000) Dollars and issue its general obligation unlimited tax bonds therefore, in one or more series, for the purpose of paying for the cost of the following:

• Enhance safety, security and utility through remodeling, equipping and re-equipping school buildings, playgrounds and other facilities;
• Energy use efficiency improvements with roofing, lighting and mechanical system replacements in school buildings and other facilities;
• Site safety and other improvements, preparation, and development at school buildings and other facilities;
• Instructional space modernization through classroom remodeling, equipping and re-equipping school buildings, including the Chatterton Middle School Planetarium;
• Technology equipment and technology infrastructure acquisitions and installation in school buildings and other facilities; and
• Purchase of school buses.

For Informational Purposes Only:

The estimated millage that will be levied to pay the proposed bonds in the first year is 2.90 mills ($2.90 per $1,000 of taxable value). The maximum number of years the proposed bonds may be outstanding, exclusive of refunding, is not more than twenty (20) years and the estimated simple average annual millage that will be required to retire the proposed bonds is 5.78 mills annually ($5.78 per $1,000 of
taxable value).

If approved by the voters the bonds will be guaranteed by the State of Michigan under Section 16 of Article IX of the State Constitution of 1963, as amended. The school district does not expect to borrow from the State to pay debt service on the bonds. The school district has no qualified bonds and no qualified loans currently outstanding. The estimated computed millage rate may change 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.)