Hastings Area School System Bond Proposal

Shall Hastings Area School System, Barry and Calhoun Counties, Michigan, borrow the sum of not to exceed Twenty-Four Million Eight Hundred Thousand Dollars ($24,800,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: partially remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings, including remodeling and equipping secure entrance vestibules, installing security window film, and updating academic spaces and career technical education environments; acquiring and installing instructional technology and instructional technology equipment; purchasing school buses; and preparing, developing, equipping, and improving athletic facilities and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027 is 1 mill ($1.00 on each $1,000 of taxable valuation), for a -0- mill net increase over the prior year’s levy. The estimated simple average annual millage anticipated to be required to retire this bond debt is 2.14 mills ($2.14 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 fourteen (14) years. (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.)