Shepherd Public Schools Bond Proposal

Shall Shepherd Public Schools, Isabella, Gratiot, and Midland Counties, Michigan, borrow the sum of not to exceed Fourteen Million Nine Hundred Thousand Dollars ($14,900,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of: remodeling and equipping school buildings, including roofing and HVAC systems; and preparing, developing, improving and equipping the elementary school playground and site? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027, under current law, is 1.65 mills ($1.65 on each $1,000 of taxable valuation) for a 0 mill net increase over the prior year’s levy. The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.24 mills ($3.24 on each $1,000 of taxable valuation). The school district does not expect to borrow from the State to pay debt service on the bonds but expects estimated additional interest attributable to the bonds to be $1,468,914. The total amount of qualified bonds currently outstanding is $3,800,000. The total amount of qualified loans currently outstanding is approximately $15,457,294. 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 repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)