What's on the ballot in City of Parchment, Kalamazoo County

Shall Parchment School District, Kalamazoo County, Michigan, borrow the sum of not to exceed Forty-One Million Dollars ($41,000,000) 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 and facilities; acquiring and installing instructional technology; and preparing, developing, improving, and equipping playgrounds and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027, under current law, is 3.95 mills ($3.95 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 thirty (30) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 5.51 mills ($5.51 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 $1,776,248. The total amount of qualified bonds currently outstanding is $15,280,000. The total amount of qualified loans currently outstanding is approximately $10,192,942. 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.)