Hemlock Public School District Bond Proposal

Shall Hemlock Public School District, Saginaw and Midland Counties, Michigan, borrow the sum of not to exceed Seventeen Million Seven Hundred Fifty Thousand Dollars ($17,750,000) and issue its general obligation unlimited tax bonds therefore, 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; acquiring, installing and equipping or re-equipping school buildings for instructional technology; purchasing school buses; and preparing, developing, improving and equipping playgrounds, play fields, athletic fields and facilities, parking areas, sidewalks and sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2027 is 1.10 mills ($1.10 on each $1,000 of taxable valuation) for a 0.00 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-seven (27) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.03 mills ($1.03 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.)