Dearborn Public Schools School Improvement Bond Proposition

Shall the Dearborn Public Schools, County of Wayne, State of Michigan, borrow the sum of not to exceed One Billion Five Hundred Ten Million Dollars ($1,510,000,000) and issue its general obligation unlimited tax bonds, in multiple series, to pay the cost of the following projects in order to implement the School District’s 2026 Facilities Master Plan which includes the construction of new preK-8 school buildings, major renovations at all school buildings including the three high schools, expanding space for career education programs, safety and security measures, improving infrastructure for STEAM programs, and traffic improvements: Erecting and completing new school buildings and other facilities; Remodeling, constructing additions to, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic fields, playgrounds and other facilities; Acquiring and installing instructional technology infrastructure and equipment in school buildings and other facilities; and Preparing, developing and improving sites at school buildings, athletic fields, playgrounds and other facilities and the purchase of school buses? The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 3.14 mills (which is equal to $3.14 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 5.67 mills annually ($5.67 per $1,000 of taxable value). (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.)