Lapeer Community Schools
County of Lapeer
State of Michigan
SCHOOL IMPROVEMENT BOND PROPOSAL
Shall the Lapeer Community Schools, County of Lapeer, State of Michigan, borrow the sum of not to exceed Forty-Four Million Eight Hundred Forty Thousand Dollars ($44,840,000) and issue its general obligation unlimited tax bonds, in one or more series, for the purpose of paying for the cost of the
• Remodeling, equipping, re-equipping, furnishing, re-furnishing school
buildings, playgrounds and other facilities to create a modern learning
environment for students and for safety, security and health, energy
conservation and other purposes;
• Erecting and completing classroom and multi-purpose room additions to school buildings;
• Acquiring and installing instructional technology infrastructure and equipment
in school buildings and other facilities; and
• Preparing, developing and improving sites at school buildings, playgrounds and other facilities, which will include parking lot improvements, and the purchase of school buses?
YES __ NO __
The annual debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this ballot is expected to be at or below 2.65 mills which is a 0 mill increase from the 2.65 mills of annual debt millage to be levied in 2022. The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than twenty-four (24) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 1.49 mills (which is equal to $1.49 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 1.51 mills annually ($1.51 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.)