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August, 2007 Proposals


August 7, 2007 Election



Ypsilanti Public Schools

SCHOOL IMPROVEMENT BOND PROPOSITION

Shall the School District of Ypsilanti, County of Washtenaw, State of Michigan, borrow the sum of not to exceed Forty-Nine Million, One Hundred Thirty-Five Thousand and 00/100 ($49,135,000) Dollars and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of paying for the cost of the following:

 Equipping and re-equipping school buildings and other facilities for technology systems and equipment;

 Remodeling, re-equipping, re-furnishing school buildings and other facilities and preparing, developing and improving sites at school buildings and other facilities;

 Erecting, equipping and furnishing an addition to other facilities and preparing, developing and improving the site for an addition to other facilities; and

 Erecting, equipping and furnishing a new transportation/bus maintenance facility, preparing, developing and improving the site for the new transportation/bus maintenance facility and purchasing school buses?

YES  _____

NO   _____

The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than twenty-five (25) years. The estimated millage that will be levied to pay the proposed bonds in the first year is 0 mills which is a 0 mill increase over the 2006 levy; and the estimated simple average annual millage that will be required to retire the bonds over twenty-five (25) years is 1.99 mills annually ($1.99 per $1,000 of taxable value).

If approved by the voters the bonds will be guaranteed by the State of Michigan under Section 16 of Article IX of the State Constitution of 1963, as amended. If the School District borrows from the State of Michigan to pay debt service on the bonds under the State of Michigans guarantee the School District may be required to levy debt mills beyond the terms of the bonds to repay the State of Michigan.

(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.)

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