Ballot Wording
The following is the wording as it appeared on the ballot. (updated 03/15/05)
CAPITAL PROJECTS BOND PROPOSAL
Shall the Public Schools of the City of Ann Arbor, County of Washtenaw,
Michigan, borrow the principal sum of not to exceed Two Hundred Five
Million Four Hundred Sixty-Five Thousand Dollars ($205,465,000) and issue
its general obligation unlimited tax bonds for the purpose of defraying
the cost of making the following improvements:
- constructing, furnishing and equipping a new comprehensive high school
building and improving and developing the site therefor, including outdoor
athletic fields and facilities;
- constructing, furnishing and equipping additions to School District
buildings, including additions for early childhood programs;
- remodeling, equipping, furnishing, reequipping and refurnishing existing
School District buildings;
- acquiring and installing technology equipment in the School District;
- acquiring musical instruments and school buses; and
- improving and developing sites, including athletic facilities, fields
and playgrounds in the School District?
The estimated millage to be levied in 2005 to service this issue of bonds
is 1.88 mills ($1.88 per $1,000 of taxable value) and the estimated simple
average annual millage rate required to retire the bonds of this issue is
1.58 mills ($1.58 per $1,000 of taxable value). The bonds may be issued in
one or more series, payable in the case of each series in not to exceed 25
years from the date of issue of such series. The debt millage levy
required to retire all bonds of the School District currently outstanding
and proposed by this ballot proposal is currently estimated to be at or
below 2.29 mills.
(Under state law, bond proceeds may not be used to pay teacher or
administrator salaries, routine maintenance costs or other School District
operating expenses.)
SINKING FUND MILLAGE PROPOSAL
Shall the Public Schools of the City of Ann Arbor, County of Washtenaw,
Michigan, be authorized to levy 1.00 mill to create a sinking fund for
the purpose of the construction or repair of school buildings and the
improvement and development of sites, increasing the limitation on the
amount of taxes which may be imposed on taxable property in the School
District for a period of five (5) years, the years 2005 to 2009,
inclusive? It is estimated that 1.00 mill ($1.00 per $1,000 of taxable
valuation) would raise approximately $6,645,000 in the first year that
it is levied.
(Under state law, sinking fund proceeds may not be used to pay
teacher or administrator salaries.) |
