Bond Proposal - Grosse Pointe Public Schools Proposal

Shall the Grosse Pointe Public School System, County of Wayne, Michigan, borrow the principal sum of not to exceed One Hundred Eleven Million Forty Thousand Dollars ($111,040,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of: * remodeling and/or constructing additions, primarily additions for secure vestibules, to existing School District buildings, including security, roof, energy conservation and mechanical systems improvements; * equipping, furnishing, reequipping and refurnishing School District buildings; * acquiring and installing technology infrastructure and instructional technology equipment; * and improving and developing sites, including outdoor athletic facilities, paving, fencing, and drains, in the School District? The debt millage levy required to retire all bonds of the School District currently outstanding and proposed by this ballot proposal is estimated to be at or below 1.50mills higher than the debt millage levy for 2018. The estimated millage to be levied in 2019 to service this issue of bonds is 1.82 mills ($1.82 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 2.21 mills ($2.21 per $1,000 of taxable value). The bonds may be issued in multiple series, payable in the case of each series in not to exceed 21 years from the date of issue of such series. (Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)