Street Improvement Bond Proposal - City of Garden City Proposal

Shall the City of Garden City, County of Wayne, Michigan, borrow the principal sum of not to exceed Fifteen Million Dollars ($15,000,000) and issue its general obligation unlimited tax bonds, in one or more series, payable in not to exceed five (5) years from the date of issuance of each series, for the purpose of paying the cost to improve, replace, resurface, and reconstruct streets in the City, including sidewalk improvements, drainage improvements, and water and sewer improvements, together with necessary rights-of-way, appurtenances and attachments thereto? The estimated millage to be levied in 2019 is 6.2490 mills ($6.2490 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 6.2464 mills ($6.2464 per $1,000 of taxable value).