HASTINGS AREA SCHOOL SYSTEM
(Bedford Charter Township electors will be voting in Johnstown Township, Barry County)
I. BONDING PROPOSAL
Shall Hastings Area School System, Barry and Calhoun Counties, Michigan, borrow the sum of not to exceed Ten Million Five Hundred Thousand Dollars ($10,500,000) and issue its general obligation unlimited tax bonds therefor for the purpose of:
remodeling, equipping and re-equipping and furnishing and refurnishing school buildings; acquiring, installing and equipping or re-equipping school buildings for instructional technology; and developing and improving the middle school site?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2018 is 0.85 mill ($0.85 on each $1,000 of taxable valuation) for a -0- mill net increase over the prior year’s levy. The maximum number of years the bonds may be outstanding, exclusive of any refunding, is fifteen (15) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.53 mills ($1.53 on each $1,000 of taxable valuation).
The school district does not expect to borrow from the State to pay debt service on the bonds. The total amount of qualified bonds currently outstanding is $44,125,000. The total amount of qualified loans currently outstanding is $0. The estimated computed millage rate may change based on changes in certain circumstances.
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)