OFFICIAL BALLOT
DEXTER COMMUNITY SCHOOLS
COUNTIES OF WASHTENAW AND LIVINGSTON
STATE OF MICHIGAN
SCHOOL IMPROVEMENT BOND PROPOSITION
Shall the Dexter Community Schools, Counties of Washtenaw and Livingston, State of Michigan, borrow the principal sum of not to exceed Two Hundred Forty-One Million Eight Hundred Sixty-Five Thousand Dollars ($241,865,000) and issue its unlimited tax general obligation bonds, in one or more series, to pay the cost of the following projects to create a modern learning environment for students and for health, safety, security, energy conservation and other purposes:
- Erecting additions to school buildings and other facilities and remodeling, equipping and reequipping, furnishing and refurnishing school buildings, additions, playgrounds, athletic fields and facilities and other facilities, including for secure entryways, modernizing instructional, fine arts, theater, music, weight and fitness spaces;
- Erecting, equipping and furnishing school facilities, athletic and other facilities, including for an indoor athletic facility and maintenance building;
- Acquiring, preparing, developing and improving sites for school buildings, including athletic fields, playgrounds and other facilities and the purchase of school buses;
- Acquiring and installing technology equipment and technology infrastructure, in school buildings and other facilities?
___ YES
___ NO
The annual debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this ballot is expected to remain at or below 8.5 mills which is an estimated -0- mill increase from the debt millage levied in 2024. The estimated millage that will be levied to pay the proposed bonds in the first year is 1.55 mills ($1.55 per $1,000 of taxable value) and the estimated simple average annual millage that will be required to retire each series of the bonds is 4.18 mills annually ($4.18 per $1,000 of taxable value). The maximum number of years the bonds may be outstanding, exclusive of refunding, is not more than thirty (30) years.
If approved by the voters, the repayment of the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $77,320,000 of qualified bonds outstanding and $651,119 of qualified loans outstanding under the Program. The School District expects to borrow from the Program to pay debt service on these bonds. The estimated total principal amount of the additional borrowing is $6,687,504 and the estimated total interest thereon is $1,686,616. The estimated duration of the millage levy associated with that borrowing is 9 years. The estimated computed millage rate required to be levied to pay the proposed bonds may change in the future based on changes in certain circumstances.
(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.)
