Breckenridge Community Schools

BRECKENRIDGE COMMUNITY SCHOOLS

BONDING PROPOSAL

The ballet for the August 4th, 2020 special election, will have the following language;

Shall Breckenridge Community Schools, Gratiot, Midland and Saginaw Counties, Michigan, borrow the sum of not to exceed Fourteen Million Nine Hundred Fifty Thousand Dollars ($14,950,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of:

erecting, furnishing and equipping an addition to the elementary school building; remodeling, equipping and re-equipping and furnishing and refurnishing school buildings; acquiring, installing, equipping or re-equipping school buildings for instructional technology; purchasing school buses; and preparing, developing, improving and equipping athletic fields and facilities and sites?

                                                The following is for informational purposes only:

The estimated millage that will be levied for the proposed bonds in 2020, under current law, is 2.15 mills ($2.15 on each $1,000 of taxable valuation) for a 1.50 mills 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 3.49 mills ($3.49 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 $2,405,000. 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.)