School Bond Proposal - Roseville Community Schools

Shall the Roseville Community Schools, County of Macomb, Michigan, borrow the principal sum of not to exceed Fifty-Nine Million Four Hundred Fifty-Five Thousand Dollars ($59,455,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of: • acquiring and installing new and replacement technology infrastructure and equipment, including instructional technology for students; • equipping, furnishing, reequipping and refurnishing school district buildings, including musical instruments, and acquiring buses; • improving and developing sites, including playgrounds, structures, signage, parking lots, and outdoor athletic facilities; and • remodeling and/or constructing additions to existing school district buildings, including safety and security improvements? The estimated millage to be levied in 2018 to service this issue of bonds is 2.50 mills ($2.50 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 5.71 mills ($5.71 per $1,000 of taxable value). The bonds may be issued in one or more series, payable in the case of each series in not to exceed 20 years from the date of issue of such series. The School District currently has $76,855,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the State School Bond Qualification and Loan Program. The School District may borrow from the program to pay debt service on these bonds. The estimated total principal amount of borrowing is $35,864,681 and the estimated total interest thereon is $35,274,413. The estimated duration of the millage levy associated with the bonds and the borrowing is 26 years and the estimated computed millage rate for the levy is 11.20 mills. The computed millage rate may change based on changes in circumstances. (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.)