School Improvement Bond Proposition - Wayne-Westland Community School Proposal

Shall the Wayne-Westland Community Schools, County of Wayne, State of Michigan, borrow the sum of not to exceed One Hundred Fifty-Eight Million ($158,000,000) Dollars and issue its general obligation unlimited tax bonds, in one or more series, for the purpose of paying for the cost of the following projects: * Remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic fields and other facilities for safety and security, energy conservation and other purposes; * Acquiring and installing instructional technology equipment and infrastructure in school buildings and other facilities; * Construction of additions to existing school buildings and athletic field houses at both high school sites; and * Preparing, developing and improving sites at school buildings, playgrounds, athletic fields and other facilities and the purchase of school buses? The maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than twenty-five (25) years; the estimated millage that will be levied to pay the proposed bonds in the first year is 4.48 mills (which is equal to $4.48 per $1,000 of taxable value); and the estimated simple average annual millage that will be required to retire each series of bonds is 4.38 mills annually ($4.38 per $1,000 of taxable value). If approved by the voters, the bonds will be guaranteed by the State under the School Bond Qualification and Loan Program (the “Program”). The School District currently has $6,370,000 of qualified bonds outstanding and $0 of qualified loans outstanding under the Program. The School District does not expect to borrow from the Program to pay debt service on these bonds. 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.)