Utica Community Schools - Bond Proposal -

Shall the Utica Community Schools, County of Macomb, Michigan, borrow the principal sum of not to exceed One Hundred Fifty-Five Million Dollars ($155,000,000) and issue its unlimited tax general obligation bonds for the purpose of defraying the cost of: * making safety and security improvements, including cameras and door systems, in School District buildings; * equipping, furnishing, reequipping and refurnishing School District buildings, facilities, and structures, and acquiring school buses and technology equipment; * constructing additions to and/or remodeling School District buildings;and * improving and developing sites, including playgrounds, athletic fields, facilities and structures in the School District? The debt millage required to retire all bonds of the School District currently outstanding and proposed pursuant to this ballot is expected to be at or below 3.50 mills. The estimated millage to be levied in 2020 to service this issue of bonds is 0.89 mills ($0.89 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 1.30 mills ($1.30 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 16 years from the date of issue of such series. The School District currently has $137,585,000 of qualified bonds outstanding under the School Bond Qualification and Loan Program (the “Program”). The School District does not expect to borrow from the Program to pay debt service on these bonds. If the School District borrows from the Program, the estimated millage rate may change based on changes in certain circumstances. (Under 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.)