Bond Proposal
The bond language that will be on the May 4, 2021 ballot is below.
REETHS-PUFFER SCHOOLS
BONDING PROPOSAL
Shall Reeths-Puffer Schools, Muskegon County, Michigan, borrow the sum of not to exceed Twenty Three Million Dollars ($23,000,000) and issue its general obligation unlimited tax bonds, therefore, in one or more series, for the purpose of:
Remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; acquiring and installing instructional technology and instructional technology equipment for school facilities; and preparing developing, improving and equipping athletic fields, playgrounds and sites?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2021, under current law, is 1.95 mills ($ 1.95 on each $1,000 of taxable valuation). The maximum number of years the bonds of any series may be outstanding, exclusive of any refunding, is twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 1.50 mills ($1.50 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 approximately $8,277,477. 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).
