Sinking Fund Millage Renewal Proposal - Bond Proposal

Shall the Portage Public Schools, County of Kalamazoo, State of Michigan, borrow the principal sum of not to exceed One Hundred Thirty-Two Million Four Hundred Thousand Dollars ($132,400,000) and issue its general obligation unlimited tax bonds for the purpose of defraying the cost of the following projects to create a modern learning environment for students and for health, safety, security, energy conservation and other purposes: •Erecting and completing new school buildings and other facilities, including buildings to replace existing elementary schools; •Remodeling, equipping, re equipping, furnishing and refurnishing and constructing additions to school buildings and other facilities in the school district; •Acquiring school buses; •Acquiring and installing instructional technology, technology infrastructure and equipment in and connecting new and existing school district building and other facilities; and •Acquiring, preparing, developing, and improving sites, including playfields, playgrounds, school buildings and other facilities and structures? The annual debt millage required to pay the debt service on the School District's proposed and outstanding bonds is estimated to remain at or below the 2025 levy of 6.85 mills. The estimated millage to be levied in 2026 to service this issue of bonds is 0.74 mills ($0.74 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds of this issue is 1.68 mills ($1.68 per $1,000 of taxable value). The bonds may be issued in multiple series, payable in the case of each series in not to exceed 30 years from the date of issue of such series. (Under State law, expenditure of bond proceeds must be audited and bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance or repair costs or other School District operating expenses.)