Improving and developing sites, including playgrounds, athletic fields and outdoor athletic facilities, and structures in the School District?
The estimated millage to be levied in 2005 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 2.33 mills ($2.33 per $1,000 of taxable value). The bonds may be payable in not to exceed 30 years from the date of issue. The debt millage required to retire all bonds of the School District currently outstanding and proposed by this bond proposal is estimated to be at or below 6.41 mills. (Under State law, bond proceeds may not be used to pay teacher or administrator salaries, routine maintenance costs or other School District operating expenses.) PROPOSAL 1 NON-HOMESTEAD MILLAGE RENEWAL PROPOSAL This proposal will allow the South Redford School District to renew the prior authorization to levy 16.4142 mills for operating purposes on “non-homestead property” (industrial and commercial property and rental homes). It will not apply to owner occupied homes. The prior
