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Presidentail Primary - February 28, 2012

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Ferndale Public Schools
School Building and Site Bond Proposal

Shall the Ferndale Public Schools, County of Oakland, State of Michigan borrow the sum of not to exceed Twenty-Two Million Eight Hundred and Twenty-Five Thousand and 00/100 ($22,825,000) Dollars and issue its general obligation unlimited tax bonds therefor, for a period of not to exceed thirty (30) years, for the purpose of defraying the costs of:

remodeling, equipping and reequipping, furnishing and refurnishing school buildings or parts of those facilities, including mechanical upgrades; asbestos removal; additional lighting; improvements to the high school auditorium and stage, and to the pools; and safety and security upgrades;

preparing, developing and improving school sites, or parts of or additions to sites, including parking lots and drives, playgrounds, structures, or other facilities;

acquiring and installing technology and equipping or reequipping school buildings for technology. including instaltion of technology infrastructure and upgrading existing hardware?

The estimated millage that will be levied for the proposed bonds in the first year that the levy is authorized Is zero (0.00) mills, and the estimaled simple average annual millage that will be required to retire the debt over the term of the bonds is approximately Four and 52/100 (4.52) mills. It is not expected that the School District will be required to levy more than the seven (7) mills for debt retirement purposes that it currently levies but the amount of the tax levy may decrease more slowly and/or be levied for a longer period of time as a result of the issuance of these bonds. If the School District borrows from the State to pay debt service on the bonds of this issue, the School District may be required to continUe to levy mills beyond term of the bonds to repay the State.

The City of Ferndale, Michigan
300 East Nine Mile Road
Ferndale, Michigan 48220
(248) 546-2525
City Hall Hours:
Monday - Thursday 8:00am - 5:30pm
Closed Fridays

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