I. BONDING PROPOSITION
Shall the Belleville Area District Library, formed by City of Belleville, Charter Township of Van Buren, and Township of Sumpter, each in the County of Wayne, State of Michigan, borrow the sum of not to exceed Fourteen Million Dollars ($14,000,000) and issue its general obligation unlimited tax bonds for all or a portion of that amount for the purpose of constructing, furnishing and equipping a new building for library purposes; constructing renovations to, furnishing and refurnishing and equipping and re-equipping an existing building for library purposes; and acquiring, developing and improving sites for library buildings?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2017, is 0.75 mill ($0.75 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, is twenty-one (21) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 0.68 mill ($0.68 on each $1,000 of taxable valuation).
(Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, administrator or employee salaries, or other operating expenses.)