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Fenton Area Public Schools
BOND PROPOSAL 2023
ZERO MILL INCREASE BOND PROPOSAL
On November 7, 2023, our community will vote on a Fenton Area Public Schools bond proposal. If approved by voters, this bond proposal is projected to require a ZERO Mill Rate Increase to property owners over the current year debt millage rate and would provide up to $122,550,000 for district-wide improvements.
Ballot Language
Voters will see the following language on the November 7 Ballot:
FENTON AREA PUBLIC SCHOOLS
BOND PROPOSAL
Shall Fenton Area Public Schools,Genesee, Livingston and Oakland Counties,Michigan, borrow the sum of not to exceed One Hundred Twenty-Two Million Five Hundred Fifty Thousand Dollars ($122,550,000) and issue its general obligation unlimited tax bonds therefor, in one or more series, for the purpose of:
• acquiring, installing and constructing school safety and security improvements, including installing security cameras, locks and doors, and secure windows, for school buildings;
• replacing roofs, plumbing, mechanical, electrical, heating, ventilation and air conditioning systems in school buildings;
• improving, equipping, and developing parking areas, sidewalks, driveways, playgrounds, athletic fields and facilities, and sites;
• acquiring and installing instructional technology and instructional technology equipment for school buildings;
• erecting, furnishing and equipping a multipurpose athletic building with a walkable community track and school support buildings; and
• erecting additions to, remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings?
The following is for informational purposes only:
The estimated millage that will be levied for the proposed bonds in 2024 is 2.30 mills ($2.30 on each $1,000 of taxable valuation) for a -O- mill net increase over the prior year's levy. 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 4.16 mills ($4.16 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 $11,555,000. The total amount of qualified loans currently outstanding is $O. The estimated computed millage rate may change based on changes in certain circumstances.
(Pursuant to State law, expenditure of bond proceeds must be independently audited and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)