Question 11: Road and Road Facilities Bond Proposal

Shall the City of Pontiac, County of Oakland, State of Michigan, borrow the principal sum of not to exceed Seventy-Five Million Dollars ($75,000,000), and issue its unlimited tax general obligation bonds in one or more series, payable in not more than thirty (30) years from the date of issuance of each series, for the purpose of paying all or part of the costs of constructing, acquiring, furnishing, and equipping road and related improvements throughout the City, including but not limited to reconstructing, resurfacing, rehabilitating, and otherwise improving existing streets, including pavement, base, and subbase work; constructing, reconstructing, and improving sidewalks, curb ramps, curbs and gutters, and driveway approaches; constructing, acquiring, furnishing, and improving storm sewers, stormwater drainage, and related facilities; constructing, acquiring, furnishing, and improving street lighting; constructing, acquiring, furnishing, and improving traffic signals, traffic-control devices, signs, and pavement markings;
constructing, acquiring, furnishing, and improving related facilities, including the water supply and sewage disposal system as necessary; and paying costs necessary or incidental to the improvements including interests in land, easements, necessary rights-of way, appurtenances and attachments thereto and paying the costs of issuance incidental to the issuance of the bonds? If approved, the estimated millage to be levied in 2027 is 3.360 mills ($3.36 per $1,000 of taxable value) and the estimated simple average annual millage rate required to retire the bonds is 2.400 mills ($2.40 per $1,000 of taxable value).