OFFICIAL BALLOT

                                      MANISTIQUE AREA SCHOOLS

                                    SCHQOLCRAFT COUNTY, MICHIGAN

                                          FEBRUARY 26, 2002

              INSTRUCTIONS:  To vote in favor of a proposal, place a cross (x) or check
              mark (/) in the square to the right of the word "YES"; to vote against a
              proposal, place a cross (x) or check mark (/) in the square to the right of
              the word "NO". Before returning the ballot, fold the ballot so that the
              face of the ballot is not exposed and so that the numbered corner is visible.

              I.                         BONDING PROPOSAL

              Shall Manistique Area Schools, Schoolcraft County, Michigan, borrow the sum
              of not to exceed Eleven Million Three Hundred Fifty Thousand Dollars
              ($11,350,000) and issue its general obligation unlimited tax bonds therefor,
              for the purpose of:

                        erecting, furnishing and equipping additions to and
                        partially remodeling, refurnishing and re-equipping the
                        Lakeside building to be a centralized elementary school
                        including an auxiliary gymnasium, acquiring and
                        installing educational technology improvements and
                        developing and improving the playground and site?

                         The following is for informational purposes only

              The maximum number of years the bonds may be outstanding, exclusive of any
              refunding, will not exceed twenty-five (25) years. The estimated millage that
              will be levied for the proposed bonds in the year 2002 is 3.21 mills ($3.21
              on each $1,000 of taxable valuation). The estimated simple average annual
              millage anticipated to be required to retire this bond debt is 2.98 mills
              ($2.98 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, teacher,
              administrator or employee salaries, or other operating expenses.)

                                                YES    (  )

                                                 NO    (  )

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