SHALL WEST END SCHOOL DISTRICT NO. RE-2 DEBT BE INCREASED BY $1.45 MILLION, WITH A REPAYMENT COST OF NOT TO EXCEED $2.2 MILLION, AND SHALL DISTRICT TAXES BE INCREASED NOT MORE THAN $110,000 ANNUALLY, BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS TO PROVIDE AMONG OTHER THINGS, LOCAL MATCHING MONEY REQUIRED FOR THE DISTRICT TO RECEIVE $35,143,064.70 IN STATE GRANT FUNDS (WHICH ARE NOT REQUIRED TO BE REPAID UNDER THE BUILDING EXCELLENT SCHOOLS TODAY (BEST) PROGRAM, ALL FOR PROVIDING CAPITAL ASSETS FOR DISTRICT PURPOSES, INCLUDING
PROVIDING DISTRICT MATCHING FUNDS IN THE AMOUNT OF $2.451.142.30 IN ORDER TO RECEIVE THE BEST GRANT WHICH HAS BEEN AWARDED BY THE STATE IN THE AMOUNT OF $35,143,064.70 (THE RECEIPT OF WHICH IS CONTINGENT UPON THE DISTRICTS ABILITY TO PROVIDE THE MATCHING AMOUNT) TO CONSTRUCT AND EQUIP A NEW PREK-12 SCHOOL FACILITY,
PROVIDED HOWEVER THAT THE $1.45 MILLION IN DEBT WILL BE FUNDED IN PART BY GENERAL OBUGATION BONDS AND IN PART BY A $450,000 LOAN WHICH THE DISTRICT EXPECTS TO BE PAID FROM AVAILABLA-SEVENUE OF THE DISTRICT, AND/OR OTHER LOANS FROM A NONPROFIT ORGANIZATION, OUTSIDE GRANTS, OR A COMBINATION OF BOTH:
• AND PROVIDED FURTHER THAT THE DISTRICT SHALL CONTRIBUTE $1,050,000 IN AVAILABLE GENERAL FUND REVENUE, WHICH INCLUDES A $60,000 GRANT FROM THE WEST END PAY IT FORWARD TRUST, TO CONTRIBUTE TO THE MATCH AMOUNT AND WILL ALSO DECREASE THE AMOUNT OF DEBT BY ANY OTHER GRANT MONEY IT MAY RECEIVE FOR THIS PURPOSE.
WITH SUCH GENERAL OBLIGATION BONDS TO BE SOLD, TO BEAR INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED AT SUCH TIME, AT SUCH PRICE (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH TERMS NOT INCONSISTENT WITH THIS BALLOT ISSUE, AS THE BOARD OF EDUCATION MAY DETERMINE, AND SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A MILL LEVY SUFFICIENT IN EACH YEAR TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH DEBT AND ANY DEBT ISSUED TO REFUND SUCH DEBT WHEN DUE, OR TO CREATE A RESERVE FOR THE SAME, PROVIDED THAT ANY REVENUE PRODUCED BY SUCH MILL LEVY SHALL NOT EXCEED $110,000 ANNUALLY?