SHALL MONTROSE COUNTY SCHOOL DISTRICT RE-1JS DEBT BE INCREASED BY $11,000,000, WITH A MAXIMUM REPAYMENT COST OF UP TO $17,870,000, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $895,000 ANNUALLY FOR THE PURPOSE OF FUNDING TO THE EXTENT MONEYS ARE AVAILABLE, ONE OR MORE OF THE RESPECTIVE IMPROVEMENTS SET FORTH IN THE FINDINGS OF THE CAPITAL IMPROVEMENT PLAN PRESENTED TO THE BOARD OF EDUCATION ON MARCH 13, 2002 WHICH IMPROVEMENTS ARE ESTIMATED TO COST $23,000,000 (THE BALANCE OF WHICH COSTS MAY OR MAY NOT BE FUNDED FROM A MONTROSE CITY-WIDE SALES TAX IF APPROVED BY THE ELIGIBLE ELECTORS OF THE CITY) AND GENERALLY INCLUDE THE FOLLOWING:
- CONSTRUCTION AND FURNISHING OF A NEW ELEMENTARY SCHOOL
-RENOVATION OR CONSTRUCTION OF CLASSROOM SPACE, INCLUDING MONTROSE HIGH COTTONWOOD ELEMENTARY, NORTHSIDE ELEMENTARY, OLATHE ELEMENTARY
-RENOVATION OR CONSTRUCTION OF CLASSROOMS AND OTHER AREAS AT THE OLATHE MIDDLE HIGH SCHOOL CAMPUS, INCLUDING GYMNASIUMS AND KITCHEN-CAFETERIA
-RENOVATION OR CONSTRUCTION OF SCHOOL BUILDINGS, INCLUDING OAK GROVE ELEMENTARY AND JOHNSON ELEMENTARY; AND
-PURCHASING OR IMPROVING SCHOOL GROUNDS;
AND SHALL AD VALOREM PROPERTY TAXES DE LEVIED IN ANY YEAR WITHOUT LIMITATION OF RATE OR AMOUNT, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT (OR TO CREATE A RESERVE FOR SUCH PAYMENT), SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATIONS BONDS BEARING INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 5.5% SUCH BONDS TO BE SOLD IN ONE SERIES OR MORE FORA PRICE AT, ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, IN SUCH MANNER AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE BOARD OF EDUCATION MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM AND SHALL THE EARNINGS FROM THE INVESTMENT OF SUCH BOND PROCEEDS AND TAX REVENUES (REGARDLESS OF AMOUNT) BE COLLECTED AND SPENT AS A VOTER APPROVED REVENUE CHANGE UNDER ARTICLE X. SECTION 20 OF THE COLORADO CONSTITUTION?