SHALL DELTA COUNTY SCHOOL DISTRICT NO. RE-50J'S DEBT BE INCREASED BY $25,545,000, WITH A MAXIMUM REPAYMENT COST OF UP TO $42,300,000, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $2,100,000 ANNUALLY FOR THE PURPOSE OF
• REPLACING AND/OR REMODELING ALL THE MIDDLE SCHOOL FACILITIES IN THE DISTRICT (PAONIA, HOTCHKISS, CRAWFORD, CEDAREDGE AND DELTA)
• CONSTRUCTING IMPROVEMENTS AT DELTA HIGH SCHOOL AND. TO THE EXTENT FUNDS ARE AVAILABLE, OTHERWISE IMPROVING. CONSTRUCTING, EQUIPPING AND FURNISHING ANY SCHOOL FACILITY OR PROPERTY: AND SHALL AD VALOREM PROPERTY TAXES BE 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, FOR A 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?