Shall Bayfield School District No. 10 JT-R debt be increased by $28.7 million, with a repayment cost of up to $51 million, and shall district taxes be increased by up to $2.1 million annually by the issuance and payment of general obligation bonds to provide local matching money required for the district to receive approximately $8.5 million in State grants (which are not required to be repaid) under the "best" program to finance the costs of:
• Constructing a new grades 3-5 Elementary School on district-owned property adjacent to the Middle School;
• Renovating and updating the existing Elementary School to be used as a primary school for grades K-2, including improvements to site safety, educational support facilities, and improvements necessary to meet the educational requirements of primary age students;
• Improvements to site safety and security at the existing Middle School; and
• Constructing an addition to the administration office to accommodate the district's technology department and additional district meeting space, and to the extent remaining funds are available for the purpose of acquiring, constructing, repairing and improving district capital assets, with such general obligation bonds 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, with the limitation on the amount of the district's debt to be increased up to 6% of the actual value of the taxable property in the district as allowed by §22-42-104(1)(b), C.R.S.; and shall ad valorem property taxes be levied without limit as to the mill rate to generate an amount sufficient in each year to pay the principal of, premium if any, and interest on such debt and to fund any reserves for the payment thereof?