Manzanola School District Ballot Issue 5A

SHALL MANZANOLA SCHOOL DISTRICT 3J DEBT BE INCREASED BY $2,018,153, WITH A REPAYMENT COST OF UP TO $3,500,000, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $165,000ANNUALLY BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS TO PROVIDE LOCAL MATCHING MONEY REQUIRED FOR THE DISTRICT TO RECEIVE APPROXIMATELY $30.747 MILLION IN STATE GRANTS (WHICH ARE NOT REQUIRED TO BE REPAID) UNDER THE”BEST” PROGRAM TO FINANCE THE COSTS OF PROVIDING CAPITAL ASSETS FOR DISTRICT PURPOSES, WHICH MAY INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING:
– REMODELING THE EXISTING 1925
JUNIOR/SENIOR HIGH BUILDING AND
CONSTRUCTING AN ADDITION TO HOUSE THE
ELEMENTARY SCHOOL STUDENTS IN ORDER
TO CREATE A CONSOLIDATED K-12 SCHOOL
BUILDING;
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 OF NOT MORE THAN THREE PERCENT, 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 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, PROVIDED THAT ANY REVENUE PRODUCED BY SUCH MILL LEVY SHALL NOT EXCEED $165,000 ANNUALLY?