SHALL MOUNTAIN VALLEY SCHOOL DISTRICT NO. RE 1 DEBT BE INCREASED BY $3,724,699, WITH A REPAYMENT COST OF UP TO $5,730,300, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $290,000 ANNUALLY BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS TO PROVIDE LOCAL MATCHING MONEY REQUIRED FOR THE DISTRICT TO RECEIVE APPROXIMATELY $27,072,252 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:

ADDRESSING THE HEALTH, SAFETY, SECURITY, AND EDUCATIONAL DEFICIENCIES IN THE AGING ELEMENTARY SCHOOL, MIDDLE SCHOOL, AND HIGH SCHOOL BY ACQUIRING, CONSTRUCTING, AND EQUIPPING A NEW PK-12 SCHOOL FACILITY ON DISTRICT OWNED PROPERTY;
RENOVATING THE EXISTING MIDDLE SCHOOL FACILITY FOR ADMINISTRATIVE PURPOSES;
UPDATING TECHNOLOGY AND MODERNIZING CLASSROOMS TO PROMOTE THE TEACHING OF SKILLS NECESSARY TO PREPARE STUDENTS TO COMPETE IN THE 21ST CENTURY WORKFORCE;
IMPROVING ATHLETIC AND COMMUNITY FACILITIES;
UPDATING AND ENHANCING FACILITY SECURITY STANDARDS IN ORDER TO IMPROVE SAFETY OF STUDENTS AND STAFF;
REPAIRING AND UPGRADING SCHOOL FACILITIES IN ORDER TO EXTEND THEIR USEFUL LIFE, REDUCE COSTS OF EMERGENCY REPAIRS, AND IMPROVE ENERGY EFFICIENCY BY REPLACING OUTDATED ROOFING, UPDATING HEATING AND VENTILATION SYSTEMS, AND REPLACING BOILERS;

AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS TO RATE, BUT IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT OR ANY REFUNDING DEBT WHEN DUE; SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATIONS WHICH MAY BE SOLD FROM TIME TO TIME TO INVESTORS OR ISSUED TO THE STATE TREASURER UNDER THE “BEST” PROGRAM IN AN AGGREGATE AMOUNT NOT TO EXCEED THE MAXIMUM AUTHORIZED PRINCIPAL AMOUNT AND REPAYMENT COST, ON TERMS AND CONDITIONS AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM NOT TO EXCEED THREE PERCENT?