Morgan County ESPLOST - Sales and Use Tax for Education

Shall a special one percent sales and use tax for educational purposes be levied in Morgan County for a period not to exceed twenty (20) calendar quarters beginning with the calendar quarter following the calendar quarter in which the sales and use tax for educational purposes presently in effect expires, and for the purpose of raising not more than $65,000,000 of net proceeds by said tax, which net proceeds shall go to the Morgan County School District for the purpose of (i) acquiring, constructing and equipping a new primary and elementary school complex, (ii) acquiring land for school system facilities, (iv) adding to, renovating, repairing, improving, and equipping existing school buildings and school system facilities, (iv) acquiring miscellaneous new equipment, fixtures and furnishings for the school system, including technology equipment and safety and security equipment, (v) acquiring school buses and transportation and maintenance equipment, with the maximum cost of the projects described in items (i)-(v) payable from said tax being $65,000,000, (vi) paying a portion of the debt service on the General Obligation Debt of the School District hereinafter described, the maximum amount of such payments not to exceed $45,000,000, and (vii) paying expenses incident to accomplishing the foregoing; and shall Morgan County School District be authorized to issue general obligation debt in the principle amount of $65,000,000 for the purposes of the Morgan County School District described in items (i)-(v) and (vii) above and for the purpose of payment of a portion of the interest on such debt?