Question 3 - Education Capital Improvements Sales And Use Tax

If and only if the Education Capital Improvements Sales and Use Tax (the "Tax") is reimposed in Aiken County, South Carolina, shall the Board of Education of The Consolidated School District of Aiken County, South Carolina (the "School District"), be authorized to issue, in addition to the eight percent bonding capacity, at one time or from time to time, general obligation bonds of the School District in a principal amount not exceeding $285,000,000, the proceeds of which shall be used to finance the costs of renovations and additions at South Aiken High School, Midland Valley High School, Silver Bluff High School and North Augusta Middle School; and construction of a new elementary school in Area 3 including, if necessary, the cost of purchasing land; provided that the total debt service on such general obligation bonds shall not exceed 90% of the available revenue received from the Tax.