To rehabilitate elementary schools, including replacing inadequate electrical, plumbing and heating systems; complying with fire, earthquake, health, safety and accessibility standards; renovating, constructing, and modernizing classrooms, restrooms and other school facility improvements (not for administrator salaries), with expenditures monitored by a community oversight committee, shall the Santa Cruz City Elementary School District issue bonds in an amount not to exceed $28 million, at an interest rate within legal limits, with all proceeds spent to benefit local children?