To upgrade schools by replacing old portables with new classrooms, science labs, athletic facilities at reopened middle school, relieving overcrowding, reducing traffic congestion, increasing safety, repairing or replacing inefficient heating, plumbing, electrical systems; replacing, constructing and renovating schools, shall the North Monterey County Unified School District be authorized to issue $40,000,000 in bonds at interest rates within the legal limit with no funds for administrator salaries and an appointed Independent Oversight Committee to monitor all bond expenditures?