To upgrade old fire alarm, electrical, and emergency communication systems; replace worn-out bathrooms plumbing; renovate and construct libraries, classrooms, school buildings, support facilities, and multipurpose rooms where children can have lunch or P.E. in bad weather; and acquire land for and build new schools, but not for salaries or other operating expenses, shall the Merced City Elementary School District issue and sell up to $42,000,000 of bonds at not to exceed the maximum legal interest rate?