To improve health and safety conditions of neighborhood elementary schools including replacing worn-out bathrooms, electrical and emergency systems, renovate and construct libraries, classrooms, buildings, support facilities, multipurpose rooms where children can have lunch, P.E. or classes during bad weather, acquire land for and build new schools, but not for salaries or operating expenses; with citizens oversight, shall the Merced City Elementary School District issue and sell up to $26,500,000 of bonds not to exceed the maximum legal interest rate?