To renovate and repair classrooms, science labs and libraries; for basic modernization of school buildings, including replacing electrical, heating, plumbing and other critical systems; and to build a new community-use multipurpose facility and qualify for State matching funds, shall the Lakeport Unified School District issue $7,300,000 in bonds at interest rates within the legal limit to improve school sites as specified in the District's Bond Project List, and establish a Citizens Oversight Committee to monitor all expenditures?