Do you favor borrowing money as authorized by City Council Order No. 26-133 to provide an amount not to exceed $53,571,590 to pay all or a portion of the costs of capital expenditures for: (i) the design, engineering, construction, reconstruction, restoration, repair, replacement, and equipping of renovations to approximately 48,000 square feet of the existing Farrington Elementary School located in the City; and (ii) the design, construction, and equipping of an approximately 33,000 square foot expansion to the Farrington Elementary School located in the City? A. Operating Costs. The City estimates $28,100 in annual net savings in operating costs attributable to the Project during each of the first two years. B. Responsibility for Project Bond Payments. Question #2 is entirely state-funded and does not include any locally funded bonds. Under this Question #2, the City is responsible for the local share of annual principal and interest payments for the Project included in the total cost of education appropriated pursuant to Title 20-A, section 15690, subsection 1, if any, and for the annual principal and interest payments for the non-state-funded portion of the Project. C. Disposition of Existing Schools. The Project will include the closure of the Lillian P. Hussey Elementary School. D. Fundraising/Gifts. In addition to the amounts above, the School Department of the City has a goal of fundraising $1,000,000 in gifts and donations for the Project to be used for the purchase of new equipment. The fundraising goal may not be met or may be exceeded.