Shall the City Council of the City of Lubbock, Texas, be authorized to issue general obligation bonds of the City in the amount of $200,000,000 for the purpose of providing funds for permanent public improvements, to wit: to acquire, construct and reconstruct street improvements, including but not limited to sidewalks, utility 2 line relocation and traffic signalization, necessary and related storm drainage facilities and the acquisition of land and rights-of-way therefor; said bonds to mature serially over a period of not to exceed forty (40) years from their date, to be issued in such installments and sold at any price or prices and to bear interest at any rate or rates as shall be determined within the discretion of the City Council under laws in effect at the time of issuance, and to provide for the payment of the principal of and interest on said bonds by levying a tax sufficient to pay the annual interest on and to create a sinking fund sufficient to redeem said bonds as they become due?