Shall the City of Hagerman, Idaho, be authorized to incur an indebtedness and to issue and sell its revenue bonds in an amount not to exceed $4,800,000 to pay the cost of constructing improvements to the water system of the city, said bonds to be payable solely from water system revenues, over a term which may be less than but which shall not exceed 40 years, as more fully provided in Ordinance NO. 1094?