The interest is not 10% of the bond, it is 10% per annum (year) of the amount of the bond is outstanding. For example if the bond was $1,000,000 in the first year there would be two (semi annual) payments of $50,000 each and the same each year thereafter until the bond is cashed out. So if their intent is to not pay the bond for ten years then there would be a total of 10 years of $100,000 interest ($1,000,000) and the school board would have to then pay the principal amount of $1,000,000 at the end of the 10th year.

Think of when you bond Government Savings Bonds with a 10% interest rate, your bonds made that 10% each year from the government until you redeemed it and when redeemed the government paid you the amount you purchased and the interest. Same thing here for the school board except they plan on paying the interest each year so it doesn't compound over the ten years and then paying interest on interest.

The proposal reads: and levy and collect and annual tax, in addition to all other taxes, upon all the taxable property in such District sufficient to pay the interest on such bonds as it falls due and also to constitute a sinking fund for the payment of the principal thereof when due, said bonds to bear interest not to exceed the rate of ten (10) percent annum, payable semi-annually and to become due serially within ten (10) years from their date?

You might want to ask what the exact cost is of having to pay more taxes.
Here in Pennsylvania we pay an extra 2% to Berkheimer (sp) tax collection company located mid state and at the same time we continue to employ a local tax collector. How's that for a non brainer!
No matter how hard you try my friend you will never win but you can get even.......purchase one of the bonds at 10% per annum. You will have doubled your money in ten years and because it's an educational bond it's probably tax free.