Like a Home Mortgage Refinancing:

Issued to construct

HS 2004 Bonds (mature 2013 – 2029) 4.8% average interest rate

2029

2013Call D

ate

- 2014

2004 Bonds paid off in 2013

ESCROW FUND To pay principal on 2004 Bonds

and interest to Call Date

Issued to refinance

2004 Bonds

2013 Refunding Bonds (mature 2013 – 2029) 3.1 % average interest rate

2013 2029

Paid from Lease Payments

School Board meeting to authorize refinancing, establish savings parameters & hire professionals

Building Corporation meeting to authorize refinancing, establish savings parameters & hire professionals

March 11

March 11

Bond Counsel prepares financing documents & Financial Advisor prepares offering document

March 12- 22

Rating Agency ProcessMarch 25 – April 4

Underwriter markets Refunding Bonds; Purchase Contract Executed

April 9 - 16

School Board meeting to approve financing documents

Building Corporation meeting to approve financing documents

April 8

April 8

Closing on the BondsMay 1

General Obligation Bonds

Lease (Building Corporation) Bonds

Cash – Capital Projects Funds

FUNDING SOURCES:

issues

Bonds

does work

Renovates Building

Bonds subject to constitutional debt limitation

True Tax Value / 3 X 2% = debt limitation Example: $900,000,000 / 3 X 2% = $6,000,000

School Corporation

School Board meeting to hold Project Hearing & Adopt Preliminary Bond Resolution

May 2

June 25

School Board meeting to hold Additional Appropriation Hearing and Adopt Final Bond Resolution

May 13

June 6 & 13

Closing on the BondsJuly 16

Publish Notice of Additional Appropriation Hearing

Publish Notice of Project Hearing

Bond Sale

Publish Notice of Intent to Sell Bonds

May 23 & 30

June 10

issues

Bonds

does work

Renovates Building

Bond Holders

Lease payments

School Board meeting to hold Project Hearing & Approve Form of Amendment to Lease

May 2

June 10-18

School Board meeting to hold Hearing on Amendment to Lease

May 13

June13

Closing on the BondsJuly 9

Publish Notice of Hearing on Amendment to Lease (30 day notice)

Publish Notice of Project Hearing (10 day notice)

Market Bonds -- Bond Sale

May 13 – June 10

June 10

Building Corporation meeting to Approve Form of Amendment to Lease

Building Corporation meeting to Approve Supplemental Trust Indenture

Execute Amendment to Lease -- Publish Notice of Execution

May 9

May 13

Circulate Patrons Petition

June 10