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HomeMy WebLinkAbout04-172B~~J~RC) , C~~ ~U P~~t1~~IS~ RS Ct1UNTY Of BUTTE, STATE O~ CALIFORNI~I R~SD~tIttOYl NO. 04-172 RESOLUT[ON OF THE BOARD OF SUPERVISORS OF BUTTE COUNTY AUTIIORI7ING THE ISSUANCE OF 2004-2005 TAX AND RF,VF.NUE ANTICIPATION NOTES FOR BUTTE COUNTY OFFICE OF EDUCATION WHEREAS, pursuant tv Sections 53850, et seq., of the Government Code of the State of California (the "Acf') contained in Article 7.6 thereof, entitled "Temporary Borrowing,'" school districts and county offices of education organized and existing under the laws of the State of California are authorized to burrow money by the issuance of temporary notes for any purpose which the office is authorized to expend moneys, including, but not limited to, current expenses, capital expenditures, and the discharge of any obligation or indebtedness; and WHEREAS, Section 53853 of the Act provides that such notes must be issued in the name of the office by the Board of Supervisors of the County {the "County Board"}, the County Superintendent of which has jurisdiction over the office, as soon as possible following the receipt of a resolution of the Board of Education of the office requesting the borrowing; and WHERI.AS, the County Superintendent (the "Superintendent'') of Butte County (the "County") has jurisdiction over the Butte County Office of Education (the "Offrce"); and WHEREAS, the Board of Education of the Office (the "Office Board'") has requested that the County Board authorize the issuance of and offer for sale tax and revenue anticipation notes in the name of and on behalf of the Office under and pursuant to the provisions of the Act in an amount not to exceed Thirty-Two Million Five Hundred Thousand Dollars {$32,500,000) at an interest rate not to exceed six percent (6%); NOW, THEREFORE, the Board of Supervisors of Butte County hereby resolves as follows: Section 1. Findings. All of the above recitals are true and correct and the County Board so finds and determines. Section 2. Authorization of Issuance of Notes- Terms ~hhereof Paying; At;ent. The County Board hereby approves the request of the Office Board to issue notes on its behalf in an amount not tv exceed $32,500,000 principal amount of Notes under Section 53850, et se ., of the Act, designated "Butte County Office of Education, Butte County, State of California, 2004- 2005 Tax and Revenue Anticipation Notes" {the "Notes"); to be numbered from 1 consecutively upward in order of issuance; to be in the denominations of $5,000, or integral multiples thereof, 656977.1 [9932.9] to be dated the date of delivery thereof; to mature (without option of prior redemption) on such date as shall be determined by the Superintendent (or the Superintendent's designee) prior to the date of sale of the Notes, and shall bear interest from their date, payable at maturity (if the maturity of the Notes is determined to be one year or earlier fi-om the date of issuance) or payable twelve months from the date of issue and at maturity (if the maturity of the Notes is determined to be more than one year from the date of issuance), and computed on a 30-day month/360-day year basis. Subject to Section 3 hereof, both the principal of an interest on the Notes shall be payable at the office of the Butte County 1'reasurerlTax Collector (the ``County Treasurer"), Oroville, California, which is hereby designated as the paying agent (the "Paying Agent"). Section 3. Form of Notes. The Notes shall be issued in registered form, without coupons signed by facsimile or manual signature of the County Treasurer or designee, and shall be substantially in the form and substance set forth in Exhibit A attached hereto and by reference incorporated herein, the blanks in said form to be filled in with appropriate words and figures. "I'he Notes shall be issued in fully registered form, and at the closing, there shall be one Note registered in the name of Cede & Co., as nominee of "l~he Depository "Trust Company, New York, New York ("DTC"). DTC is hereby appointed depository for the Notes. 'there shall be printed on each Note the legal opinion of Bartkiewicz, Kronick & Shanhan respecting the validity of said Notes and, immediately f~~llowing such legal opinion, a certificate executed with the manual or facsimile signature of the Clerk of the County Board, said certificate to be in substantially the following form: l TfEREBY CER"fIFY that the foregoing is a true and correct copy of the legal opinion regarding the Notes therein described that was manually signed by Bartkiewic, Kronick & Shanhan, and was dated as c-1' the date of delivery of` and payment for said Notes. Muntral or Fac.cirnilc~ Signuturc Clerk of the Board of Supervisors Section 4. 'T'ransfer and Exchange of Notes. Subject to the provisions of Section 5 hereof, the registration of any Note may, in accordance with its terms, be transferred, upon the registration books kept by the Paying Agent for such purpose, by the person in whose name it is registered, in person or by his or her duly authorized attorneys, upon surrender of such Note for cancellation, accompanied by delivery of a written instrument of transfer, fully executed in a form approved by the Paying Agent. Whenever any Note or Notes shall be surrendered for registration or transfer, the Paying Agent shall execute and deliver a new Note or Notes, for a like aggregate principal amount. The Paying Agent shall require the Note owner requesting such registration of transfer to pay any tax or other governmental charge required to be paid with respect to such transfer. "I`he County may require the owner requesting such registration ol` transfer to pay such additional reasonable charge as may be necessary to cover customary expenses incurred and fees charged by the Paying Agent with respect to such registration of transfer. "fhe Paying Agent may treat the registered owner of any Note as the absolute owner thereof for all purposes whatsoever in 2 656977.1 [9932.9] accordance with this resolution, and the Paying Agent shall not. be affected by any notice to the contrary. Subject to the provisions of Section 4 hereof; Notes may be exchanged at the Office of the Paying Agent in Oroville, California for a like aggregate principal amount of Notes in other authorized denominations. The Paying Agent shall require the payment by the Note owner requesting such exchange of any tax or other governmental charge required to be paid with respect to such exchange. "The Paying Agent may require the owner requesting such exchange to pay such additional reasonable charge as may be necessary to cover customary expenses incurred and fees charged by the Paying Agent or the Office with respect to such exchange. Section 5. Use of Depository. { I) The Notes shall be initially registered as provided in Section 3 hereof. Registered ownership of the Notes, or any portion thereof, may not thereafter be transferred except: (i) 'To any successor of Cede & Co., as nominee of the Depository Trust Company, or its nominee, or to any substitute depository designated pursuant to clause (ii) of this Section S {a ``substitute depository"); provided, that any successor of Cede & Co., a.5 nominee of The Depository Trust Company or a substitute depository, shall be qualified under any applicable laws to provide the services proposed to be provided by it; (ii) To any substitute depository not objected to by the Paying Agent, upon { 1) the resignation of The Depository Trust company or its successor (or any substitute depository or its successor) from its functions as depository, or (2) a determination by the Office to substitute another depositary for The Depository Trust Company {or its successor) because The Depositary "hrust Company or its successor (or any substitute depository or its successor) is not longer able to carry out its function as depository; ,provided, that any such substitute depository shall be qualified under any applicable laws to provide the services proposed to be provided by it; or (iii) To any person as provided below, upon (1) the resignation of the Depository Trust Company or its successor (or substitute depository or its successor) from its functions as depository, or (2) a determination by the Office to remove the Depository Trust Company or its successor {or any substitute depository or its successor) from its functions as depository. (2) In the case of any transfer pursuant to clause (i) or clause (ii) of subsection (1) of this Section 5, upon receipt of the outstanding Notes by the Paying Agent, together with a request of the Office to the Paying Agent, a new Nate shall be executed and delivered in the aggregate principal amount of the Notes registered in the name of such successor or such substitute depository, or their nominees, as the case may be, all as specified in such request of the Office;. In the case of any transfer pursuant to clause (iii) of subsection (1) of this subparagraph (d), upon receipt of the outstanding Notes by the Paying Agent together with a request of the Office to the Paying Agent, new Notes shall be executed and delivered in such denominations numbered in the manner determined by the Paying Agent and registered in the names of such persons as are requested in such a request of the Office; provided that the Paying Agent shall not be required to deliver such new Notes within a period less than sixty (60) days from the date of 3 656977.1 [9932.9] receipt of such a request of the Office. `T`hereafter, Notes shall be transferred pursuant to Section 3 hereof. (3) The Office and the Paying Agent shall be entitled to treat the person in whose name any Note is registered as the owner thereof for all purposes of this resolution and any applicable laws, notwithstanding any notice to the contrary received by the Paying Agent or the Office; and the Office and the Paying Agent shall have na responsibility for transmitting payments to, communication with, notifying, or otherwise dealing with any beneficial owners of the Notes and neither the Office nor the Paying Agent will have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party, including The Depository Trust Company or its successor {or substitute depository or its successor), except for the Owner of any Notes. (4) So long as the outstanding Notes are registered in the name of !Cede 8z Ca. or its registered assigns, the Office and the Paying Agent shall cooperate with Cede & Co., as sale registered Owner, or its registered assigns in effecting payment of the principal of and interest on the Notes by arranging for payment in such manner that funds for such payments are properly identified and are made immediately available on the date they are due. Section b. Deposit of Note Proceeds;, No Arbitrage. The moneys so borrowed shall be initially deposited in the Treasury of the County in a proceeds fund (the "Proceeds Funds") to the credit of the Office and subsequently credited upon delivery of the Illistrict Notes to the respective genera] funds of the districts in the amount of the respective loans requested from the Office by certain school districts within the County. Until used or expended, the moneys may be invested in investment securities by the County Treasurer directly, or through an investment agreement, in investments as permitted by applicable California law, and meeting Standard and Poor's Ratings Services criteria far investments, or other investments approved by Standard and Poor's Rating Services including, but not limited to, investment in the Local Agency Investment Fund maintained by the 'Treasurer al' the State of California. The Office has covenanted that it will make no use of the proceeds of the Notes that would cause the Notes to be "arbitrage bonds" under Section 148 of the Code; and, to that end, so long as any of the Notes are outstanding, the Office, and all of its officers having custody ar control of such proceeds, shall comply with all requirements of (a) said section, including restrictions on the use and investment of proceeds of the Notes and the rebate of a portion of investment earnings on certain amounts, including proceeds of the Notes, if required, to the Federal government, and {b) of the Income Tax Regulations of the United States Treasury promulgated thereunder or any predecessor provisions, to the extent that such regulations are, at the time, applicable and in effect, so that the Notes will not be "arbitrage bonds." To the extent that monies invested or held by the County are subject to arbitrage rebate, neither the County or any officer or employee of the County shall assume hereunder or under the provisions of any rebate certificate any duty or obligation to make the actual calculations of arbitrage rebate liability of the Office, or to pay any such rebate or any penalties in regard thereto if the Office miscalculates or fails to pay or cause such rebate ar such penalties to be paid. 4 656977. t [9932.9] Section 7. Payment of Notes. (A) Source of Pa ty Went. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts, and other moneys which are received by the Office during fiscal year 2004-2005 and which are available therefor. 'The Notes shall be a general obligation of the Office, and, to the extent the Notes are not paid from the Pledged Revenues defined below, the Notes shall be paid with interest thereon from any other moneys of the Office lawfully available therefor, as provided herein and by law. (B) Fledged Revenues. The Notes shall be secured by a pledge of and first lien and charge against the first unrestricted revenues to be received by the County on behalf of the Office in such months and in such amounts as shall be determined by the Butte County Superintendent of Schools (the "Superintendent"), or the Superintendent's designee, prior to the date of the sale of the Notes, sufficient to pay the principal of and interest on the Notes at maturity {such pledged amounts being hereinafter called the "Fledged Revenues"). The term "unrestricted revenues" shall mean taxes, income, revenue, cash receipts, and other money of the Office as provided in Section 53856 of the Act, which are intended as receipts for the general fund of the Off-ice and which are generally available for the payment of current expenses and other obligations of the Office, all as further def-fined in the Office Resolution. {C) Covenant Re ag rdin~ Additional Short-'Term Borrowing. The Ofhce has covenanted and warranted that it will not request the County "Treasurer/Tax Collector (in such capacity, the "County 'Treasurer") to make temporary transfers of funds in the custody of the County "Treasurer to meet any obligations of the Office during the 2004-2005 fiscal year pursuant to the authority of Article XVI, Section 6, of the Constitution of the State of California or any other legal authority. (D) Deposit of Fledged Revenues in Repayment Fund. The Board of Education and each District have agreed to deposit, and the County shall receive from the Board of Education and each District, the Pledged Revenues in the County treasury in a special fund designated as the 'Butte County Board of Education, 2004-2005 Tax and Revenue Anticipation Notes Repayment Fund" and, for each District, a special fund designated the "[name oft School District, 2004-2005 Tax and Revenue Anticipation Note Repayment Fund," (herein called the "Repayment Funds"), not later than the date the Board of Education andlor District receives} such funds. Any moneys placed in the Repayment Funds shall be for the benefit of the holders of the Notes, and, until the Notes and the promissory notes of eachDistrict and all interest thereon are paid or until provision has been made for such payment, the moneys in the Repayment Funds shall be applied only for the purposes for which the Repayment Funds are created. (E) Disbursement and Investment of Moneys in Repayment Fund. From the date this Resolution takes effect, all Pledged Revenues shall, when received, be deposited in the Repayment Fund to be held, invested and accounted f~~r as provided herein. After such date as the amount of Pledged Revenues deposited in the Repayment Fund shall be sufficient to pay in full the principal of and interest on the Notes, when due, any moneys in excess of such amount remaining in or accruing to the Repayment Fund shall be transferred to the general fund of the Office upon the request of the Office. On the maturity date of the Notes, the moneys in the 5 656977.1 [9932.9] Repayment Fund shall be used, to the extent necessary, to pay the principal of and interest on the Notes. Moneys in the Repayment Fund shall be invested in investment securities by the County 'Treasurer, or such other appropriate investment officer of the County, directly, or through an investment agreement, in investments as permitted by applicable California law, as it is now in effect and as it may be amended, modified or supplemented from time to time, and the proceeds of any such investments shall, as received, be deposited in the Repayment Fund and shall be part of the Pledged Revenues. Investments must meet Standard & Poos's Credit Markets Services criteria for investments, or other investments approved by Standard and Poor's Credit Markets Services including, but nat limited to, investment in the Local Agency Investment Fund maintained by the 'T`reasurer of the State of California. Moneys so invested, and the earnings thereon, shall be accounted for as Pledged Revenues, to be withdrawn solely for deposit in the Repayment Fund and used, to the extent necessary, to pay the principal of and interest on the Notes. Sufficient money for the payment of principal and interest for the maturing Notes must be placed into the Repayment Fund in the County Treasury at least one business day prior to the maturity of the Notes. Section 8. Execution of Notes. The County Board hereby directs the County Treasurer to sign the Notes manually or by facsimile signature, the Clerk of the County Board (the "Clerk"} to countersign the Notes manually or by facsimile signature {provided at least one of the signatures is manual); the Clerk to aFfix the seal of the County thereto or a facsimile of the seal thereto; and said officers to cause the blank spaces thereof to be filled in as may be appropriate. Section 9. Sale of the Notes. T'he Notes will be sold either at a private sale to an underwriter or underwriters upon terms and conditions as are acceptable to the Office and consistent herewith or by competitive bid and. awarded a.S set forth in an Official Notice of Sale which the Financial Advisor and the Superintendent of the Office, or his or her designee, are hereby authorized to prepare consistent with this Resolution. The County Treasurer, ar his or her designee, is hereby authorized to decide between competitive or private sale in conjunction with advice from the financial advisor. If the sale is negotiated, the County "Treasurer, or his or her designee, is authorized to negotiate the sale of no more than $32,500,000 of notes at an interest rate of not more than 6°l0. If the sale is by competitive bid, the Superintendent of the Office, ar his or her designee, is hereby directed to execute, and the Clerk of the Office is directed to publish, the Official Notice of Sale. The County Treasurer, with the prior concurrence ol~ the Superintendent of the Office or the Superintendent's designee, is authorized to award the sale to said bidder. Section 10. Payin~AQent. "The County 'Treasurer is hereby appointed to act as the bond registrar and the Paying Agent of the Office for the purpose of receiving the payments of principal and interest made by the Office on the Notes at maturity, to hold, allocate, use, and apply said payments and to perform such other duties and powers of the Paying Agent as are prescribed in this Resolution. 6 656977.1 [9932.9] Section 11. Delivery of Notes. The proper officers of the County shall cause the Notes to be delivered to the successful bidder when the County `Treasurer has received confirmation of receipt of the proceeds. Section 13. Further Actions Authorized. "The County Treasurer and other appropriate officers of the County are further authorized and directed to make, execute and deliver to the purchaser or purchasers of the Notes (a) a Certificate in the form customarily required by purchasers of bands of public corporations generally, certifying to the genuineness and the execution of the Notes, and (b) a receipt in similar form evidencing the payment of the purchase price of the Notes which receipt shall be conclusive evidence that said purchase price of the Notes have been paid and has been received on the behalf of the Office. Any purchaser or subsequent taker or holder of the Notes is hereby authorized to rely upon and shall be justified in relying upon any Certificate or receipt with respect to the Notes. Such officers and any other officers of the Office or of the County are hereby authorized to execute any and all other documents required to consummate the sale and delivery of the Notes. PASSI~D AND ADOPTED by the Board of Supervisors of Butte County this 1 ~ th day of Se~tember_, 2(I04, by the following vote: AYES: Supervisors Dolan, Houx, Josiassen, Yamaguchi and Chair Beeler NOf-;S: None ABSEN"I': None ~. Chair, Board of Supervisors, County of Butte, California Attest: ~.~ ~., Ya~t) McIntosh, C Jerk of the Board of Supervisors, County of ~3utte, California 7 656977.1 [9932.9] F.XFI[BI'I' A (Attach Note] Sample Note attached. Note will not he executed and signed until a later date. L:ach district will have a Note unique to their district. 656977.1[9932.9] FORM OF NOTE BUTTI+. COUN'T'Y OFFICE OF IE;DUCATION (BUTTE COUNTY, CALIFORNIA) 2004-2005 TAX AND REVENUE ANTICIPATION NOTE IN"hI~RES~h RATE: MA"fUR1~l'Y DA"I'h.: ISSUE DA"i'l'.: CUSIP: 2005 , X004 REGIS"I,IRED OWNI3R: CEDE 8c CO. PRINCIPAL SUM: DOLLARS The BUTTE COUNTY OFFFC'E OF ED11CA"ETON, Butte County, State of California (the "Office"), acknowledges itself indebted, and promises to pay, to the Registered Owner stated above, or registered assigns (the ``Owner"), on the Maturity Date stated above, the Principal Sum stated above, in lawful money of the United States of` America, and to pay interest thereon in like lawful money at the rate per annum stated above on the Maturity Date stated above, calculated on the basis of 360-day year comprised of twelve 30-day months. It is hereby certified, recited and declared that this Note is one of an authorized issue of notes in the aggregate principal amount of Dollars ($ ,000,000.00), all of tike tenor, issued pursuant to the provisions of resolution of the Board of Supervisors {the "Board") of Butte County (the "County") duly passed and adopted on , 2004 ('the "Resolution'"), and pursuant to Article 7.6 (commencing with section 53850) of Chapter 4, Part 1, Division 2, Title 5, of` the California Government Code, and that all conditions, things and acts required to exist, happen and he perfr~rmed precedent to and in the issuance of this Note exist, have happened and have been performed in regular and due time, form and manner as required by law, and that this Note, together with all other indebtedness and obligations ol~ the County, does not exceed any limit prescribed by the Constitution or statutes ofthe State of California. "I~he principal amount of the Notes, together with the interest thereon, shall be payable only from taxes, revenue and other moneys that are received by the County on behalf of the Office for the Repayment fund of the Office (as defined in the Resolution during Fiscal Year 2004-2005. As security for the payment of the principal of and interest on the Notes, the Board, in the name of the Office, has pledged the first "unrestricted revenues", as hereinafter defined, (a) in an amount equal to percent (%) of the principal amount of the Notes from the unrestricted revenues received by the County on behalf of the Office in the month ending , 2005, and (b) an amount equal to percent (°/Q) of the principal amount of the Notes, plus an amount sufficient to pay interest on the Notes, from unrestricted revenues received by the County on behalf of the Office in the month ending , 2005 (such pledged amounts being hereinafter called the "Pledged Revenues"); and the principal of the Notes and the interest thereon shall constitute a first lien and charge against Form~INotel3utteCOl.:RutteCo FORM OF 1V0'I'E and shall be payable from the first money received by the County from such Pledged Revenues, and to the extent not so paid shall be paid from any other moneys of the County lawfully available therefor. "hhe term "unrestricted revenues" shall mean taxes, income, revenue and other moneys intended as receipts for the general fund of the Office and which are generally available for the payment of current expenses and other obligations of the Off ice. "The Notes are issuable as fully registered notes, without coupons, in denominations of $5,000 each or any integral multiple thereof. Subject to the limitations and conditions as provided in the Resolution, Notes may be exchanged for a like aggregate principal amount of Notes of other authorised denominations and of the same maturity. The Notes are not subject to redemption prior to maturity. This Note is transferable by the Owner hereof; but only under the circumstances, in the manner and subject to the limitations provided in the Resolution. Upon registration of such transfer a new Note or Notes, of authorised denomination or denominations, for the same aggregate principal amount and of the same maturity will be issued to the transferee in exchange for this Note. The Board may treat the Owner hereof as the absolute owner hereof for all purposes and the Board shall not be affected by any notice to the contrary. Unless this Note is presented by ~u~ authorised representative of "I~hc Depository 'T'rust Company to the issuer or its agent for registration of transfer, exchange or payment, and any Notc issued is registered in the name of Cede ck, Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ryNY 1'RANSI''ER, PI,ED(II: OR OTHER USI_~, IlEREOI~ FOR V11Lt1L OR O"I~IIfRWiSI; BY OR "TO ANY PERSON IS WRONGFi1I, since the registered owner hereof; Cede & Co., has an interest herein. IN WITNESS WHIRI~:OF, the Board of Supervisors of Butte County, California has caused this Notc to be issued in the name of the County and to be executed by the manual or facsimile signature of the "Treasurer-`Tax Collector and countersigned by the manual or facsimile signature of the Clerk of the Board, all as of the Issue Date stated above. COUNTY OF BUTTE COUNTY By Treasurer-Tax Collector Countersigned: Clerk of the Board of Supervisors 2 FormuiNutel3uttcCOI;L3utteCu FORM OF NO'T'E ASSIGNMENT For value received the undersigned hereby sells, assigns and transfers unto {Name, Address and Tax Identification or Social Security Number of Assignee) the within registered Note and hereby irrevocably constitute{s} and appoints attorney, to transfer the same on the Note register of the Treasurer-Tai Collector with full power of substitution in the pretnises. L)ated: Signature: No[e: The signature(s) on this Assignment must correspond with the name(s) as written on the face of the within Note in every particular without alternation or enlargement or any change whatsoever. Signature Guaranteed: Note: Signature(s) must be guaranteed by a qualitied guarantor. FormoiNoteButte4`OF,f3uttc~t`u CLERK'S CERTIFICATE I, Paul McIntosh, Clerk of the Board of Supervisors of Butte County, California, hereby certify as follows: "The foregoing is a full, true, and correct copy of a resolution duly adopted at a regular meeting of the Board of Supervisors of said County duly and regularly and legally held at the regular meeting place thereof on , 2004, of which meeting all of the members of the Board of Supervisors of said County had due notice and at which a quorum was present. [ have carefully compared the same with the original minutes of said meeting on file and of record, and the foregoing is a full, true, and correct copy of the original resolution adopted ai said meeting and entered in said resolution. Said resalution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: , 2004 Paul McIntosh, Clerk of the Board of Supervisors of Butte County 656977.1 [9932.9] RESOLUTION NO. Q 5 - 0 2 RE.SOr ,U'I'-_ON Off' THE'. OFFICE OIi >H.DUC'A'I'ION OF BUTTE COUNTY AUTHORIZING THE ISSUANCE OF 2004-2005 TAX AND REVENUE ANTICIPATION NOTES FOR SAID OFFICE AND RF.~QUESTING THE BOARD OF SUPERVISORS OF BUTTE COUNTY TO ISSUE SAID NOTES WHEREAS, pursuant to Sections 53850, et se ., of the Government Code of the State of California (the "Act`') contained in Article 7.6 thereof, entitled "Temporary Borrowing," on or after the first day of any fiscal year (being July l ), the Butte County Office of Education (the "Office") may borrow money by issuing tax and revenue anticipation notes for any purpose for which the Office is authorized to expend moneys, including, but not limited to, current expenses, capital expenditures, and the discharge of any obligation or indebtedness of the Office; and WHEREAS, Section 53853 of the Act provides that such notes must be issued in the name of the Office by the Board of Supervisors of the county (the "County Board"), the county superintendent of which has jurisdiction over the Office, as soon as possible following the receipt of a resolution of the governing board of the Office requesting the borrowing; and WHEREAS, the County Superintendent of Butte County (the "County") has jurisdiction over the Office, and this Board of Education (the "Office Board"), being the governing board of the Office, hereby requests the borrowing of not to exceed Thirty-two Million Five Htu~dred "Thousand Dollars ($32,500,000) at an interest rate not to exceed eight percent (8%) through the issue by the County Board of 2004-2005 Tax and Revenue Anticipation Notes {the "Notes") in the name of the Office; and WHF,REAS, the Office Board has found and determined that said $32,500,000 maximum principal amount of Notes to be issued by the County Board on behalf of the Office in fiscal year 2004-2005, when added to the interest payable thereon, does not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, income, revenue (including, but not limited to, revenue from state and federal governments), cash receipts and other moneys of the Office which will be available for the payment of the Notes and interest thereon, as required by Section _53858 of the Act; and NOW, T'HI'REFORE, the Board of Education of Butte County Office of Education hereby resolves as follows: Section 1. Findings. A11 of the above recitals are true and correct and the Office Board so (finds and determines. Section 2. Authorization of Issuance of Notes; Terms Thereof; Paying Ate. The Office Board hereby authorizes the borrowing of an amount not to exceed $32,500,000 principal amount of and requests the County Board to issue in the name of the Office, Notes under Sections 53850, et seq., of the Act, designated "Butte County Office of Education, Butte County, State of California, 2004-2005 Tax and Revenue Anticipation Notes" (the "Notes"); to be 656112.1 [9932. numbered from 1 consecutivcly inward in order of issuance; to be in the denominations of $5,000, or integral multiples thereof, to be dated the date of delivery thereof; to mature (without option of prior redemption) on such date as shall be determined by the Superintendent (or the >uperlnlenCieiii'S i]'c5i~ii2cj Errivr i~ tl;:. irate f sale ^f the T~~tec, an~j shall bear mtereSt from their date, payable at maturity (if the maturity of the Notes is determined to be one year or earlier from the date of issuance) or payable twelve months from the date of issue and at maturity (if the maturity of the Notes is determined to be more than one year from the date of issuance), and computed on a 30-day month/360-day year basis. The Butte County Treasurer/Tax Collector (the "County Treasurer") is hereby designated as the paying agent (,the "Paying Agent"). The Office Board hereby authorizes loans to be made to certain of those districts within the Office's jurisdiction (the "Districts") from the proceeds of the Notes, provided that such loans shall he repayable at a rate of interest, computed on a 30-day month/360-day year basis, at the rate to be borne by the Notes, and as otherwise provided in the resolutions of the Districts authorizing such loans {the "District Resolutions"). Section 3. Form of Notes. T'he Notes shall be in the form attached to the resolution entitled "Resolution of the Board of Supervisors of Butte County Authorizing the Issuance of the ?004.-2005 Tax and fZevenue anticipation Notes for the Butte County Office of Bducation," That resolution, to be adopted by the County Board in substantially the form on file with the Secretary of the Office Board, is hereby approved. Section 4. Deposit of Note Proceeds; No Arbitrage. The moneys so borrowed shall be initially deposited in the Treasury of the County in a proceeds fund to the credit of the Office and subsequently credited in the amount of the respective loans concurrently with the delivery of the District Notes to the respective general funds of the District. Until used or expended, the moneys may be invested in investment securities by the County Treasurer directly, or through an investment agreement, in investments as permitted by applicable California law. and meeting Standard and Poor's Ratings Services criteria for investments, or other investments approved by Standard and Poor's Rating Services including, but not limited to, investment in the Local Agency Investment Fund maintained by the Treasurer of the State of California, The Office hereby covenants that it will make no use of the proceeds of the Notes that would cause the Notes to be "arbitrage bonds"' under Section 14$ of the Code; and, to that end, so long as any oI' the Notes are outstanding, the Office, and all of its officers having custody or control of such proceeds, shall comply with all requirements of (a) said section, including restrictions on the use and investment of proceeds of the Notes and the rebate of a portion of investment earnings on certain amounts, including proceeds of the Notes, if required, to the Federal government, and (b) of the Income Tax Regulations of the United States Treasury promulgated thereunder or any predecessor provisions, to the extent that such regulations are, at the time, applicable and in effect, so that the Notes will not be ``arbitrage bonds." Section 5. Payment of Notes. (A) Source of Payment. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts, and other moneys which are received by the Office during fiscal year 2004-2005 and which are available therefor. The Notes shall be a general obligation of the Office, and, to the extent the Notes are not paid from the 2 6561 12, I [9932.__] Pledged Revenues defined below, the Notes shall be paid with interest thereon from any ot!ier moneys of the Office lawfully available therefor, as provided herein and by law. ~R~ ~le~~ed Re~~en~~ec 'T`he Rlntec chap ba cr~r~~rRrl by a pl~~ge of az~d first llf>11 and charge against the first unrestricted revenues to be received by the County on behalf of the Office in such months and in such amounts as shah be determined by the Butte County Superintendent of Schools (the ``Superintendent"}, or the Superintendent's designee, prior to the date of the sale of the Notes, sufficient to pay the principal of and interest on the Notes at maturity (such pledged amounts being hereinafter called the "Pledged Revenues"). "The terns "unrestricted revenues" shall mean taxes, income, revenue, cash receipts, and other money of the Office as provided in Section 53856 of the Act, which are intended as receipts far the general fund of the Office and which are generally available for the payment of current expenses and other obligations of the Office, including, but not limited to, those amounts paid by the Districts under the District Notes. "hhe dates so designated shall constitute the ``deposit dates" referred to in Section 5(B) of each District resolution. (C) Covenant Re~ardin~ Additional Short-Term I3orrowin~. The Office hereby covenants and warrants that it will not request the County TreasurerlTax Collector (in such capacity, the "County Treasurer") to make temporary ti°ansfers of funds in the custody of the County Treasurer to meet any obligations of the Office during the 2004-2005 fiscal year pursuant to the authority of Article XVI, Section b, of the Constitution of the State of California or any other legal authority. (Dl Deposit of Pledged Revenues in Ret~ayment Fund. 'The Pledged Revenues shall be deposited in the County Treasury in the appropriate account in a special fund designated as the '`F3utte County Office of Education Tax and Revenue Anticipation Notes Repayment Fund" (herein called the `Repayment Fund"} and applied as directed in this Resolution. ,~1ny moneys placed in the Repayment Fund shall be for the benefit of the holders of the Notes, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be applied only for the purposes for which the Repayment Fund is created. (E} Disbursement and Investment of Moneys in Repavment Fund. From the date this Resolution takes effect, all Pledged Revenues shall, when received, be deposited in the Repayment Fund to be held, invested and accounted for as provided herein. After such date as the amount of Pledged Revenues deposited in the Repayment Fund shall be sufficient to pay in full the principal of and interest on the Notes, when due, any moneys in excess of such amount remaining in or accruing to the Repayment Fund shall be transferred to the general fund of the Office upon the request of the Office. The Office hereby covenants to return to the respective District any amount received by the Office which represents any portion of a deposit made by the District described in Section 4 hereof and the investment earnings thereon. On the maturity date of the Notes, the moneys in the Repayment l~~und shall be used, to the extent necessary, to pay the principal of and interest on the Notese Moneys in the Repayment Fund shall be invested in investment securities by the County Treasurer, or such other appropriate investment officer of the County, directly, or through an investment agreement, in investments as permitted by applicable California law, as it is now in -, 656112.1 [9932.___] effect and as it may be amended, modified or supplemented from time to time, and the proceeds of any such investments shall, as received, be deposited in the Repayment Fund and shall be part of the Pledged Revenues. Investments must meet Standard & Poor's Rating Services criteria for investments, or other investments approved by Standard and i'oor"s leafing Services including, but riot limited to, the investments in the Local Agency Investment Fund maintained by the "Treasurer of the State of California. Moneys so invested, and the earnings thereon, shall be accounted for as Pledged Revenues, to be withdrawn solely far deposit in the Repayment Fund and used, to the extent necessary, to pay the principal of and interest on the Notes. Sufficient rnoney for the payment of principal and interest for the maturing Notes must be. placed into the Repayment Fund in the County Treasury at least one business day prior to the maturity of the Notes, Section 6, Execution of Notes. The Office hereby requests the County Treasurer, or designated deputy thereof, to sign the Notes manually or by facsimile signature; the Clerk of the County Board (the "C'lerk") to countersign the Notes manually or by facsimile signature {provided at least one of the foregoing signatures is manual, the Clerk to affix the seal of the county or a facsimile of the seal thereto; and said officers to cause the blank spaces thereof to be filled in as may be appropriate. Section 7. Sale of the Notes. "The Notes will be sold either at a private sale to an underwriter or underwriters upon tei~nzs and conditions as are acceptable to the Office and consistent herewith or by competitive bid and awarded as set forth in an Official Notice of Sale which the Financial Advisor and the County Superintendent, or his or her designee, are hereby authorized to prepare consistent vJrth t::iS ReSOiution. The County "Treasurer, or his or her designee, is hereby authorized to decide between competitive or private sale in conjunction with advice from the financial advisor. If the sale is negotiated, the County "Treasurer, or his or her designee, is authorized to negotiate the sale of no more than. $329500,000 of notes at an interest rate of not more than eight percent (8%). If the sale is by competitive bid, the Superintendent, or his or her designee, is hereby directed to execute, and the Clerk of the Office is directed to publish, the Official Notice of Sale. 'The County Treasurer is authorized to award the sale to said bidder. Section 8. Pa.~ng Agent. The County Treasurer is hereby appointed to act as the registrar and Paying Agent of the Office for the purpose of receiving the payments of principal and interest made by the Office on the Notes at maturity, to bald, allocate, use, and apply said payments and to perform such other duties and powers of the Paying Agent as are prescribed in this Resolution. The Office shall compensate the County for the services of the County Treasurer for any expense determined by the County Treasurer. Section 9. Authorization of Preliminary Official Statement and Official Statement, The Official Statement relating to the Notes in preliminary form is hereby approved. The Superintendent, or his or her designee, is hereby authorized and requested to execute and deliver the Official Statement in substantially the form presented to the Office Soard, with such changes and additions thereto deemed advisable by the Superintendent or any other qualified officer of the Office. The Office authorizes the distribution by the financial advisor of the Official Statement to prospective purchasers of the Notes, and authorizes and directs the Superintendent, 4 6561 12. ( (9932._ _J or the Superintendent's designee, on behalf of the Office, to deem -`final' pursuant to Mule ] ~c2- 12 under the Securities Exchange Act of 1834 (the `'Rule'") the Official Statement prior to its distribution by the Office's financial advisor. The execution of the Official Statement, shall be conclusive evidence of the approval of the Oniciai Statement by the Office. "l'he Superintendent, or the Superintendent's designee, is separately authorized and directed to execute a statement that the facts contained in the Official Statement, and an_y supplement or amendment thereto (which shall be deemed an original part thereto for purposes of such statement} were, at the time of the sale of the Notes,. true and correct and are material respects and that the Official Statement did not, on the date of the sale of the Notes, and does not, as of the date of the delivery of the Notes, contain any untrue statement of a material fact with respect to the Office or omit to state material facts with respect to the Office required to be stated or necessary to make any Statement made therein not misleading in the light of the circumstances under which it was made. The Superintendent, or the Superintendent's designee, shall take such further action as prior to the signing of the Official Statement as are deemed necessary or appropriate to verify the accuracy thereof. The Superintendent, or his or her designee, is hereby authorized to execute, as necessary, a continuing disclosure certificate as may be required pursuant to subsection 15c2-12(b)(5}(i)(C} of the Rule. Section 10. Delivery of Notes. The proper officers of the County Board are hereby requested to deliver the Notes to the successful bidder when the County Treasurer has received confirmation of recP.pt of the proceeds. .411 actions heretofore taken by the off cers and agents of the Office Board with respect to the Notes are hereby approved, confirmed, and ratified, and the officers of the Office Board are hereby authorized and directed to do any and all things and take any and all actions which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Notes in accordance with this Resolution, any supplemental resolution to this Resolution, and resolutions herea{ter adopted by the County Board, Section 11. hinancial t~dvisor. The Office Board hereby confirms the hiring of Government Financial Strategies, lnc., as financial advisor to the Office with respect to the sale of the Notes. Section 12. Bond Counsel. The Office Board hereby confirms the hiring of Kronick, Moskowitz, Tiedemann & Girard, as bond counsel to the Office with respect to the sale of the Notes. Section 13. Further fictions Authorized. ,~11 actions heretofore taken by the officers and agents of the Office Board with respect to the Sale and issuance of the Notes are hereby approved, and the Superintendent, die Secretary of the Boa~•d and any and all other officers of the Off ce are hereby authorized and directed for and in the name and on behalf of the Office, to do any and all things and take any and all actions related to the execution and delivery of any and all certificates, requisitions, agreements and other docluments, which they, or any of theme may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Notes. The Secretary of the Board is hereby authorized and directed to file a certified copy of 5 656112.1 [9437. ~ this Resolution with the County Board, which shall constitute the request of~ the Office that the County E3oard issue and sell the Notes as soon as practicable, and to simultaneously provide certified copies of this Resolution to the County Treasurer. PASSED A'~ID ADOP"I,ED by the Board of Education of the Butte County- Office of` Education this day of~, 2004, by the followin;~ vote: AYES: ~ NOES; -'~ ABSfN"l~: ~" r President, Board of C ucation '~ Butte County Office of Education Attest: 1 r,rrl ~"`~. Clerk, Board of Education Butte County Offce of Education 6 ~s~a ~2.r [y9~2. l SECRETARY'S CERT'IFICAT'E Certified Copy of Resolution Adopted on ~;u_~t~s~- `~__ , 2004 I, Don McNelis, hereby certify that I am the Superintendent of the Butte County Office of F.,ducation, ~ county office duly organized and existing under and by virtue of the Constitution and laws of the State of California (the ``Office") and that as such I am authorized to execute this Certificate on behalf of the Office, 1 hereby further certify that attached hereto is a complete copy of a resolution which was duly adopted by the Board of Education of the Office at a meeting thereof which was duly called and held on i~~n,e.Sk ~3 __, 2(74, and at such meeting a quorum was present and acting throughout, and that said resolution has not been amended, modified or rescinded since the date of adoption and is now in full force and effect. Dated: ~`~~ fJ~ BITTE rOtJ\~ZY OFFICE OF EDIJCATIO'~l 13y: ,.:. ~~--~ ~- , ~ ~, -~..~ Dori Mc~elis, Superintencl~rrt~ 65G 112, I [9932.___] FORM OF NQTE FORM t)F BONll COUNSEL OPINION [INVERT f)PINIONJ Very truly yours, I3AR i KII;WICL, KItONICI< & SHt1Nt~IIt~N A Professional Corporation 1 HEREBY CER"TIFY that the foregoing is a true and correct copy of the legal opinion upon the Notes therein described that was manually signed by Bartkiewicz, Kronick & Shanahan, and was dated as of the date of delivery of and payment for said Notes. Clerk of the 13aard of Supervisors 4 Ponru~fNotel3uttcC'(>}:ButtcCu D8 3!i,'t}d viGti 1Ei:1.i i~;l ;i3t) H~F:- ~5P5 GFillil.i-;`~ } io};I}':l} :;t"} it;;i'[ !t',;(i;lZ It~St:)I..~;'~l tt31 ~.)~ ~i"~~~'; f~~~.f~J~ ~.rf~ 'i'~L15~'I'~'~:;ti t~~~, TIE €;RII:~I.~E~° iJ'\Il='[l~~ 5C:[i~)~)I~ L)I"°s`1`I2.~C''i' ~'Vl I~:.?Z~:ts w, ~Itr~llEll;t t\:} ~*~C2} ili'~ ,~`. =~'*~i), CG i5_(i., ~f ''f'C' ~ ed)'; WrCIP:yI?t (, ir.^~ C`t ',.lip `ifilt of ('.a~i~nrnia ~~:hc; ``Act"~) s:~,ntaired i~l Are:ich: 7.6 u~lerc°t~f; err;tlec~ ``'T~~znpuz~~r,' 13c.rrc~~~; it}' ." tin car a,tt.er the first. drly of any fisct~i year {heir~i~= J}F~;; 1 ), t';e c.,--izll.ey; Lr}tt? .~i 5r.i~.;~~i I"ai ,t}-i< : (thc "_1~]5tT1Ct~'} rrlaV i,?fJI'i'4b'«' Tl~!.7ll~~l ~)y iSSlilrxz; rtr~tBS to ~flSl~y p"UY"3+iSi.: t=:)I' 1'rhD%fl tfl~ 1iJCSt7:CT i5 atithorized Iil CXpe}2d inlanL=ryS, 1r1C1UdlIl~, ~t.Jl not 11I12iitud jt}, CUi'r~;:lt ~"?ti17~12SR~, ~; !fi?iti11 expendit~ares, a.nd the discharge ~~#' a`r!,y t~hli~~+ti~,n car ind: htedr.~:ss ~:~)~ :fati District; a-n;i WHE~.BAS, this FSc}ard of ~`rustees ;thr. "1)istrac k~isarw''?, t>~.si~ the ~t3~~~erninr >~~ard af'the Distract, hereby request: a loan c+f riot to ~~~:~:;~ed. ~.~i~'e ~,~9ill ~~oa I?vllars ($S.CC~(1.r7E)i?j at arl int~:rest rate not to exi;eed six ~ae~rcent (~g'~}per :~-r?nur_~ (the "l_o~.rn"~~ rht~~lug?~ the asue } v tie I~oard of Sl}perx~isors of'th~ +~'o~l~ty of f3uttc tt~_e `~t,t~i}t~ty„) of`?C?04..2i~t)~ .I'a~ -and ~.~` en~rr; Anticipation NLt~ fthe "~'RAlus") ran hel}3, {' of tiie ~1~3tte ~'t~ll.ilty C)ftice c:f ~;~ducatict {the "()Cfice"}, ar~ci to e~'iderce' such loan by exteutiorl of'it~; rFt7te rtl'~e "~~ate"j: arcl ~JVI-3.EI~'AS, S~~cl, `Mute is pay'ab1~, is ridyuireu h~' 4e~ticm 5335 of tl3c r'~'r~, not 1~9fier tY:an f ftecll n1oF?ths after ti-<e date ~..f issue, and such ?'~~-~re ;~l~all be p<iyable~ only' li-orti re'- eriLtL received or 3cer}led durir,~; Yf~lc fiscal y~~:ar 2G0~= ~t105 ? ~~ ~vhiclt issued; ar,d ~vIIERE:IS, purcyuant to Set~:it>n 53~~6 cif the :S,ct, the f)I5tr1C%t ma.K ple;i~;~~ z:~y° ~ i:~cs, i.ncom°, revenue, ti-ash receipts, or othr~r r~alleys dcpu.5iie~? in inactive c}r terns dzpc t~;it: {bll~ ex;:Ypti:~~ certain me}nays encu-~~hered for a special utz.t-,~ose i ~~rrd this ~.esvlutior apecifie gnat certaix} unr~stz7c;ted l~eventles varuch ~~~iil be recei~~ed ln' th'~ I)istri.~t fo;" tl~le C,enera~l Fu ~d of ~lre I?istrict duri:Fg or s~lioc~hla to f3sc,a1 year 2C1t14-~i.`~)~+ :~r~ plei~ped f{}r the ~}ayrnent c a tl,-.: `~'otc; and ~~rHERF'._%~."7, ~L~, Nct;, ssall be a ge;,~ra.t e~bligatic~n cf the i)ist:~~.t< antx ~o the e.~~t<:~:~t z~ot aid frc.}rn file c~~~es, iric'~c~me, rep°enue., cash recwipts, anei ~,:~ta~o~r tra:~ney=s rat .;~e L`ist~ri~a ~}le ~:ncci nor tiie p~~t'lnent th~.rcof seal! ~ peed ~vi~l? interest ~hc~rev,a fare al-~y otf}er ,x}t3ns~i~s c ~ the District la~w-li}111~ ;~vailahie tlzert•:fc~r. as ~cl~l~e~; ~,,,~ 4,,w':gin `y3~45 % ofthe ,pct; and 4l`ILh;~i'r~S, tl•.c~ ~~ore sl-.ail i,e issued url ~i. uatc t~o h.~ .icr.~;rmir~r:d; ~3.nd shall be i t tt?e torn: %1101 eXR:cllteC~ lri the rnal]I'iCr l:I'~:5~.3'ihC'd irl fi}tis PsCl!utltiCl :l~ 1~C1'~iri',~' ~'y' °?~.CtiOi ~> 3h~3 of the Act; alit 1~`1-iERi/;~5, th.' Lis~~rct. Bo~_r°;f 11a:: tt~txtld .:rit' :ietrralir_ed ~l~lat :~a~ra `i7:~.t)f)i .{)~'l i11a~.irnu}:~~} principal 11Z1t~t~17t of 'tiot;~ ~~herz c.~.dded ..o tt~e ~int~rest hayliale tll~~re7.1, die ~1crt exceed eighty-~xi~`e perctFYt (8>°l,;} of t€?e est~}~~.t.cl ar~~t`~urlt r~t~the urle:Plleti:teci ta~.e~,. irle>~u, rEV~:11IC; (1Gt;hlr~irl~. fJCit !1C)Z lillll$v~ ts:', re~~~.ri?~.ls; ?TO:iiI SIr11e anti cCleral ~'C)'v~-Il:'Ci~411'S), :::35a7 r~cs:"pts Gild Oth~7' !.IlOlley~ Of tl?.1: i)iSti?'i:t V4'Ci~Cl± ~?Jiil Ctil; a '31,~1h1N =0C' ti?~ pt,~~d:^E°•Z1t. ;it ':1I~ ~lC!tc: and in'l'CrCSt i~'LrCCiZ7, 35 r:;:1lSlrt'G 15 j` ~trCll(?{; r~~t1.~3dri GI tl.*.' !°iC:'t; ;:t;d :.ir~~? v;te ~r~~s!a,~a-t ~Ita~. ;r,:zs t~.~x -~~~ s,at; 4:~~s c~irli.~.~,~ t~~rF`tl~r~ sc~ !zrs~~~ ~j!aos ~~~I>~:R~;A;~;, ~4i~e District Board hay found an;l dete:c~,r~ine,? til:,t the .tote will r:j? be is~-u~d to f7txance a ~~~~aekn~, capital reselwe alid vr~ill €,e e;~:~~er,d.ti ~w;tz;in thy, tirr~e lerir:,d redtlired as ~ro~'it~ed uz t?'s~~ Irzvame Tax Reg~alaiions aT the r:nited States ~I'rcast~'vy a[zd 'tiUti~', 'Tl-(EIZEFUiI, th;; Board of ~'rustees at th<a C%ridley" unified `~chao .~ stri. t Facre;bJ resole<, zs t~~llo;,~s: 5ectiora 1 Findings. Al: of rlae a.bave rec:Ital~ are true: arici Lt,rrecC ~atld t>~e. I) strut ±ard sty Minds and ,i~,terr.tnes. ~c~;tion ?. ~^~tlt~zt>ri~ation of _Issiarlcc of ~1ote~"l~err~.:, t'h~r_~1f; i'a. i"n7 %~ ells. ~ihe __ _.__ _.. __ _~.__._-_ Y:._:~- ~__. tistrict Berard here~4 :u[ht~rizes tlze'~arro~cviu~ fxo[xa the i)ftzs:t. t,k an Ezmount not ttr e teed `A;.~~~~9O,f_3U(i lsrincipal atxzar'>lat and thti issuarl~cc of a I~ot:; under fiecti~,ns ` ~85i), et secy., : ~f the ~,ci, to be da.tcd the data ~~' c?eli~ery thereofa a.~d to bear itzt°re~t at tl~a~: rate oI• rates to be rtirr;~ >y r.lz,~ Tlf.:~1:~iS deierrtai.ned at tlae tixle ar sale thereof. Subject tt, ;;e~tic,n 3 hereof, 95c~ ,t the r~rint`_~al" of an;l interest t~:s the 'ti`t,te shall be pa~'abl , tar.lu upt~It surre.ncier theret?f, ra 1 ~~'feal '1.t)rt~.l 'i tl1S', [.~Illtf~il `±t1tI:S i)~ ~'S.IYt~.'rr~.~~. .lt ?:,t1e ~.'_'.tt'.C.l7::tl C)'t1G.: yr tlzf: I-SLIT[ti i,.'. >Cit?1'y' hr~.asueriT«~: C:all:.ctor, Urcwi?lc, C'alil'{~~~.•rria, s~}tich iy llorchy di if,t~azr,fa c,;~ this !~c,tlyd : s the nayirz~= agent fir the iti"t,te nth:' :,baying ~~ gent"~. Sera-.~~rz s. For[n cff` 1'~;ate !'he itiat' sha.il lae sttustaratially in the fvrnr and siib~ ancW :c'_ t'ts't`tla .1] i~`ii1Il""ttl~ atfc~:~1G'il Clt'rttr.3 a[ad ii 4' i`Cf+~r~'CiCe i[a4(%t"(?arGlC:tt lltrc;lrl, ~l'~~ b%il[ll{5 U .`~al(s ~.,r-nz to bc'~,iJe.d il. •~~:.itlz u~.~iprr~pria;~ ~~ards and fig,zres. etc*;~~n..±. t~e~~n5it t~#~Lt~an ~raceet~•. Ida r'ar"itra~c. ['h t:tt`,r.at~s ~a trcrrrot~~ed >l:ali ';:e irliti~~lh deposited in +~~e `.l'reas[zry~ cif the (,~iarzt~y in a pracz;~:d fund to tl~e credit s:t~ t'r~e E~u':ttr Cuunt~' [)tii;~ cif b,c`~.~:.~,tir~n at3d stt~,seq;zerltly cretaited to the: 4~e[_eral Fund t,t the ~~ ~trirt ;:isl;Gtu7~n11}~ :t~?tl~ the delivery of tlae ~)istrita ?"•<ate. Such #~~znds are tai h~~ ~Nithdrau~n, us ,~i car exprr,uet' ',~~ tl~e I~.slrict fsfr any purpose fe:~ '~vltich it s !?t!tharized to itzt-est c,x e_xpr.=nd ~.md= ?r,~[rl the ~,cneral fund a+~ the ~)i_siric~t, a_rECluthz~. l~z[t not 11I'riitel] t~: curre:zt expenw~s, c:~ pital ~e:~t~erzditt~; or the discharge c~~f any t;bligatit~r ~,t~ izzdebtedne5s of the District. until ~u~s :d or expez~4ed, the trioneys m_~z~- he investet3 irI izwPStrnent seccu-ities by the Caurlty 1're~ ;ttrtr directly, ~r thi~czl~;Ft all inv;~sttnent agreerner:~. >zz int~istruents as ptrxnittad by appi~~ .able C:alii't~rnia lave, and meeting :~taudard ar..d Ucar's f?:~iilrgs Sel-+~ices criteria for int~estrrleal s, or ether i?1S'estT'i1~,i1S ap~prave;l r;~° ;St~.radard Gaza. Poo:'s Eating Sort%i~e~; includizzg, t?ut riot ;il ritacl t.J, Li1Bestrli~3lt ]Ii the I1aCai r~,~'~LCy jriVeSt~JOnt Fzxnd rnaln.tair!cd 1J~y' tilt' 1'rea5L1't;',r ~~ the ~t3tt' ~?f C;aliitarrtia. "tae Iistrict hereby c~avenants that it ~t~ill snake rAu use cif the proceeds r~ ±' the h~ntt' that w~ot"tlcl cause- the gate to be `"arbitra~=tt~ banrs'~ under Section 14~ of the Code; ,_r,ld, to tl.at end, su !ang as the plate is autstandila~:, the District, and ~zll i:~f its officers ht ti~ing custody or ct::nhal of such proceeds, ,hall cal~pl~' tuith ~~ll .re~uiremeilts of Via) said se, tiara, inciudir_g restrictio[ts on the use arld inizr,tr[ient of proceed:; ax'the Iti'ote altd the rebatL of u pardon of inti~esttr.~rlt earnhzgs oal certain atz.~~unit~, includinv prc;;,ecd.~; trf the '~;o~ ~, if' required, to th=~ R:;deral ;ovet:zanent, dna (b;t {.zf the Incam~~ Tax ?;egtzl^tians of the f~Iiteil States Trcasur~~ prtrtraulgate~3 thereunder ar any predeees::ur hrr,~isions, to the extent that ~ucrz regulations are. ;zt the ti[rze, applicable and in eTf~ct. sa that. the Mote ~=,ill not he "r:rl~i r!?ge bt?;;d5." Gridi }F;es ('tR x:30/r1ti .1z;1 ~ t, : G!a f At :i3(i 82Ei 4;i!~;> !:k f ''.F.1' ['~' [ Ff ra`- Sufi .a l ~t'i ~1~ (1 (1 :f ~jir:; i U7ri ':~. 1''a Yliexlt ~~ ]~C9te. ("~` S~~f.lrce of FatiaxleiFt. 'I't~1e principa} ~.gtt2otuit of the ?~'ot~;, ta;;etht:r wviirl the iz ierest rhere`:~n, :illil}I ~e pa~`ab}~ fI'o221 t~:Ye~+, InCC}2I1`, Ce~'~TILiE", t:ei~}i rUtt:i't`tS, 2iri~ C)2i%1' 2x?.4Ile~j'S ' v}12CY7 are recri~-c::1 b~, th° l:aistrict dut7rlg fi.s:al vl.ar 2Gt)~ ~bil~ aTld v~,Thic}7 arc aaai(a~Yle t}1c'~ei~n°. Tide Note. sfaale fie zz gcrz~r~~l =~l~ligati~~tt oI'th:, District, and., to tae c~t~:nt t)1~ i~ra,2~.~ is nc, paid frcrn the l~le:ged Re~~;nue.:s defi::ed belo~ti•, thz 1'*c~te shi~il h~ ;;ci;:3 ti~ith ',;.vrc:~t ihi:.reo2: from. a, y` o::aer money's c+~' ~t~le i~is~tri.ct 1a1~~ully a~'ailahle thercf~r, ~€s ~~rovi<:le~} .~-~e~cein ar?c3 by la~~ w°. (;fit P}ecf~l~t1..~Zevenuir~. r~; secarity far tE1c iia°;2nent ~~# the principal c~t'a!1d int,:.r ~st ~n zhe `~?ote., t.h.z District hereby pledges a21 amc~~~rlt equal tc~ the principal amou2rt of the `vote t~c-~sn tht Yi~t;sh-irt~:s~ r2ve-r2ues rcceive,-I hy, tl:~; .iiistrici in t11e ;xFOritif=~ cle.igrlated as d posit d~ites by the Butte County Sur~eri2ltendent C3i~ `.;htrc~lS (the `°~upc'sir.t+_ncJen:"~ as prt-1ti`ic ~d ire thy: reso}uii_sn cluthari7iz7g t},~e issuairee t?f tl?e ";'~?ALiti'~ (the '`lssuarc~ ~est~!tttit7n"), pJ ?s ~r C1111t?uLlt 4tiE;~tCl~nt t0 ~ei}' 1£ItC'.PeSt 07 tEtz ~TC`t4', ~~rr.ll31 Li11I~'StCii.~.<':1 rt,VirT1UB5 T'2~E'}G"~C~ ~~ }/ t}1e ~upcrYrlte .cent {sirz.h pledged am:liznts bein` tlerei2tafler c:,i}led tll~~ "i'ledgetl Fte~~er, 5t's"~ Tla_c~ tezx2l `~unrestric;tE:d rever2ues'" shGt}7 rniran taxes, inc~ine, rcrveni2i;, cash receir+ts. anii at}1Ur t13or~,y r,f the D~~~trist ds ~lrovided in Sec~,ion ~+~1~~6 c~f'.he f.ct, titirhic.h are intended is re ,i~ifits for t}z~ general fund v~*' t}1e .L~ist2~ic1 and w}-lich are ~;etlerally avd.ila~'~'e for zlw pzlym: nt cif currr«n.t ~xpe2lses a2~d r,thc~r ablig.a~ticns i~f t!1e Disv-ita. "i~be grinci~+rtl r~i the Nr~t~ a;~u ti ~ zterest +.h;.rt~i;,~ }~.s~l} he a fi~,sr li~,n arla ~. ~:.1•f~F a4,in~t ttr;d °ahall Ise l~a.ra}~le ~rt~2xt ttic~ first 2rz{ t~e4's rc~s.e,ived ~;~` the iii=trio frrr:~I ~>uc:i: !'} ,if,t:tl l~evwtli:e:;, CIS prc~.~iclir~ by aL~.-. Ili tl~e e~~e,!-It. t'nat th~cre ar~. insril~hici~:r;t t.~rYre:~hic~ted revel~L.cs rece:~~'~,~ kw th~.°~ Ir~~s~r :~t to ~ermiC tllr„ deposit ti~`itl-i *.!~~e Colatlty 'l.reas~are2` oi` the to}] a.?r~ouxit ct-1'l;;cigccl F~~:ve~rittca to be dtl:~C~tilted trtaFxi i7uaSG':itTlCtt'd LC~iL'IIU-C/5 :CL ;~ Ir1l1I]xfl, t}10;21 1~1c: an17Y.tI'.l ~;C {1I51'' C~~i.~.+:It':%tij' Sly i}I (1s' ~:atis-~ed and made i.i~1 iro~?~ any c~th~;r 21xca!-e;-s o± t17e i~istlet :a~~-Puli~ rivallahle 1':'r t;?~ re~.avlxlent o'the ~:tre. tend tJ~1e interest thereon. {~"'r ~:04_~ttil~lt Riw.~~;1r~-i_Cil~. f-1C.~d1tIC)I"1~1__!~•!li"»_"J_fI2Ii ~t:!rrQti'~'iEl~? )`~iC'. }~!Si[7C;t 1!':t'{ I~~: dovenants atirl warrants that it w'i1i not reti}u~~;t tl~e C"oan?v 'Fraasurer;'~~a~ Cr~l.}rr~.~~~a.r (i2~ su+.l: capacit~~, t}<<; `"C'nu1tti` 1'reaaarer'' to ir~t~e telri~ar.;a`}~ trans¢i:r:, oj~ S'~~n~'s Fx tl~e cust~~dv ~ f ..1! `'t71!„1tV Tit. `1Siirti' tt7 A'11t <lliy' C})}I,c^,~C3t2Cbi1S Cif t:l; ~1".tr1C'. ~11PI;i1^ t~iE' ~'t~l~r~+-?~)~):^ {'.Cal ~'£ir ~UT'~il'ilS1t ti` t}1c a`t'ltbC)ri~' CZf At-tieie ~'i4~'i.. '~zCtiC)n ~. 0~ t}lfi C~T':.`.?t2'~;;Stl~7t1 (3$~ r}'tC, rat,: C-t t ;~i il~~r7'!lii iiC'c1ZV >t}1%}' ±: ~?~1 aut110i-!tY. (ll? l~e~osit c~?~ Pledc_>ed_Re"~er~c~es in _R~tntirit_"ralu. Thy i)is:rict s}gall d'. nos,i, -- ----_-._-. r_ ___._ _-. _- _-~_.. l'led~~;ed Re~'elfue~; i.7 the C'olznl~ trc~~stc y yr~ a sp::~yicti rifxld desi~llat;:t~ iy tl~~. t.~1~c1',y U. ifiec'i 'i~_'stocfl District 2~iJ~-?Gilt Tax Gz2c} Re°ren!:fe :lrlttc;.i;ation "Dote Reba;°cn~.nt Furxd '' t;} ~f~ei:t ~;a.lirvcl z'rle "Repaytl.er_t ~:xn~"~ estabhs}fed purs..Yar~t ~fa the estaa~lizrhe} l~ur~uant t~ tl:e. re:,a:~Eution ~nf the C:c>unt~~ I;oard atithoririci4 ;h~: issuance e+f the `3'i~.~Itifs ttltr "Iss: a; c~c~ RcarlYltinr."j :±nc~ ap~lliec"~ ac direct,.d in the IssLia~lc.e R~s,~1;2tion ~n•~ rr:urle;~'s plat,•e~a i ~ rho Repa:}nie;nt ruf!~.1 sllai be ~~r the l~ent:lit ref tl~,e he.;ti~rs of~ ~lfe ^d{~te,:~nci u2,til t11e :r.'ote i1' ,.i ail i.r:tt,l°e,,t t}~cre~~ri are, paid yr until pr~zvisic?r ~iri;, bcen m.~.~h fcrr t11~: p;~ti~:rlt,nt oaf tl~e ~]r rc= .i. ;t<„~is a4 `~;» s~, ;;n s~~;r ~sc~ gat. ~sas c;szii,~;~:~ i~~i~'~;:,~ :~r:~~ ;,5~r ~o~s:~ itaat.uz~zty ~,~,•ith interest. tc~ tr~atunt}', the zrc~ne:rs ;n tltc F'.cpay;rsezat Fun~~ shad 'ne ripplita c,zl~' for the purposes Iue ~wlaieh the Repayntetat Fund is created. E~) Dist?ursem~rlt t?f bZt?t~rti's D~pasii4ca i•'it~i i~rc:asurer. Frotx. the date this F.esr uton take: ei#ect, alt Ple~dgec'. l~evez:ues shall, w-c:en r~°ceiw;:~, he ~epo~.itu~ in tl,e I~epaymc~~.,~C i ttnc:~ to c?~: helu, invested rand accomnted for as prcwided l~.ercin. After sracn date a~ the arno~ .nt s~i Plecb~d Revenues uepC'r;it;ci ira tl.e ~epa~tnerst !=t;r~ci shall Fit; ~uftic-i~nt tca ? rsy 'n ti; i t'~t• ;~rirac.ipal ci azid .interest can the 1'roinisst~r}~ vot; , ~vh~~.n due, r?n~~ moratys ir. excess rsi ~ucl~~. arrrot.rat rernain?ng in or accruit~~ to tl:e t~.eha~rntezlt Fiin.d sl~aall t?e transitrred tc tl e G~ ~~t:ral Fund csi the Bistrict upoax the retluest: o the District, tin t;te mat:srity date of hc; Yrom ~sor~ '*;c)te, the moneys in the ktepaynaeut !"toad. shall l?e ~.tsed, to the extent aaecessary, to p:v the principal of and interes! urn the Promissory ivc,?:e Tcr at:.eE~rdance with Goti-erxtment ; c;tle section ?3857, the District ;3haiI make up arty defici~ru,y tYvr~.a ar~~~ ~thcr money of~th~ r1 ~~7~ri~.;t la~rf'ull}~~ availal?1e ttar felt paytr~erzt of t.h. Yromissc~.~ry Nate ar,d th;; int~rest thereon. ~ectv.ri 6. ~xect.tzc~n of ]~~c~te. The 'Treas«rer, or designated d~l;tcty tltercof; is l.:rLh}~ autlac~rizeti to sign. the Note manu.at~y car by [a;aitrtil° signature; the Clerk of tY~.e District !~ ~cxarc: (the "clerk") to c~~.mtersign the Note matauail~~ csr by ~khcsimile si~~nz:th~re; and said c~tfic -rs ti, cau« the blank spaces thereof to be fille~~ in as trsay he appropriate. )ectic.~~ ?. G~nera_l. ,~11 act%c~tas hc;r~t~~tG~e tai<<~n by' the offi;:ers atatl agents r f~ thti L)istric}. ~canrd with respect to the note are her;~~~ al?rr~.~~';;d, cc~nFi?~ta~;i a.nd rat.fied, ar ; thi; oii~ers of the District Bo,~rd arty hUrei?y authc?rizz:d anti directed tcs tlc~ an.y aiad all thi!z~ ; ar::l take attt- and ail actions w~hi~.h the}'. ar any o1'thetaa, itla~, deem raecesyar~ ar advisable it1 ~~r~i~:r tc c~osast~tntnat~ tlae }awful issuance art.d delis=er;=~ caf the ±vote is~ a~.cordance t~itl~ t,~is ltcst?l~.ttior,. Svetion 8. Ft.rr'ther Actis~ns rlutZturi~ed. ~lt is 12es-et~n ccavez~~:~..atud trirtt tht L7 ~Srict l~o~.r~l, and irs appropriate afiicia's. hate dtal~r taken all ,~roceedirsgs r~cccssary tcd he: tai; n h~ tl~:.err:, road :ill take any a.dditionai proceedings necesaarr to be taker! 1"ty rh.etn, for thp~ I~try, cellecti~aca attd er;forc~:~r_aent of ida~: secured prapc.rty~ ta:~:e., pledged under this Fdesolutr rr, i~n a;:ccardar~;~e ~=rit?-: the Iaw~ and for carr5rirtg otrt ~'~e: px~.wisinrs s~+.' this ltesoli~tioi~ an ~ thY 1S:~u2.i'~Cr 1ZCSi?lUli~nr!. ~~_ci_t:_At ~ C'ovenaait~. The District r3n<irtl sfit.~ its officers, a~.U:ats anti. empi~ -~~c;~;s her.;hy e,~~~es,ant to comply with the liens of this l~esclntit~n aasd the i:~;:uruzcc E~t=sol~atit?n.~ St;ction 1{). "I'ransh .i~~i. of Reso?ution. 'Tlt~; Cle*k is hereb~° .areeted tt? send a ter ifi~d t;aj~~ t;f dais Resolutic?n to the County Lac?art?, th Tre4~sur;.r anti the C;o7_u,ty- 5uI?>,~rint;;i.cl~ nt tf :cl~L~uls. Grid1 `~k~~s 08,'it;%;)"~ lt4ti ?%z':j1 i~~~t. :i3ti 84'> 45S,i~ (~F21D1.F`1~ i~ti.tFl~'+) St;i~ 1i~5'1~ i'.n~SF;ll A'"Ji~ ~1T~C)I'17_L) t~~° tY'~c k~;aard ~~{' ;'ruste~ ti:y±'tEc Ciri~~.Izy Un:~.i#ed `~ ;ituol District this 3. nth da}~ cxl' :~.tt~ust, 2~U~'1, by the fc~ll~~v~~~in~ >>ote. t~~'1;~?: i'~i:~ki FiCYCI.Y& I~I.P3'~riti:~~ ~:il~~)~i'_ t`{,7~(~(~"il8iil7-;ri34JEi~~'~~IL~ ~.i:LI ~1_L~'}TL, I7oYa.s Fetr~eL~sHS,., Llcr,•d }':.er; e, t?r1c Gi~,~~r~~trv A1iSLN'1': Lizc;a ~~il:c~n Attest: `Mary, ~3~ar~ ,7fTri.tStees C~ric#lcy i_Trii~ieil ~cr~u9~1 L?i5trzct .°~ J ',~. Yresi~ient, I3oarcl ol"i,rs~szees ~~ -- f..;rii:icy Unillec# fir. };,~i~; Ui~~trict L~Ui)f; 5 larid; y ices FORM OF NCl'I'E GRIDLEY UNIFIED SCI-TOOL DISTRIC"[' (BUT"I'E COUNTY, CALIFORNIA) 2004-2005 TAX AND REVENUE ANTICIPATION NOTE Date [closing date] FOIZ VALUE RECEIVED, GRIDLEY UNIFIED SCHOOL DIS"fRICT, Butte County, State of California (the "District") acknowledges itself indebted, and premises to pay, to the Butte County Board oI~ Education (the "BCBOE''), at the Office of the "hreasurer and Tax Collector of the County of Butte, the principal sum of (BORROWED SLIM] In lawful money of the United States o1~ America, en [due date] together with interest thereon at the rate of ]INTEREST RATE] per annum, in like lawful money iif the United Sates of America from the date here;ol~ until payment in full of said principal sum. It is hereby certified, recited and declared that this Note is made, executed and given pursuant to the provisions of a resolution of the Board of Supervisors (the "Board") of Butte County (the "County") duly passed and adopted en , 2004, and a resolution of the District duly passed and adopted on , 2004 under and by authority of Article 7.6 {commencing with section 53$50) of Chapter 4, Part 1, Division 2, Title 5, of the California Government Code, and that all conditions, things and acts required to exist, happen and be, performed precedent to and in the issuance of this Itilotc exist, have happened and have been performed in regular and due time, firm and manner as rewired by law, and that this Natc, together with all other indebtedness and obligations of the District, does not exceed any limit prescribed by the Constitution or statutes of the State of California. "hhe principal amount of the Notes, together with the interest thereon, shall be payable only from taxes, revenue and other moneys That are received by the District during fiscal year 2004-2005. As security for the payment of the principal of and interest on the 1*lotes, the District has pledged the first "unrestricted revenues"', as hereinafter defined, (a) in an amount equal to percent (°lo) of the principal amount of the Notes from the unrestricted revenues received by the District in the month ending , 200 , {b) in an amount equal to percent (°/Q} of the principal amount of the Notes from the unrestricted revenues received by the District in the month ending , 200 , (c) in an amount equal to percent (°lo} of the principal amount of the Notes from the unrestricted revenues received by the District in the month ending , 200 ,and (d) in an amount equal to percent (%) of the principal amount of the Notes, plus an amount sufficient to pay interest on the Notes, from Furmot?V~te(iridicyUSl~Gridlcy FARM OF NOTE. unrestricted revenues received by the District in the month ending , 200 (such pledged amounts being hereinafter called the "Pledged District Revenues"); and the principal of the Notes and the interest thereon shall constitute a first lien and charge against and shall be payable from the first money received by the District from such Pledged District Revenues, and to the extent not so paid shall be paid from any other moneys of the District lawfully available therefor. The term "unrestricted revenues"' shall mean taxes, income, revenue and other moneys intended as receipts for the general field of the Office and which are generally available for the payment of current expenses and other obligations of the Oi~fice. IN WITNESS WHF~,RI?OE, the Board of Supervisors of Butte County, California has caused this Note to be issued in the name of the County and to be executed by the manual or facsimile signature of the Treasurer-Tax Collector and countersigned by the manual or facsimile signature of the Clerk of the Board, all as of the Issue Date stated above. COUNTY OF BUTTE COUNTY By. Countersigned: Clerk of'ihe Board o6~Supervisors Dick Puelicher, Treasurer-Tax Collector tlcknowledged by: GRIDLEY UNIFIED SCHOOL D[STRICT By Clark Medfield, Superintendent y Furnu~INuteGridlc~ lltinGridlc~ 0!~ ~ 30.''74 t}0'ti I t~ .:? ? FAl "i3t) 84E} 4ou.a f,it I f?i.t?', } ~;' FiFti S('Fi i) i S"i~ ~ (1u~ s~~1`C'i'T~'. C()UNTt' f)>i'`f~'1f_'L; LaF EDI.C.~.x.t().'~ Ct3(JN`I'Y OF (311~T`~~E, "'('A`;CE C?~' CA~,ii~~(.)1bYlr~. (}0=F-200: TAX ANID- RF.VI;"~L~~:.^~'~;'~'ICIPA`i`aC~\ r~t'~1'~:S Certiiled Cu}~~„y c~f~Faesr7lii[rc~~ Adc?rrtrd f)Il :~.;,l~u:~t 7 +, ?C~i}4 1, Clark Rediicld., !~~reby~ eertif} `h.a* t ~lr thte ~;tlpc~x~il?trndent .ltd ~ecr'et{~r~~ bl rllt- _f(,n:(1 C':1 ~i~]S~:'E':~ bt the '~.J"Ii(.~12 j' i:£dlf1~«d 4~p'31SG, ;~i.`,~t["1CC ~tl:e ~.tl'.iY.'lE:('~}s a '-,ihl_~C~l Ci1Sa'?', ~ S3?'i; iTe, :' i ~'i'kd c.;{, 5;111, !.lil+~t"l ~1r1.1 I?V ',`I;'til~~ Clr ti f; ~+'Ji7.5i11'~1C10}1.Wilfl Eilti'~ fRf tlau ~l:rt' f:,l 1..ali~f}PQ:Lt 'r+Y;(j C '~3x a1 ~11Cf1 l.'s1TiI 1111fi.}1bi1a'~,d tC1 ~Xecitfe ~Y!1S L~e't'_.1CdfE' ~~.1'C~~Y?ul:l C'T tl]G ~,3t5iCll:l. 1 il~r~b}' ft_:-thf; iz.Liix}, thvt attacl~ed ll~rctt~ is a ~~~t7lpla~tc; e(~~~a' a_,f ; resscllu~iu.i ~~E.ic ? i=,~a5 dUi'w,' ldf?~tGfl Ll~" Yrle I~032d b~ ITI:~t~Z4 wSF `~S1i;, 1~13'CriCI dt G. rilf_'Giit?~ ~Ilf:l't/O} i'W'iLC.1i tit i}c i`ELlly" aEtc'CI at~ti:3 I':~l:o c:af~l August i 8, ?ilii4~, ara a ~.ticl, lrreerli~:; k? qu~itlrt~ t;-~}'-, 1?1.eS(':zt t~ncl a.ei~rl~: tl;r(?us>ltt?ut.. 31?~ !i_c'~l 5~tiliA 1''t;SOli.itl(.:11 l~ S li(it ~~tf:_I'' a3l~Yk;':1Clt(l, Ii1GUifG'.(~ (`fi' Zt::Si:Y1dC:E.I :iilLt: ii}i: ~.'..~~ C"•jrl~:t C~~ii'I2 111f~ is rc?~r ir1 fiil2 f'~~rce. il~id erf~.uc. Dated: Septert~ber 29, .ZOu~ ~~ ., n~°k Pciff Ici, ~}; erii~icnzlerrt ;~nd.~ ~,el,a~etai'v of the ~3Qard c?t' _l~ruste.e;~ p't. fit!; ti I ~tti~ ~;ltT::;ci FaT :z3ii '~7:' E, -Itl9 E'aR:bUFSE L'.'.IF7EU RESU.[ ~TIC):"V ?~fi7. U=~;'D~aI R.E~~d~~,~iTIC~"~ ~F' T~~ ~(")A~;D t).~` 3'R~':4T~:E~ (}F T~3E P:~RE~I~E G~'T~IF.U ~C;[rC3C~L, ~)I~TRX(:.T' '~4~3~ER.~'A~, pursuanr t:~ Seutians ~`><<~;SL), et ~et~,, of the C~averrl%rrE~nt {:;ode of tx.e State cf tali#o;-;=~ia (t11e °`.~ci"j cc~rlt~in~d in ,A.rticie 7.~ ther~c~af, entitic~ °`T~lnfola~' Bc~rrotiViu~," on car sfter Bile fist clay fl1 ary risc~31 ~°aI {~~ein~ .Ttliv 1), the ~arar?.ise L7nifie,d ti~,;~faal ~istc-icr (the `:f7istzict"~ nlay horrorxt mc~rley by isstlir'~ T,~ates f~~r ply par~ase far ~r~'hich thG t~is'rict i iiiit}2i;i:C`C~, CrJ F~7~;~}vp(~. Ill{yjjCvS. 1J1C~Li{~177~, t)!it I1Gi ~1L1t1',:t.'.d ta, CUrI°~t G:~~?2r1t;~5, C;ir'I~dZ exp~:lditures; a-zci the di>cbi4rge afany ot)li~atian cr; indebtednes;~ afthe D~suict; and t~%I-iER~ ~S, tizis Lo~r~ .~f"l fustrse~ tl~~; ` 1)is'~-ict BotLrd"j, b~Erg ~:he ~;ovenin~ boazd of t:'1e .liistr<:t, .hereby rct~LZe,;ts a 1()i~n t)i zx~t to i;x:tned. Si:ven ,'~`[l?ion ]~i,r,c; F-IuYidrt~~i `fhflL;.srM~ld L)ulliir~; l;~;;',~~C,t1p0} at a1z fr<t-er'es+. rite J:.at to e~:c,t1~d six r~erct7rt {6°.~~j per anI?:um (thy '~Lc;arl") t}lra}-1~1_+ tl1~ ?~Stlk'. ~)V t}lc. Zai; i'C,~ ()t Sll~,;i"i~TISOrS r;:'trC' ~,flU?:t"r' vt i3l3ttC ~~lc` ``(~Ul..t*.1tV"~ ~:f L{~(j=~- 2~i;?:~ T~>:. azzd F<<v~~u~ _~.r~.Gici~;atioTM, ~{a='P (,:l,e `°":'~,~'~'s") an bet',aif of 2.~~: Butte f~oL~ni~ C~?:f~ice. ~f hr?t1c~t.TO~ ~~"i~~ "Office"}. $:',~ ±fl ~~ ~P..I%;4 S1.6C':i ~~5art ~~ C~X~Ci2hOT] of itS 11t1i'e ~tr1v l~l"l~.W' `;, ~.i~a'~ jr.,' z~~}}..yA.s? `_~tiC~tlEl'_"'. t7 ~~' ij y;3Vit17~.C' tl Lit !at(:r th~1n 1`l~te-°r2 li: ~Tti";J i3fTC';-r' Gi.atc (_k f, 1S3ll~`, 4Pt~. :t 'BLS: iv (~L~ ihi~11. U~'i 7c1 ~iil~ ~.;rlt~~t ~''~~ rn? s ~ 3•' ~ y ~r(.r21 rt:w~u TLi-G CvCf:1V d a ~Ct;T'11C~ CLtlx`_rlrr i.~lc, ,ls::.al }rCz3.i' ')f~~-Z- ~?~OS s~ which i5"tleti' ~lnd ~Fr~fiti:.i<:-Lr~~: ~T.rISL:ail~ r.`i Se.;~1~cn :??<?SU ,wc ~~1G ~.Ct.. the T}T~"1't~~ 1':tiy 1"IJE:CI~C :li1V tii.'£L';`, 1%~".•L.1'T'~+~, rC~/t~t"i'lI t ~Sil I~tivl i:i. (".?? 7t.~1i:,"C .'~11C1i7t: ~; ,,;r tCl' "r ;, i t , a ~ L ;y :~ ~.~._;~ '1 L1i1i,TiV? ,r>r .crm, de~ar;:yrts +;~t:.t :::5._(:~%iNl~ ~.;'~t.aII1 li2t"ln,~".yS CiI-~':lt'i1r}~jtiEl ~+J% e! 3~t.t:]Fi ~1lii'~'3Gi7('t ~Ilu :f"ti_+ 1~C~5tveiStt~'!:C` S~}CC?~~?uS that i.t'i'"'3li LJrb]'E';,`1'iCt~'j TeV~".?111G' V~'~1G~1 4:'111. IL~~ I'€C°?'~'t--i.~ t!~~ t."l~ .'.+251"t3C': ~C}1' C;:i;:l.?C',7G'T%!~ ~"i1Lii ,,7~,~.~t~:`,,,' ,,.. .lz"ltlp Af c.l~(}C(l:.~f„ i:~ fl:iC;~~ ~':;3i!` ,~~}(v'°r '.~T .~ urN ~.~.~:~L'i.`ts, iC)Z t~lf- ~)c~'C";E'21T l7~tz} i~(7Lt;;. '~'t;C~ ~~~~~['~~, tll z,~v._~ .`ar);-,,ii ~"~ ~C"IC';h-? t:1J~fl4dhdUY; ref the:` ~~?.St:yC't, i3Llt'1 tCl tT1E' !y - .f. ;1 .~' ~ 1 ~dlC~ ~~"CTE:Ct t~,L t;.;XC:a; ll~of J[T1t;, I'CvULr~, ~dS~l ~~t,kll3«~, ;'.?"!d t:til~r' ~"i~~I1C~ a i.i t~~~' ~i;y'L`2("t ~3~t,C`~ r~ f.i' ti)~ ~ t; ~~~aii*. *.i-iirr:.cf sr;n.ii bw t:ad ~.~ri.:,.~ iclcc:resi ~:~a. rwa~ fra.-I; ~ ny, ,~th.e.~ rl.~;:ney~ a° tr:e [~«t~i;~t iIrVLi31~n' 3v'.~I Ti~1~l~'. ~'~:'~IC.Z, ii5 ?';~E~'ttlFeCi E' 7` .``,~'(;~%:?T: _ 3')`i wi {'%tl.tr .'~C:t; d%iC~1 ~df~.fr~..t~~1`~, ~~~ N,~tr sil:;l.~ I?e z~saed o:, cl datt~; !o j ~ T, ~ z ~~ ~ Faztrl ?t: uerCCT.lli:td(i; s,d'(..w,l~i~ Uk 111 ~'.St ~Z~ G,X.G~:',titE't~ I~l t~l~ I?3i3L?.:it~I ].~iSC~"'!bt',C~.:'il f}II~ ~S_(',Qi'ttti!7T1. z~4 IEyL11I'Gt~ ~V £jE;GI1t~I; :1~~~`.~ (t~ tki~ "~`HEI~.1~,=L~, ir.~~; f3i_tri(~t ?~~~~rd ha;~ i:r'sr:nd arE(7 ci~~.4;rrnizrc:,.x t ~.a*. sad ;~;,S~U,~OC ~axiz,Lrf~~ ~,ar~i~~ipai ~lrn~)iint of:?Vpte, w;he'1. a(i~}e~i t~} tire int~.r~st Fryablt•. '~r_~:~n, ~:?t~~~s nc~7t w::xc°~d ei~rry fI°,-:; r'rrcr;l:lt t$5°r~ j of t~z~ estit~lat;:~ ~?a1t)uzlt c~i tila cl:~cc,~';e.eted tii~t~:s, ir1~;Gr}~.~, reve:rl~~ru ~t_~~i~lcil.:~, 1?':t R~,3r llri2lt~d t4J, .":.ZTG:CiLI~' ~1'ClIYI .S°li3.i 3%1:~ f~Cit'r'll ~G't'L'ilri"t~Ii:tS,~ 1 > r~ ~tr a, ,t flf thta irX~triCt r~h1CI7 4s1I~1 ~S£ 3Y31~91J;)i~ fC~r r~:e ~7~.~%T?iGf}t Q~' tAi°v i~i7IL rh.~~ :C1':.f~S2 t~.G','.'t?OIl, c15 r°gLiirccf b}~ Section ~:~$58 of ti.te ~:et; ~*~d i! +.! 2 t °. ~. Pxrad~.seRes U3. 3+? Cs! t~:i)'~ ti,s: ~1 Fs1 ~'!u 872 ti Str? P.~kaT7I~E L"`<'~'%Fi- ~~r)s3 '~~~ILI?.E~~.S, Z"lnc L}istri:,t ,Boar.l 1`.a3 :cured a:1d 4eCerrr.ired that. i?ir: t~~_~te v I'.l :+.~t ce issued to finance a working capital reserve and t~fill he exp:nrled ~vithisl the t'i;.;?e per~c?d rech:ir~d us pr=r~~,ided ir,. ±?le l:ncome Tai; i~.egtziatit~ns cif tl-!e'Juited ~ta.t'v.s 'r:easury: arld NCW, ~"1`iEl~.rt'J;~.F, *he ~o~ard o4. '''~~t;;,t~s::; afthe F'a~Iadise ~lnifiCG Scboal District h~:rel;y re:?calves as tcillows: SeCt:ori _- ~'iltjll~? . ~>_e r/. the ~b'JVe ;eciiris urn trLc err{ti ca.?-3•~:c~_ ;~.~1;? t?ie ~iatz3ctr3t7ard SCY tir!~ls r1r~d de'tP.;;^?liL.GS. ~eGiio.l ~. Auth~+ z;-~~~iczl~_~; ~~s?zar.ee,~f 1`~ct_ey "i'~:rr:~s ~'heI_eaf: P~~~.~~.~rr.. Thw ~?~ r:ct k3r~arc~E hereiay air#:h;a,:rfz; the borio~~rtrgriom the ~JZliee of are amc~s.Int rat. t.~ e:zceed .~"',`~GQ,QC;C~ 1>rinejpai arrsuvr~t s:i,; tuc issi.lrnce czi'a ZLlCllrv' ul:tder SECtit~ns s~~51?, t-'t 5e~., o~ the k.Gt, ttz lie dated file date cFf deliva-r tl?ereaf; to rilat?are ~`arithout c~p~.iz~zl ci prir?r .B~.CIT'_~ti!?n~ a.id to bear inter4st at the ;ate ar rrae~, as determir.ec~ in accordance •~~itF~ tkre 1S5L2~.11Cf' ~:escal?ztion (:}eflned below). Sl~b~kct to S~.ChOIr. ~' izer';:i,f; 't:nt'? tlae pt~+:.Ipal. ~}i' ~~.rrl ila:terest are *_he Ott?td siZali b~: ~ay~s~l71e in la~rfill rr~orley o? ta.e LTrlitet' Stairs c;i~ Ar c~:ic.~ .~c t,}rc pri:lcipal c~:i'~ice ref tl~e i3ratj:e Couzly treasurer/Tax tvolle~ctar, Cy ~~ille, C:~lii'oi~,ia, ti~rhic:n is .~l?re~7,, d~~:i~nated ~y 41';is Ec>a-e. rrs ti:r. t:}a~~~.ng a~~nt for tl:e l~Qte (t<rr~, ..}~avirs~ ~^c~rat";. ~ecticrn ~. F ~r.n c:f ~'~_,te. Tn~; _~:~c~te, shall. h~ s~ibt,tantially in *~Il~ foam ar~d substance set fart], z~I Ex, hii~it ~~ atta,hCd het-et~? ~-cid .b~' r~~erc:!`!ce tttctr-r:_~r:;ted he;:ei~, t:r~, hla.-i~.s is~ ai;.t ~'or{l7 lc~ be _`silprl ir, `vatll apprcpriat° u'crd: snd fi~ are::. ~~ctic~T 4. D resirV•.aaL.,i'jrot;eeCS;_~i~:r~rt~att-aa~:. `rho ?~oxlr~,~s ;~~~ bcrz-owed shall h~ Ucpositcs:l in the Treasary° ©i' the Cu~snty in a 1lrece~c:< t'und try the cr°z'i ~ car tE.e 1.7istrirt to ;e ~,~iihd=-awt2, uaed. stir expencird lay tlZ.e 1:7istrivt f~.r r; .y pr:trp~se fc~r whi~:Er it ;s authoxi~ec~ tr, ~r?~L.st +lr Gx.pend funds ~ Gill tile' gjelter3l 'iilld of ti1:: 1.);Str1Ct, .Il~.ludlug, t1'4t r'.ot I,nlltl°.u ~~ C1:rreL`t e~:perisc~s, :~ar~ital ;>xp2ri:litures or tie ;licha.'~~e ofarry obligation oi'?ndeUte.~lnr;s of t1r; Lais;rict. Trnwil I?sed ar e:~pendrd, the mc~reys ;z3uy ~e ir:vestec! %n ir±v'esnaent st~c~~nties by- the C~~cint5~ 'I'a'ea.sLaser directly, cr tllrnr:~;ls an iu~esttner_~t agz4e:zlent, it i ~-tstna;.nts a~ p4rrxritt~d l-~y- applicable Califcrlia la~E>, anal meetir.; utar_drlyd al:z~i 1'ocr'S Ratings ~er-G~ice~~ cr-ireria i'i~r idlvestl,lents, or etkrer ln~1estcnents appro~ned l~~y Stt~ndard and ~'~~or's l}.atirg S~rvic~s xict~rling, i~ut not limited to, i..~vestnletlt in the Loc;~l A~ezicy Islvestme.~z Fund xtlaizlt~:in.c,r by the. Treasurer r. f tll~. State of C:aliiornia. T'lae D.ist:ict here'~y aovetaazlta that it will ITI~1<~ r~~ use, of th; pro::c:ec~s U.:'tl.e 2~"~~te tizat ~,~cEuld ca;.isz t'le Stiut~~ to bz `Sarl?itra~v bonds" under ~;?,i:,z~_4Y oi" t:.~ Code, 'gaud, to that cnc3, so tong as the 1'~ote is outstanding, tL~e. Distx-ict, arlc~l e.li pZ its officers E-laving c?.rstedy clr control cif such prc+ceeds, ~~flall corl:iply ~-itl: all ryquirem.rt; t;+f (a~ sai~3 section, incltrdTn re,_tretians C1T~I tae IIS:; and i~vesnnezit of ruceeds of t}!e ltiotEt and the rebate of a I?crYic~rl os: invcstrlxerat earrlic:~~s or. relaiti am:aLZnt;, i:leludi:t~ procfeds ot'thv hole, if rec~;rired, tc~ tree Federal ~overrzment, at~d {b) of the ln.corue Tax Re~ala~iolas cif the tJ:~.ite~l States "Treasury ~;romul~atcd thereunder r;r any predecessor prt,w~isiorl5, tr, t;ze extent th:a_' sr~cil regulatit~ns are, at t?~ ii_~e, a.pplic,ak~le azld in effe+~t, sca that file No°e wil? nc+t tie "<u'biixa~e bonds." section ~. )~aXtnent of7vote, ~.!~) ~c+urc~e of 1?~~rr_~r'. Th~~ ~rinei~ial amaurzt caf the Nate, t~,g~Ihar 4~.iti~ the interest thcreor~, st7alE be pay~at~le frcim taxes. incorl7e, rN~rea?u.~, cash receipts, aid otl'iwr m~nneys w~rsic F are F'aradiseRcs (Iy: 3~"?• 12; ti!)~: i."J 's<` F_~il 53(i $i'' d~Citl P:~.-':[)I:yI: T'~.',FI£Ii received';~v :11e Distrct dllrisl~ .fiscal year 20f~ -:~t~GS a:ld wlliclx are avai..l~,[~li. t.~~erefo-. 'I'he'vrc~ie Shall b4 a ~ezleral c)l,la;:atic)Ia ~)t the I~istllct, ani,l, to t;`I~ e~.tent tl:e i4~Ite is rlc~t paid I_rarn tl:e P;.ed~ed ~~cen~~:es d~'fiiried 1°:irlriG~, tl.;e• 1~~ote ~I;sil 'oe paid with int?rest ~~aereol:~ frt~zxi any staler .~Ilc~nw~'s of ~~'te Iistrict I3~~-fk].ly availMhie tr:erefrrr, a.s ilrovided hereit aid (~y la~v. (~i~ Yl~cl~~ii Re~ve~~~?s. l~s se(;Ili~at, f(Ir the' payluent clfthe prit~:~i~sl cif alld iII*erest tan tk3e Fete, the .District hrrebr~ pie~.~es ;~n ar~ettlt. eclsa~l to thc; ~rinci al ara{~Llr_t ol'~the dole ti-arrl the unrestricted revenues recei~'ztid hr the .Distxict izI the rnoz~ths desigll.~lted s dep~7,it elates E~y. the ~s?Itte ~C~lilxl `~uperilltendent c~F Scheuis ;tile "~ax~zinterldent"} a ~,_(,vid.~.l in tr~~. resaiut?~~n auth(Iriziu~ the is~u~.nce ref tie TKf'-~~ti7.~ ~L'~e ;`~>:;unnce ~t.ec,I-~ztir.,n"~, plus a!! arl:IO~uxt sufficient to pay interest on the Nate, from urlrestlirc~ted r~Ve11l1Na received by the SuTrsriuten~~.erat: (such p1tC3~etl a1ri0u11tS ~elil~ tIc'T;~~'ldit°S callec-1 the "~'1~:.'~ ;i~ I:.eVeI11lL~,~"~. ~^hii "~rI17 °~UrT~~triCtr:[:l rc;VeP.tle`~:, shall mW~rl ts3X~S, i'1GCjT71e, re.~'erlue, ;:~5", r.°,Geil7;a, .iI1Ll SJ~~t~_'` A~C'~;e~' J'. i174' ~ISiriLT a3 provided ll-~ 5ectic)rl S~?~:;Ei (~f tl:le r~.ct, 4vi~ich are inrtir;ued as rec: ipts fir ~llt~, tTer_eral i?ar:d r~* tide Distrir..~t ar;d ~.~rl~ich are ~i:ne:cali,v atiraiia~le for the ~payrnc;rzt cif clu-r~Ia eXpenses and nttxe: ollli2atitlll,,; of th+:~ District. "F'lle principal ~f t1.e IVn:cy and t~:: i~-:terest iilereen shall_ be a f[rst lief. ar~d charge a~airst tn:i shah be gayablsu frc~n~ the 'i-st Ir~one~is zeceivc~d l~v th° :.7is'-pct fro~l s~;eYl p~e::i~ecl R.~~%etlue5, as t~-e~idecl by law. In the cyellt that mere ar(: instlfficiei;t unrestricted r(~r enues Tec4.;.~ri~c2 '"Iv t.~ze L3istric' rc> ~e:rtllit the d.e~osit ~xritl~I file Cflun} l:~~:asurt; cf the fu.l+.. am<~u;>,t ~f 1=~lE~tib~d T~e~~~.rt~e~; ca be i3e~osted frc,m un:r~;stiicted .reY-en~aes ~~~ a ~Ii7~r]~f2, thel! the srnouut e~ ~h 11. he f ally de:ficietly' ,, ;~ S~t1,S~tris tY1d lsiadu Ili` fT'QrLI 3I.~ t7th~-r Il7011~'yS ~"'i tl2e i~iStTIC<' 1a":~`~'~1iiy a~';'1.1~ 3~'~~f~ Ur t~'tC? rL'~~~ j~;,I~k~:17 i- ;~t ille i"v~te and thr~ interest therpc~':~. ~r'! (,`.ii"v'L'•rStltl`t ~~c1Z'K~:1.1"~.,,,:..~~t~.t31~iC`li~~,_. Stl,) ~-~t p'_,T!,._~<?'"IC;~J,'L'3~. ~l Li: [.~l~~i;iC;t ~ii?rt3L7tr" a.(;t'e~~~1.~Its a:rlc~ ~vai7ant.; tia.~t %i ~,~~ill ~. t ,_a } r ----° ~, ~, ,_ 11 fl ~Lt;' t 1L ~.'i eilt { , re~Sllr x''l u, , .(l ., }(?~' ~It' _ ~,:;~ c~~~:.acit:v. tie "t~ouliry T.ceastlrer") t.~ :~rlal;e t~IX'~C)rc"S1' trallsfe,s (~f f~ILus II. (hy ,c~.;.a~d.y ~>` th:; [.'-,t »t~~ ^~,I'~t~titlr.'I tit lt1.i:L!; .'1J1V (~~?ilL7~::1^'Tl.` tl. ,it4. 1JI•.' lv,. ~l:l.~:il~' tl'" ~•~ ~ ~t ,-~' '7tl7~tiur:It t~ `'L° Y- ,. ~ ,ter j . r _ ~. ..,.„ ~3,~L11,~.~t;Y 'Ji ~'L*`ti'l~ .~i,~r x, °~. t, ,;tC)1: fJ ~~.t~ ~`03~t; x~li"ili7t'ir ~ {' i a w v~. ~r Orly ratilcl' Ie~al authority. ~l-1! t,)4~(~Slt i): ~'1=iJ~,''t~ ,~ic e~.!I_l~5 ll~l~,~.?~~IT 'lt ~'t„it~.. ,~a. ._~I3C ~C' ~It1I`l clrt o.,~t 171t';~~CCi ~?~ ;;;'7l.lc:~ iZi tllt ~ GCIrIt~ ~r;'rt,~:,l;")' rt r3 S~;+Ct,.?~~ s~~._I„.l l,~p~ulkYtlc~i'.'.(•: a,5 i}7E? l~u:d(lISE:• T..:;.7.L;F,'ll "~:`~'iC) ~ ~IStII~.:t i~J~-~f7`~~ THE; zi.?1s:1 ~~'w+.:'Jr..I3WC. ?1.S1tIL11?cIt}r)i'. 1'`,Ptt(. ~: •wtli.v,I~.t't': i ?I`.1," ~1~rCILI c3~?i.i"3 tl~e ~cray*Ilelit F~~,s~~"j estzihlia}zecf ~t:rsllaIt de tlae esr~lb;i:~. i:ri ~n:Irt~ari, t+. *,.~e resGiuxicn rr tIIF:~ -~('i ntV' ~''JarCl ~.1lThCfrl~.lll~ the iS3'1~I14"~'. Of th8 T K.ri~S ik.hc° ` a:>SLiaiC:r ~.~~+:i3ltlt)t?'•; ~i1G~ :~il:)~ill~::~~ K?;, ,r;irgC~~d l'_7 tlliw uS'.'.cIIICt ~GSUlt.'.1Ci1, ~a; f t', .a ; I.~,, ~ .~ ~,,_ - `.Y 11~ i;y '~lati,E,l -;3 the W ~ 15~~i;;;,I]I ~ ilt~r.i ~;'r1,J.]i ?'t~ FCsr . tr. heII lli Of T~~~' liCiders Cif t 1~ ~+~C)`~', ila+;; 7~.13t1' t178 ['~!61te <911t~ ell lUtCr.°3t t~4~1'~?I. ar~• 'i)Jir~~ i~3 i,x11t11 ~r{)'L'iS101'1 .11?5 l~~';;Ii ma13.e ti'!r II~C 173y"[Ii~I;.: Ltf {l'1f,' ~Ofit 3t tll'1t'1117t;' 1U1t~1 zt;iC'I,.:~~ t? 11 :1±1i?'<ty,', i7(' I;li.iTle 'S isr 5 hG ~~~,.f' `c " li C'e+ rilil F1:~~ 1. ~i~= ;; -t ~ `2' ~ I y; -(' t i i v: ~~~, ,»~'I o '" 5 - >I -Y=~" , . „ wt,}., d ; n~_ A;.r the ['1 rY(~se5 l~_ =1-n~ t.~.. ~.e y~l{Lrlr Fl;s-1d is eredte~. li%~ Dl.;')~1Ta~'.;Il":;fit Ot M(liie:V;~ i;1G~t~.Sit!'i~ "1vTtii_iLt`32SGi'. ~I'ilIIi T~1~ diaCC ~'?iI~ rS.~riC~il'.Is:il_ t3ir:~S efiCCt, al .cl~Cl~v~ P~~~,`L'21iI..S ~iltl.~s \4'h£'Tl I'eCt?1'Jf;Ci., ~?'. (,1~T~()~aiTe(~ i~! tllt; t~.,~.'j3ci~:Fi~~at F'.1tSt:l !'C YJ~; held, I.ZiVaStC'd :irlsl ;SGwtlI,1.L~1:C.t'~ f~7:1 ~S ~iirw°~Ide~~ ;lt°rti:i~. htaT 3LiCz~ GiIE 'M'; tllc cl,:ii`).lrl:, of ~i),~t 1 ° ~ `.?. - .. ~'+aza~l:seit.es fib :Si; iiY ~ti~~; i;9::s~ f:A1 ~3i; ,'~~~ t;1i)~1 P~k:ii}ISE t''~I~`I~I> Pled~:d F'~.evenues deposited ire the ~epaymen, 1~uzd sir~~ll he sttfficic~;pt t~~ pay i:~A r'tl~tl the principal of and interest on tiic. Prc~iisissc~rY -~v~~te, u:hcn c.u, ~ii~~y r,?.ca;~.e~c ire ex;.es5 ~4f such 3IT1~~'~lrrt rt;'n13II'll%t~ 1P or 3CC11]1ri~ 't<i tfFl Kepayraiei~ ~ .~`hr~.d sdlall 1?C, taalaS~erC~%1 t~:l ilk' ~Jc'7;~:r~~ Fu:~'a U.f t}re District upon tkte recuest of the i~i.sric.t. 1Jrr the rnat~ar~`y date of the J~rt~in'tissory I~,~te, t~+e mr~,z~~~~rs iz~ the ~apayment Fan: shall lie used, to the extent neeessazy, t~~ ;~i:y the pri~,.ihal ©t and 11"xt~ri~5t icn t~u Prornrssor}~ hhC7tG. i~i"iriC.t;Urt~a.'2Cc, WIt~'1 ~.~~Ov~r'n.IT'~t7t ~C~dtaeCt•1°~I? ~~$~i_ tlit3 ~7isrriGt sip .11 ma~ti up 2.ny d~: ¢ieit;icy #.i'oiz; any other rnc~n~y cif thc; I3;~;tr?~;i~ i:iwfaliy ac<xilable filr the pa~lent ~f the l'rornis~~rv Not>~ and tre iz.t>rtt;st thereon. S~ctivn ~.F,;Seciiti~n <.~f~Ncat°. Tl.~ Treasurer; or desi;~na*ed ci~I-:T ~tti tt_ereof a he:.~by a~;th~~rized tiz sib tl-ie Note. IIianually «r b4 far.sixrrile si~aature; the ~.,lcrk~of the t,at~tr+ut T3c~ar~a (tll~, c`~lc_"1S~'~ tU` COUI1t°r'`,~I~i3 tu~.'~ ~1i()t~ Ta'1i3.nU3~IV Cr;' b~J f3i;rirrlllt" ~1;~T1.'+.~1*'~; ~^.,C~ P.'~a1~1 i:~~il~.C'I~; iC7 ca~~14;e the blank spaces i1:Prec7f to be filled ixl as Wray be apt rc~priatc. ~fection 7. Goner:~.t AlI action;, heretofore t:zken b}` ilie ~)f~tivE~rS acid s.~;ents oft;.c~ l~is~:rr.ct r3oar~i ~~vith respect t~ the '_~lote are hereby a~rpr~prred, ~:oniirr;aeil a+i~1 ratified, a;:i.~l tl:~ uf'~c~;rs or'the l~)istret ~c~ard ~.cr iieru~ay autl~cori~ed rirrz~ di.recteci t~~ d~~ any a.~d air thzT~<<s ar.d take aoy an;i all a~aiou;a ~~hi~sh they, nr an.w of th~na, rt1a~~~ deem necess~:zy ui• advisa;,Ic in ~~r[ie to con~,t;.xz,rn,~ta the la~vfitl i s'aarl~.;iv+ and dGlitTery cf the Note i;~ a~~;cr~larlce ~~•ith tlii~ 1~.e~ialtitir~n. Sz:ntiQU f~. F~irl~er Aetiorzs ,~uthnrize~. it is hez~bti cove».arite:l that the I~ istriet f3oarri~ and its apprci}ariate Gf.icial~> ha~~4 dul~; tahe~ all lai-Qt:eet'ir~~~ necessav~~ t3,> lJ;:. t~l<:en ?~~, t'_~iiYi7, anti ~~ill tak.L dny zclditacr7<~. nracee;diz-ags rteces~ary to bc; i:ti..(:.er. '~rv the~z-rt, %or tli~ Ie:l r. cvllrctic~ri arlcj ~~rt:f'i~rcemezit of ;.h~ secured property t~:yes pledged urdc, this Fce alutz`n ;~ av~::nrcf.;;ice tiuitli the la•~x~ .~nc ftir c;arTyi.~~~ otzt the pro°trisions ~f tlris ~.es:~iution arid. the: i;;;,;;ur7_~: Re;;r~luticti. Sectie~~ 9. ~'cwera,nts. Tlie .District Faoard ar~~~ its officers, ageri~ ar.d eizhloy~ees lier~b~• c.c,~,enarrt f~ comply wit~~ Sze Liens c,f t}xis k~snlntiGn cxr4 ttx;~ Issuance k~.c-s;ziiatiaa. ~ecti~n 1~. Transmittal of ltLsclutiorz. The Ciirr.-k is hereby directz;d tti send a c~r'.rtified copy of t;iis Resu.lutior, tca ~±c ~rat?nty 13oarr3, the Treasurer ~siri the ~'o;,~. ~ty~ super°ir~~~n~l.e~r~t of ~chooIs. ~'.~SSI_'sI~ ,a..tti1~ n.t~t~k~TE.~ by the Boar; of Z°=~ustUes of th~~ l~az''idis:: Unifie+~ Schoni i~iS~1Ct this 17~' day of Aa~;ust, ~OQ4, b}~ the fcillcat~~in~ vote: ~ +. ~'.Y~=S' ?~s. Mai-, ~:r. Ma~wi~t., Mx°~. ?~ieho~.s ' 1~fOE5: none ~; ~: ~' ~ j;~ A.E35F'~T: 'hrs. C'orrxpr, Tr, ~i_Fi~tro '' 'l~/ ~` ` '~ j .r} ,~ 1 r+ ~ + ; ,'( ---.-~c_,___.___. ~%LG~~~k~-4sident, ~O~r~`C~t TP1l~stee5 Para...rse Unified Sc~ci~l l~i~triet ,','s_tesr: ~~ !, ~, C ler~., Ftoard of Trustzcs 4 ~;Ofi~> ~'~~radiscR.e~: ~i5.3C~~ij; !it?5 u9:33 F'~~ 530 ~' 6-l~;t Pak-GUISE i'~,'IFIEt~ ~,~.1~~I3IT P ~.R~f~~E U~1~]l+l)k:,I) SCRC?U;L DISTItI~;'i' t~X.~"~"TE C~~:~I4T7'~', CA.I..,;CFC)R.NIA) ' 204-7t~0~ I'.t1?~c: ~~i7~ RE4`ENI,TE ~~1'TI~"~~:~'-CiCl~t ?~U'~':C ~J~~ta y C%~~+~I:ll,~ ~3t~~ f t~R ~jAI,UE REC'EIVEp?, t'.~JP.£~~I*~ LT'`v`II'Ip;~ St/H3~~-L I;~l~ifil'tI(r"~', Burte ~.ot;iity, State ~7f ~;aI~I=czzria (tli.~ "pliscrict") acknowlecl~p3 itsulr izic'ai~:~~~t, and p~UrnAsea t~~ pay, tc~ the 13~tte Country Beard of ~dt~~atiGii {~.he "CT~aC",: at the C"7fFic~: o't't;a~~ "I-re4su;~er acad. "Tax Col~Iec;tcz of the Count, ai' $utte, tie ~lrincipal surd ~~f jBUI~C)~'~~ SU~VT~ In latv;~,al mi;riy of tie 7>rjited St;ite_, c.~f ?~trltirica, an [due elan; to;eiher •~vi`il i.~te:est tilrre~~zt at C`he .~~ite ~.f ;der ar_.ntztii, in I.+;.:~~~ I{~w~fii1 ruatley of rife Lnired Sates cf America f:~<~zzz the ~.a.}c; ,s~~r~ofuntil pa~~zraent i;x fall ~~yf s~~td pr-~ncil;al stem. 1' i$ herel-,y eetfific~l, recited grid deci~axed that thi., ~I`~~ote is ntafl:, ex~.~c.tzied and ~ive.zz pursuant, tci t11c prop i5ions of a resolution opt she ~;iard ~f Saper~,-is~.~rs {yrie `°l3auz~l'"1 of Butte C~~~~.ty (the "Gnunry") du'y passed and acloptec? or_~ , 3{;L~~, d~z:cl :t. ~~esolt:tioz3 t~I` the ;a7ist:-ict duly passed ar;d !lop~~ed on . ~Ot}~ ~und.t~r azld by~ r~utfic7ria~r of ~"~si,i:;Ie 7.~ {cs;,;xlznenc:i,ig vritli section 5:~$SG) of f iial~t~:r a,, J/art 1, l?ivisic~:r; 2, fiit,Ic 5, of tt:+.f> {~'alifvriti~z Coverzj.znezlt Code, aztel that all curditi~n~; rliin~7s and ac`s rBC~liirc(~ tea exisr., hopper and ~e p; eforravd precedent to and i :the i;stta~l~We a{' tiliU Nose r;xYSt, l:a~~:~ hGpperie:d ar~Ci !:rave be~;:tz perfo.yized in re~-talar attd clue tinge, fortrt aiis~ irarui~r as re~uira~. l~r I~=w, 617d that tiirs 'Note, tc~~ether ~vitll all a*h~;t indertedne~~ 3ila o~ligatio~::s o.f tli f7istr-iGt, dc~.~s zit+t exree~~i any limit presc~rtib~d Fey ~2 Constitution or srar~tes ~:` the State sit' ;alit=oznia. ~'11C 1?ri:iCipsal ict2i0'Utit of tl?e l~TOte3, tU,~ttlier 1T,'ttll ~h(' lriterest th~iep;l, sha.Il }Je payablU only franc tares, revenue and ether rn~iney4~ that ~~~e received ay the I~is•crict during fiscal year 2Qb4-2045. ~s sec>.«ritST zor t}~~e pa,; zr~ezzt of L11t' p;t?r~ipal of ~ir.d interest Un rice Notes, the 17ivtrict tea`s pled,Sed the fir3t "anrES#ncteci revenge::", as hereinaft,~r tlefinE;I, {aj iii azz arnc;gn.t eC~tta:[ t© prreent ('o) rif tle principal a~ou-lt ~f tl,+~ ~,Tc~tes from tie unrestricted i~~.vetlttes receii~erl by the Uistiict in -the ~,cu;h ezsdinp. , 2(1C) , ~~) in ,~ arnot~nt erlual to percent (°!o) of t}i.e principal atzaunt cif' tla:: Notes froril tl~e urn-ustricted rep enue5 recei~•ecl ~;y the I~i,trict ;n the month endinP , ~~0 , {c) in an atiiutzn# e~t:al to ~1E-rC~:lt (°"o; oi:'tr~e prir~uipal amcrsnt vfthe \Tptes frc~._~ #?-ie unrestricted. rever?,ues received by thc~ lUistru:t in the zrorrth ending , ~~JO , a_id (d) ;n a_n aznnar~t eyua' tc, l;+erceut (°~~> of the p~;1c;ipol ~ttiol2lit off, tii~' a~Iot•:,~, plus ill, am~uzlt sLtfficTe7lt iC? pay 1ritr;rest O?l tie iVe?t4S, from inn? i~.Y z~,~,:,t~~.t~t~::~~~ts~ ':~~- ~i-'lA3 3t't~: i~3, ^. 's r,1': :ii(l 57~ ti,.4iss? F:~T,-eii3t` f tiikTE~ ~l it :~5i1`?C;li+'d S'~6Y ~lliitr:S r:i °1J';f1 1'tc' C~1F I~~trlC:C 1~'i t~~ Y'i2~ I1*~ EPtj1I2~ Li~~) { SI14.1'1 pleA'~eCl C~'.rt'xCillrlt5 ~~~1~1L2, hcre7ti;li~~EC L',~.i1~;d 'chi ccPl'~fj~~C_' 1~15t~.'"i~4 ~_~:`Vt~tailk~a"~; fii:'tC1'..11[; 1,:~~zci~a~ a'the iVutes ~~~ `~~~ intcre:~° thGsrari szali ~:ansri'~~rc= a j~irst l~:ez~ and cl~azgu a~-aizsst an~_ shall b~ Payal~de fz~azn tire tir~tit *ni~aey- r~:cc~ic~ed ~y the iy.sti-ict #ran~. st.ic~ Pledged Distxict }'.eve~ires,~nd to the extent rca~ su pa.i~l shall lav ;paid from any athez• tnaz7ey~~ ~t tlfe L:Aistrict Iaavfi7lly~ a;Tailable thGre'far ~"he tvrrn "unre~,~ acted re~ezsue.;" sl~ald meaty ;.ciXt',S, ilZc~o.:ae, re.v~f~tie anal ntl~er mc~rrer,'s intf:nclec as raaeifxs fcr• the gcnc:rz~ l fu:zct ~i' the ~:~.ttic~ and w-LZich are re~ze~ally aws.iia:~le far• the payment af` current expensas arzc ath.~;r €zbligaii~~n€ t~f the C7ftice. I.1`i ~,~IT':tiES5 ~'~H~I~EJP, ~.~ Bf~ard of Supervisors :,f Butte i:~.aurity, C:alifc~z-aix has c.~~~sec?. this Hate `o tie issurci in ~hrr nara~e ©f tli~ C~ali:?ty azzd t+r~ 6L ex:~tiuted lay, ±1~~ rrl~anual di ~:."C51ZT111L' S1~T°~~ktYlr° a~f t'it~ IT'~7:+L11'C'.'7`-~~?~ '..:L111~Ct~~1' HI°aCl Ct)~.:Z7tCI':ii~Ys~G~ ~'Jy r~c; zrti~ual Gz facsimile si~r~a'-ura a± the %'Ieri;. ai the ic±arc, all as of tY~~;: lsL.e ~at~ staled. <:bave. ~'C.~~U'Itir`pY t7F BIJ~'X"~`E"~ C~U~)I~TY B~ C`~_crntersa ~e~~: ~:Ierlc. ~~ftlie ?~oarci of Su~erv~i;c~rs I?iek Puclicd~er, Tz~eas~arer-"[ ax Gt~dlecto: ~.c:~'::rlutvde~gecf ray; 3E~Ak.~I~iSF: I ~'YIFI~~ ~CliCit~l: Ulltts'I`l~tG;7` ~;~ (°lerk ai; rl-le (rr~'<'~,rftir!~ l~oartl Dr. I.i~l!~tz'ca "P. ;~~sztde~s, Sii~trrint:~d r,~l. •~ [3u, :},, o-~ ~ti3:`' (;9:32 k=.4~: .5:st3 872 [7.~;?9 P.4F::1I;I~i' _. 'FIEiJ ~1'J~~~r~~1\.[. ryY VL.l1~~LL'A4.~L'SrT~~~ (;ertifiet~ t::vpy of 1?esc~luzic~r; r~,~~~r,ttic? ~IJ ~~~z~~_ist ~7, ~.i~;r~ Ie ~•ll;~as7r~~ ~. T~371cleiS; ~1c:r~;t}}~ Cc;:'"Tlry thai i. ~CI2 the ,5u~3erllltc;rtdez~.t i:1t3 ~UCTZtSl'y C)f itl ~]t}ar;i C7f ~rL1Stt*~5 0~ the t'`c1.Cil.d7~~ ~_1111i1~',~ `,:Gh4C3t i~?fi1~1C% I1:i10 "~15#rlC:t~'~, a :y~.t14v~ I;1Si'?`1C.t c~rnarli~zec~ ~Ir1c3 existing under alid tay virtue of the ~oI?stit^ation ~~z1d ~arvs of t~1e Slate cif ~~1ifn~rnia a?~d tt:~t .ls sued ~ ar.~ aclthal~z~:.d tea execute tl'is ~:ertif"rcate vn t~ehalf ~~f tk-~e I.~i3t1"i~;i. I here€~yr fll~her certify thd# ~tt~~:hed herttrr is a com}~Ie`e c~.fy vf~ ~. ces«lutir~n whic.fl was ~alr.~ ~~dvpt>4d ty the Board of"i"nastees vfthe l.~istt-ic;t at: a 1neeLi~~: therec=' t.w•hich ~:ras d1:1;r :,aLei ~lld a'te~C~ C).Ll f~U~Z,iSt 17, s~v~, iiS1C~ at Bll:;'il Lht'~f7ng a C~IIi~IUtYi :F'~S j7T~S~Llt ELCIC~ aCt117~'th.Ii3iI~]1t)llt~ and ti:at said revlutic~n hay riot ~~EF~n ~~lercac~i, ni;~,3ified C,r resciL~de4~ s_uce the Fate of °adarti~;n 3IlG~ is rl.)"vV ft's f71i fOCC°' ~:i~C~ G'li~C'.. Fr.~.~?715 't.1~~,'1I°'.EU ~+{~I-Its t.)1_, I~I``;T~F.I'~`..1 ~. ~ ~, r.~ - ~ ~~ ..~, ri1C~1~11'~ ~. ~.~zlll~~S5 `~u~eri.Jt~~r~C,ells and Sccretar1.° of he Boar~1 0'~ ~I'rtlst5yes l~i.~i 5156? ` ~ 1 L~9~2,_ J wJ O i3 ij ~~it S.y '3JV .. P ~;.rg!_ ~ (Ff, ciE_ .hv'~ Vii.. 44~~ :1 ;~.:, ~.l -J1 ~~} 1 t .~NM1;''' ` ~,~_ _. ~1b Si- UJ 1' ' GJ ;~3x .', ;tt~ S97 ?'> fi{IC° i_"til=fE:D ~.U. ~;t;~: i:'~ ;; I~FStyi.t`'~'ti3!'~ BCD. X15-(b=! I~:~:~GL.~Y}'T'10~ C}l~ THE I~t?~.~2.11 ~~, ~ULIC;ATIt~I:o C7'~ T}~~: c'HIt."t3 ~.T?'vT)N'1F:~D SCH~t)L DTS7['~LC'~1_ ,~TJT~#:)RI?!'rVG II~f~Z~~i~'r"~< ''.~,'~i~~-:~,~i~il ~;~it't'~'l.d;altt tt) y[;~tll:~t?S '~i`'"t1; ~T St: Gt th'.. Ci;);'~'i',';:i1G.t'(._uCS; fJt idle: ~t3?~ C;l s'.~:3~tj4;.T,1~ i`tLiw ..~i:~t ~~ t~oritaunLtl iti :~1"'CSC,C '.f' :il.Cr~G~. t:rt>at.!(;~ "~:~12a~Gi~lty ;~liI7l):buj~,' -~~ 'J: after the asst day :~P sn~. fisc~.} yer-_: ~~e:~zis_t J;aiy l }, the C'11ic.o 1,;:~;fieci tici~ra~l :~}is+~i;°a (t}re `Distr~~t";~ mad' b:;ixiw money by ,_,saing motes for a_zy r tugos~: ficr u':':;~;'1 tite._)i.stric?: i4 au~~in~,'IZati to ~:~.pcr~d rnez~;ys, :~cl~ydin~, but nvt lii~nite~3 l,ha c~~atrznt exj~'~nsrs, ;: pitai expt;~tc>ir.~~!Les, a~~ld t,'ze di~,c:!~ar~e of anti c~bia~Rat7oB. or °It,~eEr~etin.ess c.flhe D.'~;tr,ct; ~~n~~ 'a~V~F~a~~~~~, tni:„ Bc+ard v' E~i~catic. (tile "17isrrct r3or3rc~~' ), oeu-.~ t}a~ ~;~z~enli:~~t hoard of The i)i*.TSct., h~.~ e:hy reilue4~s a ir~~ ~i~ riret to ~xcccil ~,er, '~~~i,i.;un Dr~llars s;~J 6,';iOU.~t:~~}_~~-) at y~ ll14~S'~SC idti' a„~t t4'~ CXCeP.,>a... 5tX jl?rCet'.i ((,7°'c~j ~~T Pkiitlllr[] (thy' "~~~c1r1"f t'tLfCylit~ t:-i~" 15Stle. bV ll1e: B(JPla~ti Of ~+l1Fr~l"Y15t7"~ Cl~ the ~~OSIlIiy t)f )~ll`~:C (t13E `~~OtlilYy..~) Ut ~~Q'~~--s',C~~iJ TaX sr c? 1~~4'~CI?U-C _4.nt:~ipsttiofl :tide {tne' `"TRA'tis"'l c~n bel?alf of ulze t~~,~ttL C'c~arit,,~ C1t`i'ICe of '~:~:,cat~c~n (flat ::Office'"'l. and tt~ cviti~rc:~ sticr~ loan Fry' executi~. of its ncate (the .:,vote"}; grad WHEF:~.~AS, much :~~'~te is payl~ble r:C~t !.afar tttar: fi.fte°rl mt,u~.`s a~`et the nuts c,i`rssu~. ~~r;d ?l:;r 'gate shah 1~e Paya~lie only fxors, r~~'<~i:trV. Leceivel t?r aLcrue+. duz-inv r7:::~. ~isc~? 5'ear ~'(14~- ~4~ i,~ wh;cll ,ssied: and vt'H.~R~t'.~, puzsiw~zlt tc~ Szcri~n ['18~~ ~~l` t}~u Act., ~:'ie District rna;.' pl' ti;~e ar.•v t.~.~LS. iitc~~;iae, c~:veLiue, Soh re;,eipts. ur c!~:er ~lvne~s de;~'~sitetl u; iaa~~ti ve car :erns dep~~.;axa {hu: ~~x~.ptillg c~':-tai.n r.-aoneys ~:<act:mberc~ for a spec:.i l~.;rpose) and tlv.s Resv~utit'Su spt:citie:, trntt* -e~?.iri ttrt."e5trictcc: L~~~e:l~aes 'a"~tih ~ iL b~ recr;ivPc- ay tltc District for tll= C~er_~ral ]ruaad cif the _?istric~t dorir:g or~ ~ il~.bcabl~~ ±c, fiscal y:~ar ~~3!}4-?OJ5 ~.re p]ed~etl fcrt' <<i~e payme:~lt cif ta`rc t~Ir,t:a. and ~,'dH1;R)"C~`~; the'~i,~te shall b, a s~~neral c~'l,ligaLiar: of tl.d Lyis.liGt, u::atl to tt',e extern a7 .,t '1?iJii {I'OM the t:1Jtrs, :TIi.CJTT_l4'~ rC'vCllaO, C:3S" ri'.~Ct'1~t~, 2.nC Otlia ?'~e=fir;>:v5 Cf tFf: ~~SStr!Ci 1~1zdUf'Ll tll,° th.t l'`i"°}''!Z1C'IIt tl~r,L~f ~.}1$11 r?w t~lilt; Wl:l•1 1'1l;L'rUSt il1~:EUn tTUrll 3';ij Utlie.: %;Dltl.}'S C'i r~"!~' i)I}:l~.i ':aat°fzlllt' ~~t':~:la~lu til~efor. a;, re~.uirv~ "r,y ~~.~ ~;or. 5 8:>7 ~~f !>;e r~.~;t: ~sd 't7~7131:RIiA`y~ ttlz TMa~,~e sha1:1^, issusd au a sate ~c' ~~,~ d~`elrl,riz~i; grad. shall be. n Cllr f.ib:l. %'iCl t:?;.tCt:tN.C~ lit tilt; Tf'li:i~'.'3Ci ~l'f;`Ci't~;'i~ l.S). ta,ti )':t'gC!ll!ry0T5 8~. ''Y.d71;'1rCt~ }1V ,`i00i7C~tl '~,!~y> Ot tt1t' ;~~. is artd ~'liLk.[~.~, flat- l~istai~-t L';:argil :has fc~ur;d tlntl cl~ter:.l~*l;:.d :list paid ~;G,~Chil;i)00 t'A'd?:T7:iCiIT'~ Drir1011';al ~3:fall'+:Llt Uf "V'C'L, ''~;;Utl ::t~C;C~ tC tl3e l;lti„E'St t~^.}''~1,'1`' ~lrt'dlT?, t~0~'; ni?!. Fxc_e~d [,1~t~it'/-~VL' l}C:2C'tirl,? ~,'4.~'Ytit~ Of T~C <:~5t]171dtG't~ t1ITSC'illt OX t.T~ tiCiC"C~lif?i;[r_,iCi 23fititi~ 1L1i:(31Ti~?_ 1•°C-G~£t't)F ~1nC;llldlII~, 1711t tt!)i 1t'.'~.ITt~ i0. i'S;Vv11~.1f: .{I`Ur(! `it%iK~ E'y~l(~ ~GtiProl 1U~"~.'rS';t.3f'l:,t~}- C~sl? r~°.,^,t;i;ptS ,`:?.a~~ c)i:):~r lnvr~yC hit tl:e T.>t5*~1i~[ ,hhlt°.b ~~;tl'. be ,~t'fLild171t ?:?C Cll; r!~.~'t::I.CL't 01 tS;i :~eC)tb ai!':l :rltE:~;~1 illt'.d8i1i7; 3 Z~illi:.rE',(1 ~:s' ~£.Ctl;a^ .t.' ^~.`lk C!T t~lE: ~Ct;.~Slt~ G5~ 124 yy,;? ; %:ixiC:o IJ~_fir~~i .`;::nr,;-1 I)i4tr,cr S~ ;t E u7VT FIN,4NGIA~ :aTFr='EGIE° .~~ti'~'i 91 h 4nc 51 J9, Aug-31 -0« ? 1 :50A~,.~, F~ge ,s; u - ,~~~~=~ ii.m.~ r.~~ ,,~!; t1J1 ~~'~ CHICp L;hIFIEL ~ '- F• L +~ ;~03 (,~'9 ti~rNf'~.~~S. "f:~-e I3istrict ~o~,rd ha„e found and deterYninad t}7~at the \t~tc wi~l rzat l,e ia;tlfxl 'o #~ndcce a ~wc~rkirg capital .*e: et've anal will be exgcnded witl~i„rt the Lme -tet-iaii rt~~uirer s.~ grt;~~i:3ecj in the Incam~; 'I't~.~ Regulations of the t Tnitecl States Tre;ist:.rti; and Iti~tt,', THiR.E}rt~FFZF, tjle ~r.,~trd of L-;duca~cm oi~ the Ch;caa (nifit:d Sc:hc,ol l~is?risvt ht~rebv resoh~cs as f~l!ows: S~~icn 1. fuid~_. All ~+f the abe'~•e recitals arc trot: and corre~.:x and t~:e l3istrtct $~ard 3i~'l:id5 and ~ietermiues. Secti~~n_?. ??,ufi~~c,rizac~or ~}f issuance csf_Nate; Tetrnc_Therao~; YYa~vi~-=4~ent.. ~~1~e District ~?b~arti hex°i.~~y antha:i:res die borruwitY~~ iiam tae v4fisk of .~ amaunl nc,t t« exce,~:-~ S i :~,t)OC~,~4(7.~~~0 p.-inrtigal arno~ult. and the issu3stce Of a Note under Sections ~ 3SS0, ~_~~g., Of t}ie ~c:, t~ lie dr.*ed thtr Lute of delivery C`ierei7t; tc rndrsre ~w'ithau~, :,ptio>; o{ prior redartpti~~s~j anc ti ??ea:r i~tterecst ~t the .rate er rates a5 dct~ined in dctc;rd:inc~ 1~.~ith the Iss~ia.*ice F,~s~3ha.tc,rl tdefine~ci belt~wj. Su'~}ec-°. to Scticr~ ~ hereof, both rite pzin::~a}~al of and il~terest ~r tha'~~,te ~irt3li be payable ir. lav.~ful tltortey crf the Ur:ited States oz A.nt6-rica at the pr'~ncipal c,YixcF~ of .he Butte Cc>,,ut~' Treasure*%Ta~ C~~llector, (~ra~ille, C:alifotr~ia_ which. is h~rei?}~ pie:~il.;nae,~ blE this E3a:~a a~ ~~ie eat^,n~ age~~t fc~r tt.e mote ;;'he "Paving :~~ent",?. 'Section ~ i~~?rre_~f-ltio-e Thy: Note: sllali ]1e snLt~;rally ir. thU 2orm ~-td substance ,~t ie~rth is t~,x?ai?~it ~+. a~ached h:~ett~ tl[i bY.:ef~re:rc:~ incaxlro.ated herein; the blanks 4r. said f.,~in t~ ~ tie fiE`;t~cl in aitl: aTipropr_ate ~,~'aTds .gad 6g~tlres- ;~ti~~ny'- In~el~~sit of .oar; P.ocecdsL~i~ r1rh~a~~. -l-f,.a mono;,', ~;u barn»~c~; ~'_~all Lie ir~iaa'~y deposited i~t tl,e i're~sury of thw Caunrti' it a pruceed~ t",littt to rite cr4<iit ~1f thG 13u'_'~ L:c,~:rtt_,~ rJffice c,f ~:-dacutian and su~sequetuky ;,:edited to tt!e: ,~.ene.ai ~isnd of the TJisrrict coaernr~tl}~ wi'h tr.e deliverti' r?f ~~t~ Disc+c- ~Icta. Srsch ti~nds are tf~ be witll~~av,~rt ts~,ci cT exp~cred b~, trice l'3i5*~i t fcr ~~y pt.sr},ase. fcYr vrhich i* i~ au~~lot'tzed to invest ~~r expend htt~tls :~attt tine general ~~itrr of the P~isui6t, incltuiin~„ bur, nct :irz~ited to current exp~mses. capital ex,~~-nriil~tres ot• ~,Yle c~sita:•~e of any ab?igatit~a of indebtedness of` the D's~~irt. Until used ur eYpen{led, rite iZttuieys ;ray i,e, ix?vestf~,a ire ~inv~s~a.ent securities by the Couri~5r Treasurer. diiectl~'. rrr thrnc« an ir..vestrncnt 3greel~ttertt, ;n in~estrneats a~ p~mtted ~,y appl.ca.k~'.e Ca'ifar_zaa law. ;ind rne~tine 5t~ndarti ant? l'r~or's rtat a~:s Ser~rices ~~riteru fc~c invesnner_t~ or other investrnent~ appr~:,ved by Standard an~:i 1'os~r's Rats:tg Se~~-vices including, but :rot l.ianted ta, irtves*r-iterlt •~n the ~c7ca.1 agency Invc:.s`~^c~r Fund ~airta~.ned by thr Treasur~-r of the State of Califb5°nia. ll~e ~15171C:t hereltY L'OTi~t~iarit5 tl:~t It tit'lil make ne? use of rite l~raceeds of the I~'otc that wt,uid cause the Nate to be '`arl-,itcage bands" under Sec~tiatz 1~1P of the bode; and. to that. end ,~.~ ions as +he Nate ~.s cutstal-tdiz;g, {11e l~istl~ict, art3 al of its ci~ict'rs having c~s`.ody or control cf such r~*i,cNeds, shalt cc,snply with ail -equirt.tnents of {aj said sectic~n_ inciudinp restrictions an the use ar~.d invewtment of proceeds of ~,e tv:;te: arzd tl?G :ebatc of a pc~rtioR or irlves~nertt earriinps on ce°taira amc,unts. inclu~~Iirtg proceeds ~` ttie Note, if required, t~o the F~:dea-31 gcrvernn:en': ~~nti ,'ls i of-iite Income Tax Re~alatians of tl+e C;nited States T°easun~ promulgated tkteretlnc3er ar atly predQCassor pravnsi~ins, tt, the extent that such re~zlauors ,~, at the lime, appl:carte and !n c 7ect, su that tltt NOt~ will not be "art~i>7age oc~rds." Chico Ltuif ~:d S.,hon1 C)iar~ ice ~e'::. c}" !:::1`!1 riNFliVGiAL ~T~i, tCiIE~ ~'v~, >1i~3 4 `.~i^,G; A~~?-31 ~' i.E+'h~+1; Pa~;F .+`~. ;~~ u~+ 11 ~~ rat ;,3r~ hfll .,~ ~, 7~., ..~.,F ~.~. ~jU~: I ~~~; Secti;~x15 Pa ant of ~?o~c. fir?': S,;FLt ce t,t~_Y'a,~+tn~r'. •I'he prindipal azrAt~lznt c,i` t~r~=~ 'yore. tt~~t~hc:~r s~tsth thr~ ia~er~,t *.rz4:ecar., ~h,:ii ?~t pszyabie trozn ta?:ea, i.ticvme, rsv~~ sut_ c:3sn z'ecc~ipts, ~uc3 t~th~~r n~~><i~ys ~.dl1r:."}~ ,al c r~-:~:~'c:c3 by t~:x: I~'_str:Ct ;l.C:'.Ilk t1SCal j`.:21 ?J;.i4-~~~CJ'? :3i'td '7/hi~`i? srG 31'di12`~1C t~~~fc'tt;r "1~i~ Nclt{: stl<,11 he a ,;ene~rai ob'f~at~,on of the I?'utri::, an~~', tc the eaaerlt th~: bore ~:: ntrt paid cn~:r: t114 Pl~rlged Rc~rtirr¢e defined below, t}-:e :Vote shall. kre paid ~~~,:~ interest tY~etec+n fr-caz-r 'xny ctbe.r I"1~7?7£`.~+~~ a; the 1.7i~*r:et law'itally availak~le thereft~r, as pct}vgde~i h; rcen ~,nd by` lw.. ~; Fledved l~v~nue~. As s~~ciznty fir tl-Af" ~ zntyrat ~?f Vii; rind .al ~f aatd ir~tcrest. oE~ t'tr4. '`~attl> ~.he i~ist~ct t,ereb~= piedgrs ~~^ a~outtt egr:al t~~~ the Itiriac.ipa: at:-iciurt of the 'saiiz f~~;z~~ :t1t' '=l~'17i;SIY'!CIC'•d 54:~'~!':!L'C5 re~Ci'V~C~ 17y i.11C T~tSJ1Ct lel tom.. IS`tORti,S C'~(:*:.~t?~3t[:i~. 3.:y de~jr~Sit ~,c.i~~ `y ti; the Burr a.'f7dzsltL Superirltezldent ~~f Scar=~ol; ~t:.t= "Supcrntendent" gas ;^rrrvided n L~tr: '•e;t>!utj.c~t'~ i~UVl1fFr1':"tl£ Ll'1E~ iSSU8S1t.e t)f ti~1U' "1'1`~.r17`~` 1t1;B "1wi1~~7r16G [ZC;;(•t2"?~~71~'M, 171115 tlil .~.1?lt)UZri SJ~IrC:~Ilt tC> Pad ir,teres[ oa the 'vatw?, from urlre~ttictetl rewLttU~ re-~i~~ed by the S~aperintetl~~nt l~;u;a1 ]il~i~tf+~ i3..tTla)'~1',,it: r?e~lIl~ 118't'tlIYtll':c.7 c,.]1ed `~1~ "Piet`1,~,vCt 1~,GVt'L"ii'.:~",I. 1hE: tE17~1 `l1I':rGSt:l~t~!l 76V~';"i'..tPt~" sha11 'Iri8~321 t3X~S, 123C~1It5e, t'81'Bf11.3i:, Cd5}7 TB~u1~7t3. srd Qtli~:r 3"ltlll~~' Clf i}l~ 1.~t.SetlGt 3 ~y~r~wided i~ Seeciarl 5sti~~ of~ the Act, which arr. ialt~~~ rs ,cc~pts 'tc>r thz ~enerai f;u~d r,f~tl~ I)i;;trct and w-!Zi~~'.) ate ~enerall}' 4s;1i.13`.~ie tol rhte. pay~icut o{ C,1_SE°t1t e~perls+s ~.rtd o1:~r oblt~at~~?ns cr±' :hF.~ Pists~ict. .t.ht principal t~f tale Note anal the inte'r';~st tl~erei,r~ sht_l: be a first iiel> amid c:a~,~i a~airtst unct ~l-:,3.iI be pati'able fF'~~m tl,e, first ria: ,ey rt: ~rtve<i.1~~~ the TJisdict fsain such Pled~ec Re: eriues ~s prcnndcd by :aw, ~ the eve'vit tti:~c there a:e ,zls,:fficient uruestricted re~~enu~y r-~;cen~ed try Mlle I~l~1S?CC tU p~l-trur. tl,e t3eptrsit urzth the Col:_rlty t re~,lu~c^r of the fi;1i arnaurrt. of ?ledG~d kev~trues t:r be' d:rerusi~ed flacn uxlzestricted re~~enue~s iu a.:rronth, tdzer~ tha ts~tlvuret trf any r_iefi~.iency shall he: satisite,a anal zria_de up from any other ~~:aoaeys of tiie ~,5tzict [:awfully a~ra_la?/~1e i~.r: the rC):~dYll,c:nt ~~`t}:e `~.~0'.e ~iYCI tll~ intc:zest t[1~Tt~C`n. (Ci Cc,'tic'nal:t Reg_axclir!~ a,cld~iu:rai_I_',hcrrt_"INmz~t~+~}rr~~'•~n~~. :}tc l~lsu`i=:.t F~~iet~y' 4(i`J`~:1JLiT%5 ;3SItj '~VfiiTdlltS tl',at it 'Hill i:(:Ft. tt'C1lltrSt t~4t'. '~.Uliflty TT'C~S~'T~t','Z ~'i ~~'t7lE~L't4:Y7 (111 ~:'~C1? c`,,llr<ici}y, till "Gaunt}' T;c;asuer"j Ic cni:ke tetslpal~r}, trans`;ers cf. f:mds in the ~.~.tstc~t' o; tl:e Co1;,ret~, "i`reas~.ue: ter meet anv abl:€atio~s c,t~ the i.~lstri:t dra:aslb the 'ZOC~-%Ci"~S tsc~i year pursuant ra ~`"c.:~u.thorit~~ of A?'ticle ~' '1, Sc:ctiar ~, ~{ rho Cc,r:stitutian of the St~:e cf alifryrz~i~ Crl ~?y o±iler 1~g~1 authority. Iy D~.ost', n; ~~'1ea cci E?c=-°rnue, iri Rr,,a.v~i~~ttt i~;znd, Txz~ I):st?i~t 3 xall d,,r3tiit ir'le~~e~1 Kev~nues t1 he County trc~l:~~zr~y in ii speia' tu1Yd desi;~iated as. .}ie "Chic+~ [~z:i Teti Schap. l~israict 2rJ0~-'CGS 'l'ax and RE~vp9t;e Aa.racipatioar Nt,t~ [t.e~ .}Anent t'lznd," (huxeir~ c:~lled t?_e "12e~ayrzzent F`uztd"~ establishe~:i p4xsaratit ±o t~,c establi~:~ir~d ~ursrlant to the resclutieri c, kk:e Ccl~ztt~;~ Bow d arztharr~-:t~ th+~ rsuan~:: r?f t>e "x R:~Ns (the "Issu~ue Rcs~7[utton"} and apgrlic~d as ds::ct:;+;j ire ~~~ lssuancc Res~,lut~c,r.- r`eny~ ltxoneys p1a,t:d in tY1c Repaytnrzll l~ur;d sliali l;e f;.. :c: heri:L?: ~f tl-,s hoidens :~¢ the'~ote, a:ld '.lt1t!1 t}ie t~io~e: a:l+i ail i17tc:rest -hereca<~ a.. ~ aid c,r ut:ni prv~"1s:or. ras been rnade f©r tlae pay::t~r;'> c'~ t21~ I/ote ~* ma~at-.ty .~Tith inc~l~st t~~ ,.~1at,.LL;ty, tE.~ a5~~~120 i y'r~1. Chi ;-+ ~'auf:ert ;ii Yionl Uut-iC: a aF;~t 6s ~"~;i'!T rIld.4ivC~IAt- ~sTF.R`E3IE~ .NC; ~1~F 44~- F1 ,;S~; A~.-~1 :~ AD,.; r,~~e~ ~'i~c, __ _ ..,.„ ,~~ ~.~~ .v ~_tl:'.fJ l~_V.tLEU ~ li. 4!j~11 ~ (1~ rr~t~a~:y~s iz~ tti~. Rcpaym.ent futzct sh:Ll l~.e ~ippi~ed aril~~~ fs:~r Zti. Iiurl-,ose~~ f~}:- which tl-ic ~',.i~;a}'assert Fliucl i~ ;;ceatecl. (E) l.7isburs~ment ~f ~'lt+rz~ys r?cQoSi e~ ~~t_~ Trea~ur_.r. F~~sm the date tkii:9 ~,~'solurur: takes effect, ali Pledged R~:cJrn~~.es shad, evaet r~cea~Jed, be dt~asited in the R~~'?dy~IZt,wnt a~un+: to !,e he1~-1, invcstod and acc~tantetl for as providcc? herein. c;rfr7 5t.ch ,3a±e 3~~ the a:r~otua* of t~l~d~e~i Iie,~ennss d~pos~tt~d ~izt tvh,e i~.~a5'r,~~rt "r'zvtti ~>rlahl Pie 5~:;~xciPnt t~} pay i~ full the Isrr~Gil7:~l cf asid interest ~~n tlz~ I'r~~r~ 1z35ot~s' Tic}te, ~,~~t~.z usxc~, al~y coneys ii: cxc-ss ~f suc',-: ac~~iou;ts.. rez_~aaiiung zn or aucr~uing tta ~>be ~~aym~~t Ftuid sh~;l he tr:~ssferr~d Cv d'ie t~,ez~ra? PunE7 Elf tl";r= i.}?S217Ct L1pOT1 t}le. 2~8C1Uf:5t O~t}lG 1.}1St~C[. C7n the 2?I.atilr'it~f v.~.`t; ~1; ttl.e 1'F~'rn1SSOrir .°f (}t~c, tl'i.', mone~~s ua the Repayrne:lt l° and ;;ball tie used, 2L'~ t~.e extent ;necessary, t~~ pay tl~e principal o:~~?c± in'.erest on the Prosr,issarv Nc:~. in ac~uax~d2.nce witls ~,iovt".'21Li1CT1: Cope S~~c?inri 5:85". t3-,L Distnti~~ shad make up ~ny~ de~ci=22ey ji:ora n:1y other ztlon~~y ~t thy' b7isiTict ia~.uf311y a~aii ah1;~ #;sr t}'iG ~at'111E7T: C: the l'~Iti~m15S ~r1~ ~iiltr'. 37'•~i r~C, ~li~'*t"'St tlserc:+?n. r_~BCtlt7u t1_, ~x~Ct]GO~ '3~ ~~l}t~. rt:I•.°?E I~!"t':1.~:1:[I`~I'. OI "~~ii~,RatL:d 4j;'1321rb' tl7?7'i,',OF, 1S 1iCrt;ti`f' ,~u~~iorived to s:,n th= :".ole tr~az~u~ly ~}r by facsimile 5i~r',:~,tU.r~, ~~Y.., ~:~lerk of the District B~~ar~ct (~?~ "C'lezk"1 to countersi~ the Natesally or by facs~~rrlt~: si~at,.~~a; ..<ss;d said officers t~> ~us~ :~~4 blank spaces *;:~ere:,f tt} be fit ed .~ as mph' b;: aparopriate. SecUo.s r. Geneca_. AL ac at~s lieFCtotoze rakcri by t;:c ofiic~s and agents c t!-t~ :stri. c Board with rs.5pc' t~ the Nu-~ urw lle~el;~y appmve:i_ c7ss:~21~1~ anal ratified, a.~d tha t:ffiz_~.-r<: ;~t~ the Dis~ict $oard ~r~ hereb~~ auChnrizecl and direct:~d icy ~9c~ ;any and ail tlun.~rs and take. any ~d all awtir~sls tivhich th~.y, or an•~ of f~esst, Ina}~ dt:ertl slescessary or ad-Vi~~able it orc.er t~~ aati~~uF;mate the lawful issua~lt:e di1~ ,-3~.liver~~ nf'tae l~Tcte in acc~csrdatace with .dill l~esolutir,r.. ecuon b. kur+,}ier Actions A~stho7acsi. It is here"~} covE~,ante~d that the District ~ic~ard. and i NS appropriate officials. ha~,•~e duly ta;:;wn a:.l ?xoccedin~> ni:;.~~>sary" to ~~e ?akert by thetas, ar~~i -ill taka arty additional lamcec~ii~n~s n~:csssary to b~: talten b~, than. ~~r the lez'y, cc~ilect-io~. and znt~}rc~nient of tli~ secured propznY t~..~.;;, piedg~d under tyus i~.e~;oluti.~r, in a4col,ianc:~ wtt~h the law ~+1 tsar crrrti~in~ out the provisions ~~fi)riis Besr7ltzti~~.;i azsc :13a hsuatl::e li~salt:-tiou. UeCtiori`~. (;~}venants. `I'h~ Uttiliict Buarfl turd its i:~l*'u;tr; a~e,nts anti F.:mj}it:~`r"i: ltt~eby. ec~dcnan: to rompl~' wah rase liens of tls Resclt~rion and the Issuant:c R.4soi~tion. Scctiota ~0. ='ransmittal af_R_e: e_?l•slien. The CYerk is ~~reby direrred tc :5enr, ~ e~.rrilieu cc}py of this Rr~sc~~trr tc, thr~ Ccs~lrtC~~~ l3c,rrd, the Tr°asurer ;mod the C~a~sntY ~~aperint:,nde!;t ,,1 5a.haois. PA'~S~.D A-IvI? AI7t7P lED bar >lie Board of Educat~;r. ai the Chi~~ LTr>afi~d St?h~~ui District fllis l ~sth da;; c~fAu,,;ust, ?U~4, by tFe fo?lotivingrote. aY~S: Anderson, lxub4r, ;l' L:_~vir., ~~.~e:a . Gi3tt s NCl1=:ti: ;tic~re A13 5 E Td'I: .~: owe rhi,o t)i~sfiPd 5~;~~~i ~~iiritl c 'r ~~~ r r c ~ c;s' -~' f ~ F ,~-,t E~': +aJ`v', ICJ. ~1:;:,. _ 3 F+A~-E_11"E-.. .~d~.,; .~i~ an ,~~~ ~a )~ ~ ~b.~, ,'i; ~-~t~~: ., _ ~,,~..:3I ~.,i ~~. '?t ~'~;; 3su '}91 't) C'iTr:~~ I:'~S~=Ti:D _..:'. ' ,.,t, ~ r:,c 6 ~_ -s.:. ~._------ - - 1'resif~c~~~i, F3c~ard of rduca^ir: Chico i?ruf~cd ~chc~ol ,~isltict .~2' c;~""'"~ /' r.)i. ~3++7CC ~iilW'[D,._Jk'~G7e'L:~' i~;~t1i~ Boa."~ 4~ ~',t7,'it:,3C:~Il. ~ELty~ `ii1~18(~ SC}r0o1 I.J1~`TiCt i,56I~0,: N~~' Ch~cn F:-kiard ~cki0r,1 I)l~t~-rt S~•;t ~~, uu;+T ~%N4Nti~iAL. TF~~"`FCa-CE~ "NC. 9!~ ~=4~ ~1~".~ .. ~ ....., o rta .. , 7~~ ~ .Rii. _~ L IF'IE% _ .I~. sa ~,.1: r)i V C1~1~~ Li?~!LFIl11~ ~~:~C}t}L T}IST;~..IC"~" (>l3tiTTE CC)U'.'e I'S', Ct+~][,Il~Y)~t~i~e.l 2~9~-?UOf~ TAB: A:til} k.F~%F.'~iE~~: ~N~"I~;iF'~TIf_l;~ h'~3 i"T Data I c;losirz~ d~trl ~' ..~__.._ w~ rfjR VAL.i.,`~~ RECEI~V~;I~), CH !±~ O L~_ti il'IF.~ S~tIf1~0I_ ItI~TRlCT', ~~.arte S::C~untZ', .°,t;~~E~ ;;1 ialiiarni~ (t13~ '`Disiricf"; ackrrc~Frlad~es itself inaebteci, altd pr~~m)~e.s tc ~a~~. to ,~r4 L~utt~ n~uit"r l3rard of ~cluc~tiut~ {*h~ "'FLR`?E"j. :~t tl~e tlf`itr~ of *_~.e, 9 r4,~~;r~-er snci ~'ax ~"cllect«r :~f tare C:o~~r::y rya 1_~u'te, the p;ir.cipal s~rs~. uY llst}I~I~Cad'4I''I} St~M) L^. ]awful m~~ne.~- ~,f tlae ~,~niteci eta*es ,: t Arsr~i~a~ on ~,~ui~ date; to{;ether wrt~'~ interest tr•~e~ean a the rats o f der irult!sn, iu il:e la~.~.'fu] nLune~• ~3• }le t7tzited Sa~.es oz ~l:rir?it~a fr.,n) the ~I.rte fa~=ter~f untyl payznart in f=ail of`said r rinc;ip~l sum. It is hereby c~rtt2'~atl, recited ~:.rrd clec;ared !ha! trx; `•:c)tc ; ir,:~•de, exceute4 :~:~d ~i'S'e~ pursuit tr.~ the provasc~rs cf a rr,aivi:~,r~ ~~~ tie hoard of :~)rp~Pw'iso~ ;the "~3,xw,rd~`j or k?urt;: ~~ Oi:~t}t ~t}lE' •`Ct3'.Ll7.Ly") d1iV Ps.+_«~L~ Frtlif 3tjc}li%L'4 OTi ~C'J't, 1Tlti 3?'CGilliltl() ~i the 3~14t"1i:F duly passed and adapte:~i on , 2.6Cr~ under and ~~,}• autFiarrt~ cf :article ~?.b (c~rnm>'ncing v.it}I sectac~trt 5385'J~ of Cha.gt~r ~^-. ~~ 1, D;visic+n 2, "i";tle ~, of tlce Calirrr~7ia G~~r%e:nrn~nt Cade, azx? that aii uordit~arrs, tl~~~tbs and ac'.s *~c;ur:.d to exis., ll~.ppen ar-d be pe~ornctl ~recc.d~t ;~• an:l rn the issiu~nce oi' +his Note exist, havz l:_,~penesj anci have beer: par~tortrr:d in re~aiar arzd d;:e time, t'o:-m a: td ruacmer as xec;uireti by Iaw, a:ad that thin dote, tv)~e'd_.er ~~itit =1l ether ind~;l)ted~ss a~13 obli~~,;c:rs of the Ltlstr-ct, does er}t ex.~e~:tt ar)y limit ~rescri~~e:~ b~• tt~.-~ tbn5iTtcltto.:~ c7: sta:ute4 cl* cite StW~:e, of Cal:iortua. tic pri~i~:ipa1 r-rriJU-tt z~i th4 'rotes, 'c~gEtk'aer with '~.e interest ths;:ean. shall be payable vt1~}' j:I~:TC: tr1.X4'S, rLY4'!114~ asd Other dI'~~.)IIi•"1~ Lha[ >3re reCCi'y~ I~y ~.~:(` I)ls~tat ~Llritr~ f35Cd1 V~~«r ?CtJr -.?:'1(-'. ~~s s~urity Iox i~,e ~aynzeriT ~~f ctle ptinez ~1 of ~.'~d intc~e~t crt u.e'~tiot~~;, the '.~};sect has piad~ed Y.hc first "unrestrictc~3 re4~:ue.~",. a.5 he~~.nnairtvr c3efin.~: (a} in an amp>~:nt e:~lu:~ ++a ryir~reTlt (°4,) of the I?nncipaJ aznoL:nt at tr-e's;at~s frarr '11e unzestricte:d re\'eTiues received by the I}i4~tzic! in r,~~e, n)ont]-. e:n~3zng , 2+J~ . h} ir1 a:~ amo~~nt equal ~:o ~erc{,nr_ (".,} car the p~rincip~; aa~ouni i3f th4l~Iste,; frs:..m the w~.~es~ic~.~d revenues rec~ia°et': n~;' he i~istriia ~in t?re month endr~~ , .:~T' , ~C,l IC7 an aril+lLr[it CL]L1~ to ~.'C'L:;CDt ~~fa) r-~t Lh+w° I7r7:'1Cx.~7~ e?r:'1QG3r.t C~ ~e ,tiOICS frCr! t`tt; ~:~Et°esY~twted r~e•ventt:s t•eceived ~y t'~~e ?';istri~:# in thy- ra~xtth euc',inh : ~~tail , an; {d? in ao arr~nunt b5E".v 1 (9~"-'! t:'hiccUiii4cd S:h~~o L?irn~rt ~i cy GQV i FTR'u,P!~;lii.l. 5Tf'~'~`r~~rE~: _~y ~t i 14~~ ~? ~~; F:u~ 31 -O~t ? .r.:.~,~9; -gig? 3, ,_ _. _~ ~ ~ .~a~ am.t 'u t.ii ~,'U C!`.1F': D ~.IJ. ~ ~ ~~~,=al to p~rc~nt ;~%1 ~f the pnr.cipa a.~nount u£ tre :`.vt~s, plug; d~ ar:~.~i:nt s~zffi~~i~.~t r:;~ pav lr,Cer~i,' oa the :hates, fccm tmrestrirtr d -e~. ~r~.iLs recLive:d b}' ':he I)isrric' in the rn:}n:tt es~d-nr . 2Q0 t;u~.h pledger? fx„~~4z;-:ts F%~rcg nereir.z.fl~r t:a~.ilec3 tl~r~ '`Ple:.j~.'•~ Drsir:cf itk:~rctit~~~"). ,utci Ci~r I~tincip:t3 :}f the?`~IJtes std the inu~r'zst ;herran :~~li a~rastirute a T±r~ lie: ~r:d chaYge agat."st atl~~1 Thai] bz payable from tine first ir~ton;:-y reeeved bar the Uistricc, fr~o.~t. su,h I'edgec IUist_ict. h~evenues, artd to t}te extent aot so pad shall bye }.maid fmr~~ ang, ether m,~nrys of +he I~ist?.ic.t law~liillY available ther:,f~r. `l ~~ ex-rn `"a:~7re3~icted re~~enues" shall mean taxes, in:,o~ne, :ev~:.nue ~~i~i at~~; moneys int~.aded as recaihts ictr the general f«a3 ofthe G~~.e ar.d wliiC~ are generally available. for {h~ p~}~nrat ref curr~t expenses and ot4er obli at:uns of ~e Office. l`~' WIZ"`+ISS V4~1-IERF.tJF, the E3~~rur:? n# Supcrc~ssc;r:, cf pruttc C:ou:ity. (~'alifornia ?less causr.,r. this Nota to be issaec i:t the r'.an~e t~f the Ccf€t12:v arid. t=~ be executed l~v *L~ manual or d~'.yiTI11lL' S1~naTtt:~ 4~t~'!L' ~'I"BaSll~''i,'_-TuK CuliaCLC~r aI7~. !^,t~t',I1tC'.TS?_^~,TI":t~ ~ty triC t~28Il~:-c'~ '7~ ta~:~Srnlle~ si~,~a.ture of r},e C',4rk ~~f the Bcpard, all ;~ of ih+' I.wue ;~at:~ :,toted ab~~ti e. CtatT?~~;E"Y ~~;F' ~C'T"~'~. C'CaL':"~"T~Z~ Ei j _-_-- ___ -.--- -- i}ic~ Pueli;;her, Tr.=astut~r-~i ax Collector -- f~'lerk c~f ~~e Svat`d of S~a~Eni~~.;~r .'~~,ctx't'lf~~lt~ezl '~y. t/LfIC'A) t"\Il~'IE;I}'~C130()L I)I~'TItIC'I' <'~~ lj }~ ~' L7r. Scott: rou~-r~. S,.rperintc~.~~irrst 05610.1 ~3?3'~. I '~'hico 1.-'r,3:~~d 5ct~ooi ~ris:n~~ =t;''7'~ Ey' a^V' F-'i;r~,'VGA,i.. •a'FF,"y~.a7FS P,JC, ~1~ 44~- 5?:a~ h'g-~?~.~~ i:64h~:1; Fage ~~G .. ,.~, .~ .:a rn.~ ~a~, nay ~~~ ~_~1Ch [:'~~IELz '9.D ~'Jti<a (.ii~S' t'crt~Eiec C(~~+y :~z Reso}uti~l to d~;,ted ar, A~sgust I S, ~ U~J4 I, I~tI'. 5cc~tt iiI~,~~.;1, r;t,7c-~)y -^; riii~r :?)ar I am tle ~upe;iditendt:-ri urlc ~;ec~etary oi' the 1.~~1a1 (~ US }~'_~UC&xii)Il ;<<'," t.}le' ~.; Ild (r() i ~Illti t;~ Stir}:,~JI u:8trt'~t ~Y,l:t< "~l~a.I~C?•>~), :i4'[1t,~C)1 t11.5L:"3Ct. !?ft dIld1"'G f1I~~~ r:°{?5?lYte; ~ T.,~'c, d~ i~ };1'~ 4': rrL'c: C~~ t}i~• ~-t?I13i"d?li[1CC~ ilil:j }Gl~ S ll~tt'1~ '7id'.~ Or i~(i:dIUY7_.1~+ isc~ I~'ra:'.~~ su,:h ~ a,?~ au:`-c;~rizee? t,; ere•,;r~ce t~~is Cert~acd±e an r-c~r'sait~o': ±h~ Tom: ~'r :.?.. ~~..'1~..:+°~'"v' iUIY~lf:'[ ~~I't.f'v' r~.dt at1,C~dC'C I:eXeCO 1: a Ct1`I?~)izr¢ i:U~}' ~`~:I P~.S'_llS:~'.i7I; 4V1;1t°}i '~':_ duly. a~9.ot~ted r,y~ titrie ~~arct c,~~ ~"~:ut;,a~:,~n of the ?~ist(~ct ~` a 1~e~hrsg ~c~rc~~f ~x'hsckt wa_~: ~~1.~•y, ~:;:3y~f:t~i 3,7~~ i'!Y~I:~ ivTt a'"yd.i~'.d5'. ~ ~. )()U~. dTl~ ~C S12C:1 I;ZE'C'~'_Iik? ~. t.~'YiJi'Ei.~ld ~'i:I~ }.3T~S"(?Ti~ i3d!i~ 'rnGtl~Zt', t.})1'~ld~',;ltl'.11., ?1YYd'j ri:~.l.iil.%~ TC$I:,i'~i((;T.1 }!<.:~ IlU' C7C:C'f1 z.IT16:^'s1Ci~, 17101^~d`li:,i~ ~:f LCSLICICaci~ S1I1GC d}Z'::}',3?~ ;,f.~ot)tion ad1(' i-, dd;.~~1; cr, 1`,r.i fire a(l~.l ~E2e~~ti. } ri Pe~t~v.• .'•h id~l~.`.i• i?iy "„~a.r`F. C~-i1C::~ tt!~ i~ I:Et) ~C'~Ut7L U] S i t?~I~~ I P"I" :7r. r~~:r)tt Brown, Su~aerdntclid~lit n5rs;''1! 1 i~;;3, Ck~[cU t[alied `+chL~01 C)~sLtc.