1. General Obligation Bond Presentation December 14, 2010

2. Measure J Successful On November 2, voters approved Measure J, authorizing the issuance of $35.4 million in General Obligation Bonds (“GO Bonds”) to fund improvements to the schools of Jefferson School District (“School District”). Page 2 Measure JVotesPercentage Yes2,35467.26% No1,14632.74% Total3,500100.00% Bond Election Result Note: Under Proposition 39, only 55 percent voter approval is required

3. In the next few months, the Board of Education will be asked to approve a series of resolutions related to the passage of Measure J: Next Steps – Legal Page 3 Resolution Confirming Results of Election January Resolution Allowing for Reimbursement of Expenditures Prior to Issuance of Bonds January Formation of Citizens’ Oversight Committee March

4. The School District will need to identify the priority of projects and identify what improvements at each school will be in the first phase of construction. Next Steps – Planning Input from School Sites / Community Meetings 1 st Quarter 2011 Board Study Sessions TBD Construction Delivery Methods January Construction Management RFP/RFQ 1 st Quarter 2011

5. The Financing Team will be working to issue the first series of GO Bonds authorized by Measure J in the first half of 2011 to provide funding for the planning and construction of the first phase of facilities improvements. Next Steps – Financing Page 5 Qualified School Construction Bonds Allocation Results December-January GO Bond Financing Structure 1 st Quarter 2011 Resolution Authorizing Issuance of Debt March GO Bond Ratings Trip TBD Issuance of GO Bonds & Receipt of Proceeds 2 nd Quarter 2011

6. Questions and Answers Page 6