1. Like a Home Mortgage Refinancing:

2. Issued to construct HS 2004 Bonds (mature 2013 – 2029) 4.8% average interest rate 2029 2013 Call Date - 2014 2004 Bonds paid off in 2013 ESCROW FUND To pay principal on 2004 Bonds and interest to Call Date Issued to refinance 2004 Bonds 2013 Refunding Bonds (mature 2013 – 2029) 3.1 % average interest rate 2013 2029 Paid from Lease Payments

3. School Board meeting to authorize refinancing, establish savings parameters & hire professionals Building Corporation meeting to authorize refinancing, establish savings parameters & hire professionals March 11 Bond Counsel prepares financing documents & Financial Advisor prepares offering document March 12- 22 Rating Agency Process March 25 – April 4 Underwriter markets Refunding Bonds; Purchase Contract Executed April 9 - 16 School Board meeting to approve financing documents Building Corporation meeting to approve financing documents April 8 Closing on the Bonds May 1

4. General Obligation Bonds Lease (Building Corporation) Bonds Cash – Capital Projects Funds FUNDING SOURCES:

5. issues Bonds does work Renovates Building Bonds subject to constitutional debt limitation True Tax Value / 3 X 2% = debt limitation Example: $900,000,000 / 3 X 2% = $6,000,000 School Corporation

6. School Board meeting to hold Project Hearing & Adopt Preliminary Bond Resolution May 2 June 25 School Board meeting to hold Additional Appropriation Hearing and Adopt Final Bond Resolution May 13 June 6 & 13 Closing on the Bonds July 16 Publish Notice of Additional Appropriation Hearing Publish Notice of Project Hearing Bond Sale Publish Notice of Intent to Sell Bonds May 23 & 30 June 10

7. issues Bonds does work Renovates Building Bond Holders Lease payments

8. School Board meeting to hold Project Hearing & Approve Form of Amendment to Lease May 2 June 10-18 School Board meeting to hold Hearing on Amendment to Lease May 13 June13 Closing on the Bonds July 9 Publish Notice of Hearing on Amendment to Lease (30 day notice) Publish Notice of Project Hearing (10 day notice) Market Bonds -- Bond Sale May 13 – June 10 June 10 Building Corporation meeting to Approve Form of Amendment to Lease Building Corporation meeting to Approve Supplemental Trust Indenture Execute Amendment to Lease -- Publish Notice of Execution May 9 May 13 Circulate Patrons Petition June 10