RESOLUTION NO.  2006-08

A RESOLUTION OF Ashland SCHOOL DISTRICT NO. 5, jackson COUNTY, OREGON, CALLING A MEASURE ELECTION TO SUBMIT TO THE ELECTORS OF THE DISTRICT THE QUESTION OF CONTRACTING GENERAL OBLIGATION BONDED INDEBTEDNESS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,800,000 TO FINANCE THE COSTS OF CAPITAL CONSTRUCTION AND CAPITAL IMPROVEMENTS; DECLARING INTENT TO REIMBURSE EXPENDITURES; AND RELATED MATTERS.

WHEREAS, the Board of Directors of Ashland School District No. 5, Jackson County, Oregon (the “District”), has determined that a need exists for the District to finance the costs of capital construction and improvements, as more fully described in Exhibit A attached hereto, and pay bond issuance costs.

WHEREAS, the costs of the Project are estimated to be not more than $46,800,000; and

WHEREAS, ORS 328.205, as amended (the “Act”), subject to voter approval, authorizes the District to contract bonded indebtedness to provide funds to finance the costs of the Project and to pay bond issuance costs; and

WHEREAS, the District anticipates incurring expenditures (the “Expenditures”) to finance the costs of the Project and wishes to declare its official intent to reimburse itself for any Expenditures it may make from its general funds on the Project from the proceeds of voter-approved general obligation bonds (the “Bonds”), the interest on which shall be excluded from gross income under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”); and

WHEREAS, the District understands that the use of proceeds of the Bonds to reimburse an Expenditure may occur no later than the later of (a) 18 months after the date of such Expenditure or (b) 18 months after completion of the projects to which such Expenditure relates, and in any event no later than three years after the date of such Expenditure; and may occur no earlier than sixty (60) days prior to the date of the adoption of this resolution; except for preliminary expenditures in an amount not exceeding 20% of the Bond proceeds or expenditures which do not exceed the lesser of $100,000 or 5 percent of the Bond proceeds.  Preliminary expenditures include:  architectural, engineering, surveying, soil testing and similar costs incurred prior to commencement of acquisition, construction or rehabilitation of the projects, other than land acquisition, site preparation and similar costs incident to commencement of construction;

NOW, THEREFORE, the Board of Directors of Ashland School District No. 5, Jackson County, Oregon, resolves as follows:

1. A measure election is hereby called for the purpose of submitting to the electors of the District the question of contracting general obligation bonded indebtedness in the name of the District in an amount not to exceed $46,800,000.  Bond proceeds will be used to finance the Project and pay all Bond issuance costs.  The Bonds shall mature over a period of not more than twelve (12) years from the date of issue and may be issued in one or more series.

2. The measure election hereby called shall be held in the District on the 7th day of November, 2006.  As authorized by the County Clerk of Jackson County, Oregon, and the Oregon Secretary of State, the election shall be conducted by mail pursuant to ORS 254.465 and 254.470.

3. The District authorizes the Superintendent (the “Authorized Representative”) or his/her designee to submit the final ballot title and explanatory statement and to take such further action as is necessary to carry out the intent and purposes herein in compliance with the applicable provisions of law.

4. The Authorized Representative shall cause to be delivered to the Election Officer of Jackson County, Oregon (the “Election Officer”), a Notice of Bond Election (the “Notice”) in substantially the form of, attached hereto as Exhibit A, which shall be approved and filed by the Authorized Representative of the District, not later than September 7, 2006, (sixty-one (61) days prior to the election date).

5. The District hereby declares its official intent to reimburse itself with the proceeds of the Bonds for any of the Expenditures incurred by it prior to the issuance of the Bonds.

6. The law firm of Preston Gates & Ellis LLP, is hereby appointed to serve as bond counsel with respect to the issuance of the Bonds.  The District will pay the fees and expenses of bond counsel from Bond proceeds.

ADOPTED by the Board of Directors of Ashland School District No. 5, Jackson County, Oregon this 14th day of August, 2006.

ashland SCHOOL DISTRICT NO. 5
jackson COUNTy, OREGON

By:  _____________________________

Chair, Board of Directors

ATTEST:

By:  _____________________________

Superintendent/District Clerk

EXHIBIT A

NOTICE OF BOND ELECTION

Ashland SCHOOL DISTRICT NO. 5
Jackson COUNTY, OREGON

NOTICE IS HEREBY GIVEN that on November 7, 2006.  A measure election will be held in Jackson County, Oregon.  The following shall be the ballot title of the measure to be submitted to the district’s voters on this date:

CAPTION:

ASHLAND SCHOOL DISTRICT NO. 5

GENERAL OBLIGATION BOND AUTHORIZATION

QUESTION:

Shall Ashland School District No. 5 be authorized to issue general obligation bonds not exceeding $46,800,000?  If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.

SUMMARY:

Passage of this measure would provide funds for capital construction and improvements and bond costs.  Specifically, this measure would finance:

• Constructing, equipping and furnishing a rebuilt elementary school and related site costs at Bellview.
• Continuing constructing, equipping and furnishing High School improvements including completing the Visual & Performing Arts Complex, upgrading Physical Education facilities, and providing an Integrated Student Counseling Center.
• Upgrades at other schools including constructing, equipping and furnishing a new gym at Helman, enhance libraries at Walker and Helman, cafeteria improvements at Ashland Middle School, and allowance to help restore the barn at Willow Wind Community Learning Center.
• Infrastructure improvements at all facilities including technology, lighting, PCP removal, fire alarm and exit systems, heating and air conditioning, roof and structural, and handicapped accessibility.
• Pay bond costs.

The Bonds would mature in twelve (12) years or less from the date of issue and may be issued in one or more series.

The following authorized District Election Authority hereby certifies the above ballot title is true and complete.

______________________________________________               

Signature of authorized District Election Authority

_______________________
Date signed

______________________________________________               

Printed name of authorized District Election Authority 

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