RESOLUTION DETERMINING TO PROCEED WITH AN ISSUE

OF BONDS IN THE AMOUNT OF $80,710,000 AND CERTIFYING

THE SAME TO THE BOARD OF ELECTIONS

(Ohio Revised Code Section 133.18)

WHEREAS, the Board passed a resolution (the “Resolution of Necessity”) at its meeting on June 22, 2026, declaring that it is necessary to issue bonds in the amount of $80,710,000 (the “Bonds”) for the purpose of constructing school facilities and renovating, repairing, expanding, improving, and constructing additions to school facilities; furnishing and equipping the same; improving the sites thereof; and acquiring real estate and interests therein, and that it is necessary that a tax be annually levied on all the taxable property in the School District outside of the ten-mill limitation to meet the debt charges on the Bonds and any securities issued in anticipation thereof; and

WHEREAS, the County Auditor of Licking County, Ohio (the “County Auditor”) has certified to the Board that, based on the School District’s current total taxable value of $1,524,517,373, an estimated average annual property tax levy of 2.87 mills for each $1 of taxable value, which amounts to $100 for each $100,000 of the “county auditor’s market value” (as defined in Ohio Revised Code Section 5705.01(P)), will be required to pay the principal of and interest on the Bonds over 35 years, which is the maximum maturity of the Bonds;

NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Southwest Licking Local School District, Licking and Fairfield Counties, Ohio, a majority of all of the members thereof concurring, that:

Section 1.     The Board hereby determines that it is necessary to proceed with submitting the question of the issuance of the Bonds, in the amount and for the purpose described in the preambles to this Resolution, to the electors of the School District pursuant to and as authorized by Ohio Revised Code Section 133.18, and to levy, outside of the ten-mill limitation provided by law, an annual tax on all the taxable property in the entire territory of the School District (the “Bond Levy”) to pay debt charges on the Bonds and any securities issued in anticipation thereof.

Section 2.     The Bonds shall be dated approximately December 1, 2026; shall have an estimated net average rate of interest of 5.00% per annum; and shall have the principal be paid over a maximum period not to exceed 35 years, as calculated under Ohio Revised Code Chapter 133.  The Bond Levy shall be an additional levy in effect upon the entire territory of the School District and will include a levy on the tax list and duplicate for the 2026 tax year (commencing in 2026, first due in calendar year 2027), if approved by a majority of the electors voting thereon.

Section 3.     The question of issuing the Bonds shall be submitted to all of the electors in the entire territory of the School District at the election to be held on November 3, 2026.  All of the territory of the School District is located in Licking and Fairfield Counties, Ohio.

Section 4.     The form of the ballot to be used at said election shall be substantially as follows (subject to any changes from the Licking County Board of Elections and/or the Ohio Secretary of State):

AFFIRMATIVE VOTE IS NECESSARY FOR PASSAGE

Shall bonds be issued by the Southwest Licking Local School District for the purpose of constructing school facilities and renovating, repairing, expanding, improving, and constructing additions to school facilities; furnishing and equipping the same; improving the sites thereof; and acquiring real estate and interests therein in the principal amount of $80,710,000, to be repaid annually over a maximum period of 35 years, and an annual levy of property taxes be made outside the ten-mill limitation, estimated by the county auditor to average over the repayment period of the bond issue 2.87 mills for each $1 of taxable value, which amounts to $100 for each $100,000 of the county auditor’s market value, commencing in 2026, first due in calendar year 2027, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds?

>> FOR THE BOND ISSUE

>> AGAINST THE BOND ISSUE

Section 5.     The Treasurer of the Board is hereby directed to immediately certify, not later than July 28, 2026 (which date is not less than 90 days prior to the Election Date), to the Board of Elections of Licking County, Ohio, a copy of the Resolution of Necessity and a copy of this Resolution together with the certificate of the County Auditor certifying the current total taxable value of the School District and the annual property tax levy, expressed in mills for each $1 of taxable value as well as in dollars for each $100,000 of the county auditor’s market value, that will be required to pay the debt charges on the Bonds over the maximum maturity of the Bonds.

Section 6.     It is hereby found and determined that all formal actions of this Board concerning and relating to the passage of this Resolution were taken in an open meeting of this Board, and that all deliberations of this Board and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements, including Ohio Revised Code Section 121.22.