October 3, 2023 at 5:30 PM - Special School Board Meeting

RESOLUTION PROVIDING FOR REDEMPTION

BE IT RESOLVED by the School Board of McKenzie County Public School District No. 1 of McKenzie County, North Dakota (the "School District"), as follows:

RECITALS:

A. The School District issued $5,830,000 Refunding Certificates of Indebtedness, Series 2021, dated February 4, 2021 (the "Series 2021 Certificates"), which Series 2021 Certificates are subject to redemption on August 1, 2027, and of which the 2028 through 2032 maturities total $2,805,000, plus interest attributable to the called maturities.

NOW, THEREFORE, the School Board of the School District hereby resolves as follows:

1. The School District, having sufficient cash available, now desires to: (i) defease the 2028 - 2032 maturities of the Series 2021 Certificates, and (ii) redeem the Series 2013 Bonds.

2. It being advantageous to the School District, the School District shall proceed to deposit in escrow sufficient funds for the purposes set forth herein.

3. The School District shall deposit such sums as determined necessary in escrow pursuant to the terms and conditions of the escrow agreement to be dated on or about October 1, 2023, between the School District and U.S. Bank National Association, St. Paul, Minnesota, which is hereby appointed the Escrow Agent of the School District for the Series 2021 Certificates.

4. The Business Manager is directed to prepare or cause to be prepared  an Escrow Agreement for the Series 2021 Certificates consistent with the direction herein set forth, and the President and Business Manager are directed to execute the same.

Dated: October __, 2023.

MCKENZIE COUNTY PUBLIC SCHOOL DISTRICT NO. 1 Attest:

_____________________________________ _________________

President, Board of Education Business Manager

The governing body of the District acted on the foregoing resolution at a properly noticed meeting held in Watford City, North Dakota, on ___________, 2023 with the motion for adoption made by ____________ and seconded by ___________, and the roll call vote on the motion was as follows:

"Aye" ________________________________________________________________________

"Nay" ________________________________________________________________________

Absent ____________________________________________________________________