Common use of Incurring Debt Clause in Contracts

Incurring Debt. The Superintendent shall provide early notice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTED: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 2020

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the BoardBoard of Education, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15August 13, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202018

Incurring Debt. The Superintendent shall provide early notice earlynotice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposestaxpurposes, or which enable the District or bond holder to receive other federal tax benefitstaxbenefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract maycontract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTED: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 2020

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 20205/16/2018 9:28:04 AM CUSD 7 (Tolono)

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTED: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 2020:

Incurring Debt. The Superintendent shall provide early notice earlynotice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposestaxpurposes, or which enable the District or bond holder to receive other federal tax benefitstaxbenefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15October 16, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202018

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15August 7, 2003 RE2019 Danville CCSD 118 4:42 Preparing and Updating Disclosures Pursuant to the District's responsibilities under the securities laws, including its continuing disclosure undertakings (the "Undertakings") under Rule 15c2-ADOPTED: December 1412 of the Securities Exchange Act of 1934, 2009; February 24as amended, 2020and the Securities and Exchange Commission's statements in enforcement actions, it is necessary and in the best interest of the District that the District's (i)preliminary and final official statements or offering circulars and any supplements or amendments thereto (collectively, the "Official Statements"), disseminated by the District in connection with any bonds, notes, certificates or other obligations, (ii)Annual Financial Information, as required by and defined in the Undertakings (the "Annual Financial Information") to be filed with the Municipal Securities Rulemaking Board's ("MSRB") Electronic Municipal Market Access ("EMMA") system, and (iii)notices of Material Events or Reportable Events, each as defined in the Undertakings, and any other required or voluntary disclosures to XXXX (each, an "XXXX Xxxxxx") comply in all material respects with the federal securities laws. Further, it is necessary and in the best interest of the District that the District adopt policies and procedures to enable the District to create accurate disclosures with respect to its (i)Official Statements, (ii)Annual Financial Information, and (iii)EMMA Notices. Official Statements, Annual Financial Information and EMMA Notices are collectively referred to herein as the "Disclosures." In response to these interests, the District hereby adopts the following policies and procedures (the "Disclosure Policy"):

Incurring Debt. The Superintendent shall provide early notice earlynotice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposestaxpurposes, or which enable the District or bond holder to receive other federal tax benefitstaxbenefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract maycontract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15January 16, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202019 Schiller Park SD 81

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15May 16, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202018 CUSD 7 (Tolono)

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s 's issuance of bonds, the Superintendent shall be responsible for ensuring the District’s 's compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s 's issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-tax- exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities REF.:Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 (Fiscal and Business Management) ADOPTED: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 2020

Incurring Debt. The Superintendent shall provide early notice earlynotice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s 's issuance of bonds, the Superintendent shall be responsible for ensuring the District’s 's compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s 's issuance of bonds, the interest on which is excludable from gross income for federal income tax purposestaxpurposes, or which enable the District or bond holder to receive other federal tax benefitstaxbenefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract maycontract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities REF.:Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 305/2. Bond Issue Notification Act, 30 ILCS 352/ 352/1. Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTED: September 15November 19, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202018 Earlville CUSD 9

Incurring Debt. The Superintendent shall provide early notice to the School Board of Education of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the BoardBoard of Education, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 20208/16/2018 12:39:18 PM Xxxxxxx CUSD 139

Incurring Debt. The Superintendent shall provide early notice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-long- term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. Bond Issue Obligations In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.: 4:10 REF.:4:10 (Fiscal and Business Management) ADOPTEDAdopted: September 15June 7, 2003 RE-ADOPTED: December 14, 2009; February 24, 20202018 Meridian CUSD 223