MERIDIAN%20SD%20505--Bond%20Election%20Resolution%2006-24.pdf

Parent document: Regular Meeting and Budget Presentation-06-12-2024.pdf

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MERIDIAN SCHOOL DISTRICT NO. 505
WHATCOM COUNTY, WASHINGTON

GENERAL OBLIGATION BONDS

RESOLUTION NO. 06-24

A RESOLUTION of the Board of Directors of Meridian School
District No. 505, Whatcom County, Washington, providing for the
form of the ballot proposition and specifying certain other details
concerning submission to the qualified electors of the district at a
special election to be held therein on November 5, 2024, of a
proposition for the issuance of its general obligation bonds in the
ageregate principal amount of $75,000,000, or so much thereof as
may be issued under the laws governing the indebtedness of school
districts for the purpose of providing funds for the renovation,
upgrade and new construction of school facilities, and authorizing
the Superintendent and/or Director of Business and Finance to
submit a request for eligibility for the Washington State School
District Credit Enhancement Program.

ADOPTED JUNE 26, 2024

PREPARED BY:

K&L GATES LLP
Seattle, Washington


MERIDIAN SCHOOL DISTRICT NO. 505
RESOLUTION NO. 06-24

TABLE OF CONTENTS*

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Section 2. Capital Improvements ...........ccccccccssecesecesceeeseecsecsseceseeseseecsseceseceeeseaeseseecsseseeeesaes
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Section 5. EV eCtion .....ceceeceesceseceeecesecesecneeeseeeeesseceseceaecseeeseseeeeseceaecsaecseeeaeseeesseceaecaaesaeseeeseneeaees
Section 6. Notices Relating to Ballot Title 00... ccceeeeseecesecesecneeeeeeeeseeeeseceaecnaetaeeeaeees
Section 7. Request for Eligibility for the Credit Enhancement Program.............ceceeeeeeeeees
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*

This table of contents and the cover page are not a part of this resolution; they are included
for convenience of the reader only.

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RESOLUTION NO. 06-24

A RESOLUTION of the Board of Directors of Meridian School
District No. 505, Whatcom County, Washington, providing for the
form of the ballot proposition and specifying certain other details
concerning submission to the qualified electors of the district at a
special election to be held therein on November 5, 2024, of a
proposition for the issuance of its general obligation bonds in the
aggregate principal amount of $75,000,000, or so much thereof as
may be issued under the laws governing the indebtedness of school
districts for the purpose of providing funds for the renovation,
upgrade and new construction of school facilities, and authorizing
the Superintendent and/or Director of Business and Finance to
submit a request for eligibility for the Washington State School
District Credit Enhancement Program.

WHEREAS, improved facilities are needed in Meridian School District No. 505,
Whatcom County, Washington (the “District”) in order to provide the students of the District
with safe, adequate and efficient educational facilities; and

WHEREAS, in order to provide all or a part of the funds to enable the District to
undertake its needed capital improvement program, it is deemed necessary and advisable that the
District issue and sell its unlimited tax general obligation bonds to provide funds for such
purposes; and

WHEREAS, the Constitution and laws of the State of Washington provide that the
question of whether or not such bonds may be issued and sold for such purposes must be
submitted to the qualified electors of the District for their ratification or rejection; and

WHEREAS, in RCW ch. 39.98 (the “Credit Enhancement Act”), the State Legislature
established a credit enhancement program (the “Program’”) for voter-approved school district
general obligation bonds; and

WHEREAS, Section 39.98.040 of the Credit Enhancement Act authorizes the state

treasurer to make a determination that a school district is eligible for participation in the Program


if the state treasurer determines that the District is eligible under rules adopted by the state
finance committee; and

WHEREAS, the District may elect to participate in the Program upon an administrative
determination that it is cost-effective;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
MERIDIAN SCHOOL DISTRICT NO. 505, WHATCOM COUNTY, WASHINGTON, as
follows:

Section 1. Findings. This Board of Directors (the “Board”) hereby finds and declares
that the best interest of the students and other inhabitants of the District require the District to
carry out the plans hereinafter provided at the time or times and in the order deemed most
necessary and advisable by the Board.

Section 2. Capital Improvements. The District shall make the following capital

improvements (the “Improvements”):

e Construct and equip a new middle school to replace Meridian Middle
School;
e Modernize and upgrade the Performing Arts Center at Meridian High

School, to roof replacement, masonry repair and repurpose the cafeteria to
accommodate a music classroom;

e Provide and install a standby generator at Meridian High School to
provide emergency power to the facilities; and

e Provide modernization and repairs to the Varsity Athletic Stadium at
Meridian High School, to include, replacement of stadium lighting and

poles and repairs to the stadium structure.

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The cost of all necessary planning, architectural, engineering, and other consulting
services, inspection and testing, administrative and relocation expenses, on and off-site utilities,
related improvements and other costs incurred in connection with the making of the foregoing
capital improvements shall be deemed a part of the costs of the Improvements. Such
Improvements shall include all necessary furniture, equipment and appurtenances.

If available funds are sufficient from the proceeds of the general obligation bonds herein
authorized in Section 3 for the above purposes (the “Bonds”), the District may use such funds to
acquire sites for facilities of the District or to pay the principal of or interest on the Bonds. In the
alternative, if available funds are sufficient from the proceeds of Bonds authorized for the above
purposes and/or state and local circumstances require, the District may use such funds to acquire,
construct, equip, modernize and make other capital improvements to the facilities of the District,
all as the Board of Directors may determine, after holding a public hearing thereon pursuant to
RCW 28A.530.020.

It is anticipated that the District expects to receive funds in the amount of $16,000,000
from the State of Washington (the “State”) pursuant to Chapter 28A.525 RCW. The District
intends to apply such funds to the completion of the Improvements described in Section 2 and if
not required for those purposes, then to pay principal of and/or interest on the Bonds. Such
funds may also be used to make other capital improvements to the facilities of the District, but
only after holding a public hearing thereon pursuant to RCW 28A.530.020.

Section 3. Authorization of Bonds. For the purpose of providing all or a part of the
funds necessary to pay the cost of the Improvements, together with incidental costs and costs
related to the sale and issuance of the Bonds, the District shall issue and sell its Bonds which

shall be unlimited tax general obligation bonds in the principal amount of not to exceed

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$75,000,000. The balance of the cost of the Improvements shall be paid with funds received
from the State or out of any money which the District now has or may later have on hand which
are legally available for such purposes. None of said Bond proceeds shall be used for the
replacement of equipment or for any other than a capital purpose. The Bonds shall be issued in
an amount not exceeding the amount approved by the qualified electors of the District as
required by the Constitution and laws of the State or exceeding the amount permitted by the
Constitution and laws of the State.

Section 4. Details of Bonds. The Bonds provided for in Section 3 hereof shall be
sold in such amounts and at such time or times as deemed necessary and advisable by this Board
and as permitted by law, shall bear interest at a rate or rates not to exceed the maximum rate
permitted by law at the time the bonds are sold, and shall mature in such amounts and at such
times within a maximum term of twenty (20) years from date of issue, but may mature at an
earlier date or dates, as authorized by this Board and as provided by law. The Bonds shall be
general obligations of the District and, unless paid from other sources, both principal thereof and
interest thereon (including original issue discount) shall be payable out of annual tax levies to be
made upon all the taxable property within the District without limitation as to rate or amount and
in excess of any constitutional or statutory tax limitations. The exact date, form, terms and
maturities of the Bonds shall be as hereafter fixed by resolution of the Board. After voter
approval of the Bond proposition described in Section 5 and in anticipation of the issuance of the
Bonds, the District may issue short term obligations as authorized and provided by Chapter 39.50
RCW.

Section 5. Election. It is hereby found and declared that the best interests of the

District requires the submission to the qualified electors of the District of the proposition of

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whether the District shall issue the Bonds at a special election to be held on November 5, 2024.
The Whatcom County Auditor as ex officio supervisor of elections is hereby requested also to
call and conduct the special election to be held within the District and to submit to the qualified
electors of the District the proposition set forth below. The Secretary of the Board is hereby
authorized and directed to certify the proposition to said officials in the following form:

PROPOSITION NO. 1
MERIDIAN SCHOOL DISTRICT NO. 505

GENERAL OBLIGATION BONDS - $75,000,000

The Board of Directors of Meridian School District No. 505
adopted Resolution No. 06-24 authorizing bonds to fund several
capital projects. This proposition authorizes the District to
construct and equip a new middle school facility to replace the
existing Meridian Middle School, modernize the Performing Arts
Center, provide a standby generator at Meridian High School and
modernize the Varsity Athletic Stadium and make other capital
improvements; (2) issue $75,000,000 of general obligation bonds
maturing within a maximum of 20 years, and (3) levy excess
property taxes annually to repay the bonds, as provided in
Resolution #06-24. Should this proposition be:

APPROVED cecsscccssseccssecsssscssssecessecsssuccsssessssecssseccssecsesuessssesessecessicessecsen LJ

REJECTED vecccssscssssessssscsssscssssecessecssssccssscssssecssseccsseccesucssssecessecesssesssecsen LJ

The Secretary of the Board of Directors is hereby authorized to deliver a certified copy of
this resolution to the Whatcom County Auditor.

Section 6. Notices relating to Ballot Title. For purposes of receiving notice of the
exact language of the ballot title required by RCW 29A.36.080, the Board hereby designates the
(a) Superintendent (Dr. James’ Everett), telephone: 360.398.7111; email:
jeverett@meridian.wednet.edu, and (b) bond counsel, K&L Gates LLP (Cynthia Weed),

telephone: 206.618.6050 (cell); email: cynthia.weed@klgates.com, as the individuals to whom

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the Whatcom County Auditor shall provide such notice. The Secretary of the Board is
authorized to approve changes to the ballot title, if any, deemed necessary by the Whatcom
County Auditor or the Office of the Whatcom County Prosecuting Attorney.

Section 7. Request_for Eligibility for the Credit Enhancement Program. In
preparation for the issuance and sale of the Bonds after approval by the voters, the Board hereby
requests that the State Treasurer issue a certificate of eligibility in favor of the District for
participation by the District in the Program with respect to the Bonds. The Superintendent
and/or Director of Business and Finance is hereby authorized (following voter approval) to
submit such applications, resolutions and certifications as shall be required by the State Treasurer
in reviewing the District’s request for participation.

Section 8. Severability. In the event that any provision of this resolution shall be
held to be invalid, such invalidity shall not affect or invalidate any other provision of this
resolution or the Bonds, but they shall be construed and enforced as if such invalid provision had
not been contained herein; provided, however, that any provision which shall for any reason be
held by reason of its extent to be invalid shall be deemed to be in effect to the extent permitted

by law.

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Section 9. Effective Date. This resolution shall become effective immediately upon
its adoption.

ADOPTED by the Board of Directors of Meridian School District No. 505, Whatcom
County, Washington, at a regular meeting held this 26th day of June, 2024.

MERIDIAN SCHOOL DISTRICT NO. 505,
WHATCOM COUNTY, WASHINGTON

Directors

ATTEST:

Secretary of the Board of Directors

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CERTIFICATE

I, the undersigned, Secretary of the Board of Directors of Meridian School District
No. 505, Whatcom County, Washington (the “District”), and keeper of the records of the Board
of Directors (the “Board”), DO HEREBY CERTIFY:

1. That the attached resolution is a true and correct copy of Resolution No. 06-24 of
the Board (herein called the “Resolution”), duly adopted at a regular meeting thereof held on the
26th day of June, 2024.

2. That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
legal quorum was present throughout the meeting and a legally sufficient number of members of
the Board voted in the proper manner for the adoption of said Resolution; that all other
requirements and proceedings incident to the proper adoption of said Resolution have been duly
fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate.

IN WITNESS WHEREOF, I have hereunto set my hand this 26th day of June, 2024.

Secretary of the Board of Directors

507792282.1


OFFICIAL BALLOT

MERIDIAN SCHOOL DISTRICT NO. 505
WHATCOM COUNTY, WASHINGTON

November 5, 2024

INSTRUCTIONS TO VOTERS: To vote in favor of the following proposition, place a

cross (X) in the square opposite the word “APPROVED”; to vote against the following
proposition, place a cross (X) in the square opposite the word “REJECTED.”

PROPOSITION NO. 1
MERIDIAN SCHOOL DISTRICT NO. 505

GENERAL OBLIGATION BONDS - $75,000,000

The Board of Directors of Meridian School District No. 505
adopted Resolution No. 06-24 authorizing bonds to fund several
capital projects. This proposition authorizes the District to
construct and equip a new middle school facility to replace the
existing Meridian Middle School, modernize the Performing Arts
Center, provide a standby generator at Meridian High School and
modernize the Varsity Athletic Stadium and make other capital
improvements; (2) issue $75,000,000 of general obligation bonds
maturing within a maximum of 20 years, and (3) levy excess
property taxes annually to repay the bonds, as provided in
Resolution #06-24. Should this proposition be:

APPROVED cccsscccsssescssscsssscssssecessecsssuccsssessssecsssesesseccesuccsssecessecessuessseeeen LJ

REJECTED cecccssscssssescssscsssscssssecsssecsssuccssscssssessssesssseccssucssssecesseccsssessseesen LJ

507792282.1


NOTICE OF SPECIAL ELECTION

MERIDIAN SCHOOL DISTRICT NO. 505
WHATCOM COUNTY, WASHINGTON

November 5, 2024

NOTICE IS HEREBY GIVEN that on Tuesday, November 5, 2024, a special election
will be held in the above-named school district for the submission to the qualified electors of said
School district of the following proposition:

PROPOSITION NO. 1
MERIDIAN SCHOOL DISTRICT NO. 505

GENERAL OBLIGATION BONDS - $75,000,000

The Board of Directors of Meridian School District No. 505
adopted Resolution No. 06-24 authorizing bonds to fund several
capital projects. This proposition authorizes the District to
construct and equip a new middle school facility to replace the
existing Meridian Middle School, modernize the Performing Arts
Center, provide a standby generator at Meridian High School and
modernize the Varsity Athletic Stadium and make other capital
improvements; (2) issue $75,000,000 of general obligation bonds
maturing within a maximum of 20 years, and (3) levy excess
property taxes annually to repay the bonds, as provided in
Resolution #06-24. Should this proposition be:

APPROVED cccsscccssssccsssssecssseccesssscsssssecesssecessuscsssseccessscsessusesssssecessuscsssaes L]
REJECTED cececssecssssescssecsssscssssecessecsssuccsssessssecssseccsseccssuecessecessecesssessseesen LJ
Whatcom County Auditor

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