WHEREAS, the School District encompasses the entire territorial limits of Henry County; and

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1 A REFERENDUM RESOLUTION TO REGULATE AND PROVIDE FOR THE CALLING OF AN ELECTION AND TO CALL AN ELECTION TO DETERMINE THE ISSUANCE OR NON-ISSUANCE OF $325,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF HENRY COUNTY SCHOOL DISTRICT GENERAL OBLIGATION BONDS AND, IN ORDER TO RAISE NOT MORE THAN $225,000,000 TO PAY DEBT SERVICE ON SUCH BONDS, THE REIMPOSITION OF A ONE PERCENT SALES AND USE TAX FOR EDUCATIONAL PURPOSES (ESPLOST); TO REIMPOSE THE SALES AND USE TAX, SUBJECT TO REFERENDUM APPROVAL; TO SPECIFY THE CAPITAL OUTLAY PROJECTS TO BE FUNDED; TO SPECIFY THE MAXIMUM PERIOD OF TIME THE SALES AND USE TAX WILL BE REIMPOSED; TO SPECIFY THE INTEREST RATE OR RATES THAT THE BONDS ARE TO BEAR, AND THE AMOUNT OF PRINCIPAL TO BE PAID IN EACH YEAR DURING THE LIFE OF THE BONDS; TO PROVIDE FOR THE LEVY AND COLLECTION OF AD VALOREM TAXES TO PAY THE PORTION OF THE DEBT SERVICE ON THE BONDS NOT PAID BY THE PROCEEDS OF THE SALES AND USE TAX; AND FOR OTHER PURPOSES. WHEREAS, the Board of Education of Henry County (the Board ), which is charged with the duties of contracting debts and managing the affairs of the Henry County School District (the School District ), has caused a thorough canvass and study of the capital outlay needs of the School District to be made, and such canvass and study discloses the urgent necessity for acquiring, constructing, and equipping a new McDonough High School, a new McDonough Middle School, a new multipurpose facility at each existing high school, a new performing arts center in the northern region of Henry County, and a new distribution center; adding to, renovating, repairing, improving, and equipping existing athletic facilities (including turf fields at existing high schools and athletic field lighting at three existing middle schools); acquiring instructional and administrative technology improvements (including necessary software), land for future schools, and school buses and related transportation equipment; acquiring and constructing an access connector between Southern Crescent Technical College and the School District s Academy for Advanced Studies; adding to, renovating, repairing, improving, and equipping existing school buildings, transportation and maintenance buildings, and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal; and, to the extent funds are available, acquiring, constructing, and equipping one new elementary school and a new central office facility and acquiring any necessary property therefor, both real and personal, all for the School District; and WHEREAS, the School District encompasses the entire territorial limits of Henry County; and WHEREAS, the Board deems it to be in the best interest of education in Henry County to acquire, construct, and equip a new McDonough High School, a new McDonough Middle School, a new multipurpose facility at each existing high school, a new performing arts center in the northern region of Henry County, and a new distribution center; to add to, renovate, repair,

2 improve, and equip existing athletic facilities (including turf fields at existing high schools and athletic field lighting at three existing middle schools); to acquire instructional and administrative technology improvements (including necessary software), land for future schools, and school buses and related transportation equipment; to acquire and construct an access connector between Southern Crescent Technical College and the School District s Academy for Advanced Studies; to add to, renovate, repair, improve, and equip existing school buildings, transportation and maintenance buildings, and other buildings and facilities useful or desirable in connection therewith; and to acquire any necessary property therefor, both real and personal; and, to the extent funds are available, to pay the cost of acquiring, constructing, and equipping one new elementary school and a new central office facility and acquiring any necessary property therefor, both real and personal, all at an estimated cost of more than $325,000,000 (collectively the Projects ); and WHEREAS, it appears to the Board that the most feasible plan for providing funds to pay the costs of the Projects, to pay capitalized interest incident thereto, and to pay expenses incident to accomplishing the foregoing requires the issuance and sale of Henry County School District General Obligation Bonds, in the aggregate principal amount of $325,000,000, pursuant to the Constitution and statutes of the State of Georgia and, in order to raise not more than $225,000,000 to pay debt service on such bonds, requires the reimposition of a one percent sales and use tax for educational purposes (ESPLOST), upon the termination of the one percent sales and use tax for educational purposes presently in effect, pursuant to Article VIII, Section VI, Paragraph IV of the Constitution of the State of Georgia and Part 2 of Article 3 of Chapter 8 of Title 48 of the Official Code of Georgia Annotated; and WHEREAS, under the Constitution and statutes of the State of Georgia, it is necessary to submit to the qualified voters of Henry County the question of whether or not $325,000,000 in aggregate principal amount of bonds should be issued and a one percent sales and use tax for educational purposes (ESPLOST) should be reimposed for the purposes described above, which bonds, if authorized, shall be dated, shall bear interest from date at such rate or rates not exceeding a maximum per annum rate, and shall mature as to principal as hereinafter more fully set forth and may be made subject to redemption prior to maturity, to the extent permitted by law, upon terms and conditions to be determined by the Board; NOW, THEREFORE, BE IT RESOLVED by the Board of Education of Henry County, and it is hereby resolved by authority of the same, as follows: Section 1. There is hereby authorized to be called and there is hereby called an election to be held in all the precincts in Henry County, on the 1st day of March 2016, for the purpose of submitting to the qualified voters of Henry County the question of whether or not $325,000,000 in aggregate principal amount of Henry County School District General Obligation Bonds should be issued and, in order to raise not more than $225,000,000 to pay debt service on such bonds, a one percent sales and use tax for educational purposes (ESPLOST) of the School District should be reimposed within Henry County, upon the termination of the one percent sales and use tax for educational purposes presently in effect, for a maximum period of time of 20 calendar quarters, all for the purpose of providing funds to pay the costs of the Projects, to pay capitalized interest incident thereto, and to pay expenses incident to accomplishing the foregoing. -2-

3 Section 2. There is hereby reimposed, levied, and authorized to be collected within Henry County a sales and use tax for educational purposes (ESPLOST) of the School District at the rate of one percent, upon the termination of the one percent sales and use tax for educational purposes presently in effect, pursuant to Article VIII, Section VI, Paragraph IV of the Constitution of the State of Georgia and Part 2 of Article 3 of Chapter 8 of Title 48 of the Official Code of Georgia Annotated, conditioned upon approval by a majority of the qualified voters residing within the territorial limits of Henry County voting in the referendum called in Section 1 hereof, for a maximum period of time of 20 calendar quarters, to raise not more than $225,000,000 for the purpose set forth in Section 1 hereof. Section 3. Such bonds proposed in Section 1 hereof, if so authorized, shall be dated as of the first day of the month of delivery or such other date(s) as the Board may approve, shall be in such denomination or denominations as the Board may approve, and shall bear interest from date at such rate or rates as the Board may approve but not exceeding five and one-half percent (5.50%) per annum in any year. All interest shall be payable semiannually on August 1 and February 1 in each year, beginning August 1, 2016, and the principal shall mature (by scheduled maturity or by mandatory redemption, as the Board may approve) on the dates and in the amounts as follows: August 1 of the Year Amount August 1 of the Year Amount 2019 $22,675, $21,055, ,025, ,635, ,430, ,250, ,890, ,900, ,400, ,590, ,225, ,320, ,000, ,090, ,515,000 The bonds may be issued in one or more series, and on one or more dates of issuance as the Board may approve; provided, however, that the aggregate principal amount of such bonds shall not exceed $325,000,000. The bonds may be made subject to redemption prior to maturity, to the extent permitted by law, upon terms and conditions to be determined by the Board. All of the proceeds of the sales and use tax will be used solely for payment of debt service on such bonds. Section 4. The ballot to be used in the election shall have printed thereon the question to be determined by the voters, to-wit: Shall $325,000,000 in aggregate principal amount of Henry County School District General Obligation Bonds be authorized to be issued and, in order to raise not more than $225,000,000 to pay debt service on such bonds, shall a one percent sales and use tax for educational purposes (ESPLOST) of the Henry County School District (the School District ) be reimposed within Henry -3-

4 County, upon the termination of the one percent sales and use tax for educational purposes presently in effect, for a maximum period of time of 20 calendar quarters, all for the purpose of providing funds (1) to pay the cost of acquiring, constructing, and equipping a new McDonough High School, a new McDonough Middle School, a new multipurpose facility at each existing high school, a new performing arts center in the northern region of Henry County, and a new distribution center; adding to, renovating, repairing, improving, and equipping existing athletic facilities (including turf fields at existing high schools and athletic field lighting at three existing middle schools); acquiring instructional and administrative technology improvements (including necessary software), land for future schools, and school buses and related transportation equipment; acquiring and constructing an access connector between Southern Crescent Technical College and the School District s Academy for Advanced Studies; adding to, renovating, repairing, improving, and equipping existing school buildings, transportation and maintenance buildings, and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal; (2) to the extent funds are available, to pay the cost of acquiring, constructing, and equipping one new elementary school and a new central office facility and acquiring any necessary property therefor, both real and personal; (3) to pay capitalized interest incident thereto; and (4) to pay expenses incident to accomplishing the foregoing? The ballot shall have printed thereon the word YES and the word NO in order that each voter may vote in either the affirmative or the negative as to the question propounded. The polls in each of the precincts within Henry County shall be opened at 7:00 a.m. and closed at 7:00 p.m. on the day fixed for the election, and the election shall be held at the regular and established places for holding elections in Henry County. The election shall be held in accordance and in conformity with the Constitution and statutes of the United States of America and of the State of Georgia. Section 5. The Secretary of the Board is hereby ordered and directed forthwith to furnish the Superintendent of Elections of Henry County with a duly certified copy of this resolution in order that the Superintendent of Elections may take such action in the premises as provided by law. Section 6. Any brochures, listings, or other advertisements issued by the Board or by any other person, firm, corporation, or association with the knowledge and consent of the Board shall be deemed to be a statement of intention of the Board concerning the use of the bond funds or interest received from such bond funds that have been invested. Section 7. The following notice shall be incorporated into the call of the election by the Superintendent of Elections: -4-

5 NOTICE TO THE QUALIFIED VOTERS OF HENRY COUNTY OF ELECTION FOR BONDS AND SALES AND USE TAX FOR EDUCATIONAL PURPOSES (ESPLOST) YOU ARE HEREBY NOTIFIED that on the 1st day of March 2016, an election will be held in all of the precincts of Henry County. At the election there will be submitted to the qualified voters of Henry County for their determination the question of whether or not $325,000,000 in aggregate principal amount of Henry County School District General Obligation Bonds should be issued by the Henry County School District (the School District ) and, in order to raise not more than $225,000,000 to pay debt service on such bonds, a one percent sales and use tax for educational purposes (ESPLOST) of the School District should be reimposed within Henry County, upon the termination of the one percent sales and use tax for educational purposes presently in effect, for a maximum period of time of 20 calendar quarters, all for the purpose of providing funds (1) to pay the cost of acquiring, constructing, and equipping a new McDonough High School, a new McDonough Middle School, a new multipurpose facility at each existing high school, a new performing arts center in the northern region of Henry County, and a new distribution center; adding to, renovating, repairing, improving, and equipping existing athletic facilities (including turf fields at existing high schools and athletic field lighting at three existing middle schools); acquiring instructional and administrative technology improvements (including necessary software), land for future schools, and school buses and related transportation equipment; acquiring and constructing an access connector between Southern Crescent Technical College and the School District s Academy for Advanced Studies; adding to, renovating, repairing, improving, and equipping existing school buildings, transportation and maintenance buildings, and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal; (2) to the extent funds are available, to pay the cost of acquiring, constructing, and equipping one new elementary school and a new central office facility and acquiring any necessary property therefor, both real and personal; (3) to pay capitalized interest incident thereto; and (4) to pay expenses incident to accomplishing the foregoing. Such bonds, if so authorized, shall be dated as of the first day of the month of delivery or such other date(s) as the Board of Education of Henry County (the Board ) may approve, shall be in such denomination or denominations as the Board may approve, shall bear interest from date at such rate or rates as the Board may approve but not exceeding five and one-half percent (5.50%) per annum in any year, and shall provide for interest to be payable semiannually on August 1 and February 1 in each year, beginning August 1, 2016, and for principal to mature (by scheduled maturity or by mandatory redemption, as the Board may approve) on the dates and in the amounts as follows: -5-

6 August 1 of the Year Amount August 1 of the Year Amount 2019 $22,675, $21,055, ,025, ,635, ,430, ,250, ,890, ,900, ,400, ,590, ,225, ,320, ,000, ,090, ,515,000 The bonds may be issued in one or more series, and on one or more dates of issuance as the Board may approve; provided, however, that the aggregate principal amount of such bonds shall not exceed $325,000,000. The bonds may be made subject to redemption prior to maturity, to the extent permitted by law, upon terms and conditions to be determined by the Board. Voters desiring to vote for the issuance of such bonds and the reimposition of such sales and use tax shall do so by voting YES, and voters desiring to vote against the issuance of such bonds and the reimposition of such sales and use tax shall do so by voting NO, as to the question propounded, to-wit: Shall $325,000,000 in aggregate principal amount of Henry County School District General Obligation Bonds be authorized to be issued and, in order to raise not more than $225,000,000 to pay debt service on such bonds, shall a one percent sales and use tax for educational purposes (ESPLOST) of the Henry County School District (the School District ) be reimposed within Henry County, upon the termination of the one percent sales and use tax for educational purposes presently in effect, for a maximum period of time of 20 calendar quarters, all for the purpose of providing funds (1) to pay the cost of acquiring, constructing, and equipping a new McDonough High School, a new McDonough Middle School, a new multipurpose facility at each existing high school, a new performing arts center in the northern region of Henry County, and a new distribution center; adding to, renovating, repairing, improving, and equipping existing athletic facilities (including turf fields at existing high schools and athletic field lighting at three existing middle schools); acquiring instructional and administrative technology improvements (including necessary software), land for future schools, and school buses and related transportation equipment; acquiring and constructing an access connector between Southern Crescent Technical College and the School District s Academy for Advanced Studies; adding to, renovating, repairing, improving, and equipping existing school buildings, transportation and maintenance buildings, and other buildings and facilities useful or desirable in connection therewith; and acquiring any necessary property therefor, both real and personal; (2) to the extent funds are available, to pay the cost of acquiring, constructing, and equipping one new elementary school and a new central office facility and acquiring any necessary property therefor, both real -6-

7 and personal; (3) to pay capitalized interest incident thereto; and (4) to pay expenses incident to accomplishing the foregoing? The several places for holding the election shall be in the regular and established precincts of Henry County, and the polls will be open from 7:00 a.m. to 7:00 p.m. on the date fixed for the election. Those qualified to vote at the election shall be determined in all respects in accordance and in conformity with the Constitution and statutes of the United States of America and of the State of Georgia. p.m. The last day to register to vote in this special election is February 1, 2016, through 5:00 Any brochures, listings, or other advertisements issued by the Board or by any other person, firm, corporation, or association with the knowledge and consent of the Board shall be deemed to be a statement of intention of the Board concerning the use of the bond funds or interest received from such bond funds that have been invested. This notice is given pursuant to joint action of the Board of Education of Henry County and the Superintendent of Elections of Henry County. BOARD OF EDUCATION OF HENRY COUNTY By: Chairman SUPERINTENDENT OF ELECTIONS OF HENRY COUNTY BY: HENRY COUNTY BOARD OF ELECTIONS AND REGISTRATION By: Chairman -7-

8 Section 8. Should the bonds be authorized by the requisite number of qualified voters, the Board shall recommend the levy of, and the Board of Commissioners of Henry County shall levy, an ad valorem tax upon all the property subject to taxation for school bond purposes, within the territorial limits of the School District, sufficient in amount to pay the portion of the principal of and the interest on such bonds not paid by the proceeds of the sales and use tax, at their respective maturities. Section 9. The School District intends to use any available state funds to which it may be entitled, together with any designated local funds in combination with the bond funds, to fund the Projects. Section 10. The Board declares its intent to use proceeds of the bonds to reimburse its General Fund for moneys used to pay expenditures related to the Projects. Section 11. Any and all resolutions in conflict with this resolution this day passed be and they are hereby repealed. PASSED, ADOPTED, SIGNED, APPROVED, AND EFFECTIVE this 12th day of October BOARD OF EDUCATION OF HENRY COUNTY (SEAL) By: Chairman Attest: Secretary -8-

9 STATE OF GEORGIA HENRY COUNTY SECRETARY S CERTIFICATE I, RODNEY M. BOWLER, Secretary of the Board of Education of Henry County, DO HEREBY CERTIFY that the foregoing pages constitute a true and correct copy of a referendum resolution adopted by the Board of Education of Henry County at an open public meeting duly called and lawfully assembled at 7:00 p.m., on the 12th day of October 2015, in connection with calling an election pertaining to the issuance or non-issuance of Henry County School District General Obligation Bonds, the original of such referendum resolution being duly recorded in the Minute Book of the Board of Education, which Minute Book is in my custody and control. I do hereby further certify that the following members of the Board of Education were present at such meeting: and that the following members were absent: Dr. Pam Nutt Mike Griffin Josh Hinton Dr. Donna McBride Annette Edwards and that such referendum resolution was duly adopted by a vote of: Aye Nay. WITNESS my hand and the official seal of the Board of Education of Henry County, this the 12th day of October (SEAL) Secretary, Board of Education of Henry County