WESTERN SCHOOL CORPORATION

NOTICE TO TAXPAYERS REGARDING A DETERMINATION OF THE WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA, TO ENTER INTO A PROPOSED AMENDMENT TO LEASE OF THE EXISTING WESTERN HIGH SCHOOL

The taxpayers of the Western School Corporation, Howard County, Indiana (the “School Corporation”), are hereby notified that on February 17, 2026, the Board of School Trustees of the School Corporation (the “Board”) did adopt a resolution determining that the School Corporation will take all actions necessary to enter into an amendment to lease of the existing Western High School, its related outdoor facilities and the real property upon which any portion of the Western High School or its related outdoor facilities are located (the “2026 Amendment to Lease”) with the Western School Building Corporation, which is a non-profit school building corporation controlled by, and operating on behalf of, the School Corporation (the “Building Corporation”), which in turn will allow the Building Corporation to issue one or more series of first mortgage bonds (collectively, the “Bonds”), payable from the lease rentals received from the School Corporation pursuant to the terms of the 2026 Amendment to Lease.  The payments to be made by the School Corporation under the 2026 Amendment to Lease will be payable from ad valorem property taxes collected by the School Corporation.  The Bonds will be issued to pay for all or any portion of the costs of (A) the reimbursement of the School Corporation by the Building Corporation of prior improvements made by the School Corporation to the premises subject to the 2026 Amendment to Lease (the “Leased Premises”) since the Leased Premises have been owned by the Building Corporation and for the extension of the ownership of the Leased Premises by the Building Corporation beyond the current term, which proceeds will be used by the School Corporation to pay for all or any portion of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project, as defined and described in the resolution adopted by the Board on December 16, 2025, and (B) issuing the Bonds to pay for the costs set forth in clause (A), as well as the costs of issuing the Bonds (clauses (A) and (B), collectively, the “2026 Project”).

The maximum term for each series of Bonds will be twenty (20) years from the date of issuance, and the aggregate original principal amount of all series of the Bonds will not exceed $8,000,000. The lease, as amended by the proposed 2026 Amendment to Lease, will have an increased term ending not longer than twenty-two (22) years from the date the 2026 Amendment to Lease is recorded by the Building Corporation and the School Corporation, with an increased annual lease rental not to exceed Two Million Nine Hundred Thousand Dollars ($2,900,000), all of which annual lease rental will be payable in semiannual installments commencing no earlier than June 30, 2027, and thereafter on June 30 and December 31 of each year during the remaining term of the lease, as amended by the 2026 Amendment to Lease.  

Dated this 18^th day of February, 2026.

WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA

By: Mark DuBois, Superintendent

NOTICE OF CONSOLIDATED PUBLIC HEARINGS BY THE BOARD OF SCHOOL TRUSTEES OF WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA

Interested persons, taxpayers and residents of the Western School Corporation, Howard County, Indiana (the “School Corporation”), are hereby notified that the Board of School Trustees of the School Corporation (the “Board”), in connection with financing of (a) all or any portion of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project, as defined and described in the resolution adopted by the Board on December 16, 2025, and (b) the payment of the costs associated therewith, all of which are not expected to exceed $8,000,000 (clauses (a) and (b), collectively, the “2026 Project”) will hold a consolidated public hearing upon (1) a proposed amendment to lease and addenda related thereto which amends an existing lease agreement dated as of May 4, 2006, as previously amended (collectively, the “Lease”), to be entered into between the Western School Building Corporation, an Indiana nonprofit corporation (the “Building Corporation”), as lessor, and the School Corporation, as lessee, and (2) the matter of appropriating the proceeds received by the School Corporation for the extension of the Building Corporation’s ownership of the facilities and land subject to the Lease and as the reimbursement for improvements made to such facilities and land since they have been owned by the Building Corporation and investment earnings thereon to pay for all or any portion of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project.

The proposed amendment to an existing lease (the “2026 Amendment to Lease”) will allow the Building Corporation to issue one or more series of first mortgage bonds (the “Bonds”), in an original aggregate principal amount not to exceed Eight Million Dollars ($8,000,000), for the purpose of procuring funds to pay (1) all or a portion of the costs of 2026 Project, (2) the cost of reimbursing the School Corporation for improvements previously made to the premises subject to the Lease (the “Premises”), (3) the costs of paying the School Corporation for an extension of the ownership of the Premises by the Building Corporation, and (4) all or a portion of the costs associated therewith, including, but not limited to, the expenses in connection with or on account of the issuance of the Bonds therefor.  Each series of the Bonds shall have a term of no longer than twenty (20) years, and shall bear interest at a rate or rates which have a coupon not exceeding seven percent (7.00%) per annum, the exact rate or rates to be determined by bidding or negotiation.

Pursuant to the 2026 Amendment to Lease, the Building Corporation will do all or any portion of the following:

1. Undertake all or any portion of the 2026 Project; 
2. Reimburse the School Corporation for improvements to the Premises since the date of acquisition thereof by the Building Corporation; and
3. Extend the term of the Lease with respect to all or any portion of the Premises, with an increased term not to exceed twenty-two (22) years from the date the proposed 2026 Amendment to Lease is recorded by the Building Corporation and the School Corporation (which is an additional five (5) years from the current final term of the Lease, assuming the proposed 2026 Amendment to Lease is recorded in 2026), with an increased annual lease rental not to exceed Two Million Nine Hundred Thousand Dollars ($2,900,000), with all of such annual lease rental payable in semiannual installments commencing no earlier than June 30, 2027, and thereafter on June 30 and December 31 of each year during the remaining term of the proposed 2026 Amendment to Lease. 

As additional rental, the School Corporation will maintain insurance on that portion of the Premises which is subject to the Lease as required in the Lease and will pay all taxes and assessments against such property, as well as the cost of alterations and repairs, all rebate costs associated with the obligations issued by the Building Corporation, and all utility costs incurred in connection with such property.  Simultaneous with the issuance of each series of the Bonds, the annual lease rental will be reduced to an amount equal to an amount sufficient to pay the principal and interest due on all of the Bonds outstanding after the issuance of such Bonds in each twelve-month period together with annual incidental costs as determined by the Building Corporation at the time of the issuance of each such series of the Bonds, payable in semiannual installments.

The Lease gives an option to the School Corporation to purchase that portion of the Premises which is subject to the Lease.

As described above, a portion of the proceeds of the Bonds issued by the Building Corporation will be paid to the School Corporation as reimbursement from the Building Corporation for improvements previously made by the School Corporation to the Premises since the acquisition thereof by the Building Corporation and for an extension of the Building Corporation’s ownership of the Premises.  The School Corporation intends to use the money it receives from the Building Corporation to pay for that portion of the 2026 Project not funded by the Building Corporation.  

The drawings, plans and specifications, including cost estimates, for the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project, as well as a copy of the proposed 2026 Amendment to Lease, are currently available for inspection by the public on all business days during business hours, at the School Corporation’s Administration Building, located at 2600 South 600 West, Russiaville, Indiana.

Notice is hereby given by the undersigned that the Board will, on April 21, 2026, at 6:00 p.m. (local time), in the Administration Building of the School Corporation, which is located at 2600 South 600 West, Russiaville, Indiana, conduct a public hearing (1) to explain the potential value of the 2026 Project to the School Corporation and the community, (2) regarding the matter of appropriating a portion of the proceeds of the Bonds and investment earnings thereon, and (3) upon the necessity for the execution of the proposed 2026 Amendment to Lease, and upon whether the lease rental provided for therein to be paid by School Corporation to the Building Corporation is a fair and reasonable rental for that portion of the Premises which is subject to the Lease.  All interested parties are entitled and encouraged to attend to present their testimony and ask any questions relative to all or any of the 2026 Project, the proposed 2026 Amendment to Lease or the Bonds.  

Such hearing may be adjourned to a later date or dates, and subsequent to such hearing the Board may (1) either authorize the execution of such proposed 2026 Amendment to Lease as originally agreed upon, rescind the proposed 2026 Amendment to Lease, or make modifications therein as may be agreed upon with the Building Corporation, but in no event may the rental exceed the amounts set forth in this notice, (2) consider adoption of a resolution regarding the nature of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project, and (3) consider adoption of a resolution regarding the issue of appropriating all or a portion of the proceeds of the Bonds and the investment earnings thereon for the purposes described herein.

Dated this 18^th day of February, 2026.

WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA

By:  Mark DuBois, Superintendent

NOTICE OF PRELIMINARY DETERMINATION OF THE WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA, TO ISSUE ONE OR MORE SERIES OF PROPOSED GENERAL OBLIGATION BONDS AND/OR ENTER INTO A PROPOSED LEASE OR LEASES OF FACILITIES OPERATED BY THE SCHOOL CORPORATION IN CONNECTION WITH THE PROPOSED 2028-2030 DISTRICT-WIDE FACILITIES RENOVATION/REPAIR/UPGRADE AND EQUIPPING PROJECT

Owners of real property, and registered voters residing, in the Western School Corporation, Howard County, Indiana (the “School Corporation”), hereby are given notice that the Board of School Trustees of the School Corporation (the “Board”) preliminarily has determined, at its meeting held on December 16, 2025, that (I) a need exists for certain equipment acquisition and/or installation projects at, and/or renovation, repair and/or update projects to, all or any of the existing facilities and sites operated by the School Corporation not completed as part of the 2024-2026 District-Wide Buildings and Facilities Renovation/Repair/Upgrade and Equipment and Site Improvement Project, approved by the Board on January 2, 2024, or the proposed 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project approved by the Board in a separate resolution on December 16, 2025, including, but not limited to, all or any portion of (a) certain equipment acquisition and/or installation projects at, and/or renovation, repair and/or update projects to, the existing Western Primary School and Western Intermediate School, including all or any portion of (i) replacement, restoration and/or repair of all or any portion of the existing roof, (ii) replacement, restoration and/or repair of all or any portion of the existing sidewalks and curbs, (iii) replacement, restoration and/or repair of all or any portion of the existing building masonry, soffits and/or fascia, (iv) replacement, repair and/or upgrading of all or any of the exterior entrances, windows and skylights, (v) replacement, repair and/or upgrading of all or any of the interior wood doors, door frames and related hardware, (vi) replacement, repair and/or upgrading of all or any portion of the heating and air conditioning system, (vii) upgrading and/or replacement of all or any of the old electrical panels, receptacles and circuits, (viii) replacement and/or repair of insulation throughout the building, and (ix) other interior renovations throughout the building, (b) certain equipment acquisition and/or installation projects at, and/or renovation, repair and/or update projects to, the existing Western Middle School, including all or any portion of (i) replacement, restoration and/or repair of all or any portion of the existing roof, (ii) replacement, restoration and/or repair of all or any portion of the existing building masonry, soffits and/or fascia, (iii) replacement, repair and/or upgrading of all or any of the exterior windows and doors, (iv) replacement, repair and/or upgrading of all or any portion of EIFS, (v) upgrading and/or replacement of all or any of the old electrical panels, receptacles and circuits, (vi) replacement, repair and/or upgrading of all or any portion of the heating and air conditioning system, and (vii) other interior renovations throughout the building, (c) certain equipment acquisition and/or installation projects at, and/or renovation, repair and/or update projects to, the existing Western High School, including all or any portion of (i) replacement, restoration and/or repair of all or any portion of the existing building masonry, soffits and/or fascia, (ii) replacement, repair and/or upgrading of all or any exterior entrances, (iii) replacement, repair and/or upgrading of all or any of the interior wood doors, door frames and related hardware, (iv) upgrading and/or replacement of all or any of the old electrical panels, receptacles and circuits, (v) replacement, repair and/or upgrading of all or any portion of the auditorium house and stage lights, (vi) replacement, repair and/or upgrading of all or any portion of the heating and air conditioning system, (vii) replacement, renovation and/or upgrading of all or any portion of the building’s restroom and locker room facilities, (viii) replacement, repair and/or upgrading of the building’s casework and display board, and (ix) other interior renovations throughout the building, (d) replacement, repair and/or upgrading of all or any portion of any of the existing extra-curricular/co-curricular/physical education facilities or buildings, (e) replacement, repair, restoration and/or upgrade of all or any portion of any of the existing parking lots and/or interior roads, (f) land acquisition and other miscellaneous equipment acquisition and/or installation projects and/or facility or site improvement or renovation projects at one or more buildings or sites operated by the School Corporation, and (g) all projects related to any of the foregoing (clauses (a) through and including (g), collectively, the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project”); and (II) to the extent permitted by law to take all of the necessary steps to finance all or a portion of the costs of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project by issuing one or more series of proposed general obligation bonds (the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project General Obligation Bonds”) and/or entering into a proposed lease or leases or amendment or amendments to one or more existing leases (collectively, the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases”) between one or more local nonprofit school building corporations, as lessor (collectively, the “Building Corporation”), and the School Corporation, as lessee, relating to all or any portion of the school facilities operated by the School Corporation. The Building Corporation, as lessor, will issue one or more series of first mortgage bonds secured by and payable from the lease payments under the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases (the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds”).  The total maximum original aggregate principal amount of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project General Obligation Bonds and the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds (collectively, the “Bonds”) will not exceed $14,220,000, or such greater amount in the case of the issuance of any first mortgage bonds all or a portion of which will be used to refund all or any portion of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds.

The maximum term for each series of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds will not exceed twenty (20) years, and each of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases with respect to each facility subject to a 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Lease or 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases at the time of the issuance of each series of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds will have a maximum term not to exceed twenty-two (22) years, beginning on the date each such 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Lease or addendum thereto is recorded by the School Corporation in connection with the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project.  Based on the estimated interest rates that will be paid in connection with the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds not anticipated to exceed seven percent (7.00%) per annum, the total interest cost associated therewith will not exceed $10,800,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation being available for capitalized interest.  The maximum annual principal and interest to be paid on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds plus the maximum annual lease rental to be paid by the School Corporation under the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases is $3,500,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds being issued under one or more federal tax credit programs), and the maximum total principal and interest to be paid on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds plus the maximum total lease rental to be paid by the School Corporation over the term of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases is $25,020,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation available for capitalized interest.  The School Corporation’s certified total debt service fund tax levy for 2024 pay 2025 (which is the most recent certified tax levy) is $4,801,765, and the School Corporation’s certified total debt service fund tax rate for 2024 pay 2025 (which is the most recent certified tax rate) is $0.5955 per $100 of assessed value.  The School Corporation’s estimated total debt service fund tax levy for 2025 pay 2026 is $5,076,500, and the School Corporation’s estimated total debt service fund tax rate for 2025 pay 2026 (which is based on the anticipated net assessed value of the School Corporation for 2025 pay 2026 of $806,341,722) is $0.5695 per $100 of assessed value.  The estimated total maximum debt service fund tax levy for the School Corporation and the estimated total maximum debt service fund tax rate for the School Corporation after the issuance of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds are anticipated to occur no earlier than 2029 pay 2030 and will be $5,076,500 and $0.5695 per $100 of assessed value (based on the assumption that the net assessed value of the School Corporation for 2029 pay 2030 is the same as the net assessed value of the School Corporation for 2025 pay 2026), respectively, as a result of the payment of the debt service on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project General Obligation Bonds and the lease rentals under the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases, and is currently expected to remain at or below these levels through 2039 pay 2040.  The percent of the School Corporation’s current annual debt service/lease payments and projected maximum annual debt service/lease payments after the issuance of the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds compared to the net assessed value of taxable property within the School Corporation is approximately seventy-four one-hundredths of one percent (0.74%).  The percent of the School Corporation’s outstanding long-term debt, together with the outstanding long-term debt of other taxing units that include any of the territory of the School Corporation, compared to the net assessed value of taxable property within the School Corporation is approximately seven and one one-hundredth of one percent (7.01%).  

Petitions requesting the application of the petition and remonstrance question process to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds and/or the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases related to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project may be filed with the Howard County Voter Registration Office within thirty (30) days after the date of the publication of this notice in the manner provided by Indiana Code § 6-1.1-20-3.1, as amended, and any such petitions must specifically reference that they are being filed in connection with the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project set forth in this notice.

Owners of real property, and registered voters residing, in the School Corporation should be aware that (A) on December 16, 2025, the Board adopted a separate preliminary determination resolution approving all of the necessary steps to issue one or more series of general obligation bonds (the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project General Obligation Bonds”) and/or enter into a lease or leases or amendment or amendments to an existing lease or leases with the Building Corporation for all or any portion of the facilities operated or to be operated by the School Corporation, pursuant to which the Building Corporation will issue one or more series of first mortgage bonds (the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds”) (the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project General Obligation Bonds and the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds, collectively, the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds”) to finance all or any portion of certain renovation and miscellaneous facility improvement, equipping and land improvement and/or acquisition projects throughout the geographical boundaries of the School Corporation, as described more fully in such resolution (collectively, the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project”), and (B) notice of the adoption of such preliminary determination resolution has been published on the date hereof.

Filing the above-referenced petition requesting the application of a petition-remonstrance process to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds and/or the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases related to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project will not serve as a request of the application of a petition-remonstrance process on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds and/or the leases related to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project and lease rental payments, all as described in the notice related thereto.  Furthermore, filing a petition requesting the application of a petition-remonstrance process on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds and/or the leases related to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project and lease rental payments, all as described in the notice related thereto, will not serve as a request of the application of a petition-remonstrance process on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds and/or the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Leases related to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project.

Dated: December 18, 2025

WESTERN SCHOOL CORPORATION
HOWARD COUNTY, INDIANA
By: Mark DuBois Superintendent

NOTICE OF PRELIMINARY DETERMINATION OF THE WESTERN SCHOOL CORPORATION, HOWARD COUNTY, INDIANA, TO ISSUE ONE OR MORE SERIES OF PROPOSED GENERAL OBLIGATION BONDS AND/OR ENTER INTO A PROPOSED LEASE OR LEASES OF FACILITIES OPERATED BY THE SCHOOL CORPORATION IN CONNECTION WITH THE PROPOSED 2026 INTERMEDIATE SCHOOL AND OUTDOOR FACILITIES RENOVATION/UPDATE AND EQUIPPING PROJECT

Owners of real property, and registered voters residing, in the Western School Corporation, Howard County, Indiana (the “School Corporation”), hereby are given notice that the Board of School Trustees of the School Corporation (the “Board”) preliminarily has determined, at its meeting held on December 16, 2025, that (I) a need exists for certain equipment acquisition and/or installation projects at, and/or renovation, repair and/or update projects to, all or any of the existing facilities and sites operated by the School Corporation, including, but not limited to, all or any portion of (a) renovation, update and remodel of all or any portion of the interior and exterior of the existing Western Intermediate School and its related outdoor improvements and facilities, (b) upgrade of one or more of the existing outdoor physical education/extra-curricular/co-curricular improvements, including, but not limited to, the installation of artificial turf on the existing high school football field and the upgrade of the existing high school track, (c) repair, replacement and/or upgrade of all or any portion of the heating and air conditioning system at the existing Western High School, (d) replacement, repair, restoration and/or upgrade of all or any portion of any of the existing parking lots and/or interior roads, (e) land acquisition and other miscellaneous equipment acquisition and/or installation projects and/or facility or site improvement or renovation projects at one or more buildings or sites operated by the School Corporation, and (f) all projects related to any of the foregoing (clauses (a) through and including (f), collectively, the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project”); and (II) to the extent permitted by law to take all of the necessary steps to finance all or a portion of the costs of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project by issuing one or more series of proposed general obligation bonds (the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project General Obligation Bonds”) and/or entering into a proposed lease or leases or amendment or amendments to one or more existing leases (collectively, the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases”) between one or more local nonprofit school building corporations, as lessor (collectively, the “Building Corporation”), and the School Corporation, as lessee, relating to all or any portion of the school facilities operated by the School Corporation. The Building Corporation, as lessor, will issue one or more series of first mortgage bonds secured by and payable from the lease payments under the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases (the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds”).  The total maximum original aggregate principal amount of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project General Obligation Bonds and the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds (collectively, the “2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds”) will not exceed $8,000,000, or such greater amount in the case of the issuance of any first mortgage bonds all or a portion of which will be used to refund all or any portion of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds.

The maximum term for each series of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds will not exceed twenty (20) years, and each of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases with respect to each facility subject to a 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Lease or 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases at the time of the issuance of each series of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project First Mortgage Bonds will have a maximum term not to exceed twenty-two (22) years, beginning on the date each such 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Lease or addendum thereto is recorded by the School Corporation in connection with the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project.  Based on the estimated interest rates that will be paid in connection with the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds not anticipated to exceed seven percent (7,00%) per annum, the total interest cost associated therewith will not exceed $5,995,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation being available for capitalized interest.  The maximum annual principal and interest to be paid on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds plus the maximum annual lease rental to be paid by the School Corporation under the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases is $2,900,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds being issued under one or more federal tax credit programs), and the maximum total principal and interest to be paid on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds plus the maximum total lease rental to be paid by the School Corporation over the term of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases is $13,995,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation available for capitalized interest.  The School Corporation’s certified total debt service fund tax levy for 2024 pay 2025 (which is the most recent certified tax levy) is $4,801,765, and the School Corporation’s certified total debt service fund tax rate for 2024 pay 2025 (which is the most recent certified tax rate) is $0.5955 per $100 of assessed value.  The School Corporation’s estimated total debt service fund tax levy for 2025 pay 2026 is $5,076,500, and the School Corporation’s estimated total debt service fund tax rate for 2025 pay 2026 (which is based on the anticipated net assessed value of the School Corporation for 2025 pay 2026 of $806,341,722) is $0.5695 per $100 of assessed value.  The estimated total maximum debt service fund tax levy for the School Corporation and the estimated total maximum debt service fund tax rate for the School Corporation after the issuance of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds are anticipated to occur no earlier than 2026 pay 2027 and will be $5,076,500 and $0.5695 per $100 of assessed value (based on the assumption that the net assessed value of the School Corporation for 2026 pay 2027 is the same as the net assessed value of the School Corporation for 2025 pay 2026), respectively, as a result of the payment of the debt service on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project General Obligation Bonds and the lease rentals under the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases described herein, and is currently expected to remain at or below these levels through 2036 pay 2037.  The percent of the School Corporation’s current annual debt service/lease payments and projected maximum annual debt service/lease payments after the issuance of the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds compared to the net assessed value of taxable property within the School Corporation is approximately seventy-four one-hundredths of one percent (0.74%).  The percent of the School Corporation’s outstanding long-term debt, together with the outstanding long-term debt of other taxing units that include any of the territory of the School Corporation, compared to the net assessed value of taxable property within the School Corporation is approximately seven and one one-hundredth of one percent (7.01%).  

Petitions requesting the application of the petition and remonstrance question process to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds and/or the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases related to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project may be filed with the Howard County Voter Registration Office within thirty (30) days after the date of the publication of this notice in the manner provided by Indiana Code § 6-1.1-20-3.1, as amended, and any such petitions must specifically reference that they are being filed in connection with the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project set forth in this notice.

Owners of real property, and registered voters residing, in the School Corporation should be aware that (A) on December 16, 2025, the Board adopted a separate preliminary determination resolution approving all of the necessary steps to issue one or more series of general obligation bonds (the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project General Obligation Bonds”) and/or enter into a lease or leases or amendment or amendments to an existing lease or leases with the Building Corporation for all or any portion of the facilities operated or to be operated by the School Corporation, pursuant to which the Building Corporation will issue one or more series of first mortgage bonds (the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds”) (the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project General Obligation Bonds and the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project First Mortgage Bonds, collectively, the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds”) to finance all or any portion of certain renovation and miscellaneous facility improvement, equipping and land improvement and/or acquisition projects throughout the geographical boundaries of the School Corporation, as described more fully in such resolution (collectively, the “2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project”), and (B) notice of the adoption of such preliminary determination resolution has been published on the date hereof.

Filing the above-referenced petition requesting the application of a petition-remonstrance process to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds and/or the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases related to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project will not serve as a request of the application of a petition-remonstrance process on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds and/or the leases related to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project and lease rental payments, all as described in the notice related thereto.  Furthermore, filing a petition requesting the application of a petition-remonstrance process on the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project Bonds and/or the leases related to the 2028-2030 District-Wide Facilities Renovation/Repair/Upgrade and Equipping Project and lease rental payments, all as described in the notice related thereto, will not serve as a request of the application of a petition-remonstrance process on the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Bonds and/or the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project Leases related to the 2026 Intermediate School and Outdoor Facilities Renovation/Update and Equipping Project.

Dated: December 18, 2025

WESTERN SCHOOL CORPORATION
HOWARD COUNTY, INDIANA
By: Mark DuBois Superintendent