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NOTICE OF HEARING TRITON SCHOOL CORPORATION Pursuant to Indiana Code 20-26-7-37 and Indiana Code 20-47-3-9, notice is hereby given that the Board of School Trustees of Triton School Corporation will meet at 7:00 p.m. on October 11, 2010, at the Triton Administration Building located at 100 Triton Drive, Bourbon, Indiana, to hold a hearing to discuss and hear objections and support regarding the proposed renovation of and improvements to Triton Jr./Sr. High School (the "QSCB Project") and to consider a lease to be entered into between Triton School Building Corporation, as lessor, and Triton School Corporation, as lessee. You are invited to attend and participate in the public hearing. The proposed lease upon which hearing will be held is for a term of twelve (12) years, commencing with the acquisition of title to a portion of the building to be renovated and improved by Triton School Building Corporation. The lease provides for a rent during renovation payment in the amount of $300,000 on June 30, 2011. The lease provides for a maximum annual rental of $605,000. If Qualified School Constriction Bonds are issued, the maximum annual lease rental payment will be $605,000, however after receiving interest subsidy payment from the U.S. Treasury, the net annual lease rental is expected to be $505,000 per year, payable on June 30 and December 31 of each year during the term of the lease, commencing with the completion of the building or December 31, 2011, whichever is later. As additional rental, the lessee shall maintain insurance on the building as required in the lease, shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs. After the sale by the Corporation of its First Mortgage Bonds to pay for the cost of said building, including the acquisition of the sites thereof and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to the multiple of $1,000 next higher than the payments required to be deposited into a Sinking Fund in order to pay the principal and interest when due plus $3,000, payable in equal semiannual installments. The lease gives an option to the lessee to purchase the property on ally rental payment date. The building to be renovated and improved will be a portion of the Triton Jr./Sr. High School in said school corporation located at 300 Triton Drive, Bourbon, Indiana. The drawings, plans and specifications, including the estimates for the cost of said renovation as well as a copy of the proposed lease, are available for inspection by the public on all business days, during business hours, at the Administration Building of Triton School Corporation, 100 Triton Drive, Bourbon, Indiana. At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such lease, and upon whether the lease rental provided for therein to be paid to Triton School Building Corporation is a fair and reasonable rental for the proposed building. Such hearing may be adjoined to a later date or dates, and following such hearing the President, Board of School Trustees may either authorize the execution of such lease as originally agreed upon or may make modifications therein as may be agreed upon with Triton School Building Corporation. Dated this 9th day of September, 2010 Debbie Shively, Secretary, Board of Scbool Trustees Triton School Corporation s9
