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NOTICE OF HEARING ON PROPOSED LEASE WAWASEE COMMUNITY SCHOOL CORPORATION You are hereby notified that a public hearing will be held before the Board of School Trustees on June 8, 2010 at the hour of 5:30 p.m. (Local Time) at the Administration Building of Wawasee Community School Corporation located at 1 Warrior Path Building #2, Syracuse, Indiana, upon a proposed lease to be entered into between Wawasee High School Building Corporation, as lessor, and Wawasee Community School Corporation, as lessee. The proposed lease upon which hearing will be held is for a term of sixteen (16) years, commencing with the acquisition of title to the building to be renovated by Wawasee High School Building Corporation. The lease provides for rental during renovation in the amount of $162,500 per payment payable on June 30, 2011 and December 31, 2011. Thereafter, the lease provides for an annual rental of $2,880,000. However, if Build America Bonds or Qualified School Construction Bonds are issued, the maximum annual lease rental payment will be $2,940,000 but after receiving payment from the U.S. Treasury, the net annual lease rental will be $2,880,000 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 June 30, 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, and shall pay rebate amounts to the United States Treasury. 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 sum of principal and interest due on such bonds in each twelve-month period ending on January 15 plus $2,000, payable in equal semiannual installments. The lease gives an option to the lessee to purchase the property on any rental payment date. The building to be renovated will be Wawasee High School in said school corporation located at 1 Warrior Path Building 1, Syracuse, 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 Wawasee Community School Corporation, 1 Warrior Path Building #2, Syracuse, 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 Wawasee High School Building Corporation is a fair and reasonable rental for the proposed building. Such hearing may be adjourned 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 Wawasee High School Building Corporation. Dated this 5th day of May, 2010. Rebecca Linnemeier Secretary, Board of School Trustees Wawasee Community School Corporation m5
