SUWANNEE COUNTY SCHOOL BOARD SPECIAL MEETING

June 11,2018

AGENDA

Call to Order/Welcome/Pledge - 1 :00 p.m.

The Superintendent recommends approval to adopt the agenda.

Chief Financial Officer - Vickie DePratter:

1. The Superintendent recommends approval of the following resolution for the 2017-2018 school year: (Note: This resolution has been reviewed and approved by Board Attorney Leonard Dietzen.)

#2018-08R A Resolution of the School Board of Suwannee County, Florida, supplementing Resolution #SCSB 2018-08R; authorizing the issuance of its not to exceed $1,000,000 Capital Improvement Revenue Bond, Series 2018; authorizing the negotiated sale of such bond to First Federal Bank of Florida; providing for the rights of the owner of such bond; making such determinations as are required to afford such bond "bank qualified" status; making certain other covenants and agreements in connection with the issuance of such bond; and providing an effective date. (New) (pgs.2-23)

2. The Superintendent recommends approval of the negotiated salary schedule for 2018-2019 and collective bargaining items tentatively agreed upon. (pgs. 24-30)

3. The Superintendent recommends approval of the following personnel items, effective July 1,2018, for the 2018-2019 fiscal year:

a. Confidential Employees (1) A one percent (1 %) increase to the salary schedule (2) Increase the Board's contribution for health insurance by $250 per year

b. Administrative Employees (l) A $500 improvement to the salary schedules (2) Adjustments for School-Based Administrators on Performance Pay as

follows: a) High effective - $1,001 b) Effective - $500

(3) Increase the Board's contribution for health insurance by $250 per year

Adjourn

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RESOLUTION NO. SCSB 2018-10R

A RESOLUTION OF THE SCHOOL BOARD OF SUWANNEE COUNTY, FLORIDA, SUPPLEMENTING RESOLUTION NO. SCSB 2018-08R; AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $1,000,000 CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2018; AUTHORIZING THE NEGOTIATED SALE OF SUCH BOND TO FIRST FEDERAL BANK OF FLORIDA; PROVIDING FOR THE RIGHTS OF THE OWNER OF SUCH BOND; MAKING SUCH DETERMINATIONS AS ARE REQUIRED TO AFFORD SUCH BOND "BANK QUALIFIED" . STATUS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BOND; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, on March 1, 2018, The School Board of Suwannee County, Florida (the "School Board") adopted Resolution No. SCSB 2018-08R (the "Authorizing Resolution") authorizing the issuance of The School Board of Suwannee County, Florida Capital Improvement Revenue Bond, Series 2018 (the "2018 Bond"), in an amount not to exceed $1,000,000, to finance the acquisition, construction, enlarging, improving, repairing, remodeling, and/or equipping and furnishing of a new administrative complex (the "2018 Project"), which serves a paramount public purpose; and

WHEREAS, in accordance with the Authorizing Resolution, the 2018 Bond was validated by the Circuit Court of the Third Judicial Circuit in and for Suwannee County, Florida on May 9,2018, and no appeal was filed; and

WHEREAS, due to the present volatility of the market for tax-exempt obligations such as the 2018 Bond. and the complexity of the transactions relatingto the 2018 Bond, it is in the best interest of the SChool Board that the 2018 Bond be sold by a negotiated sale in order to take. ad vantage of current market conditions, allowing market entry at the most advantageous time, rather than at a specified advertised date, and thereby obtaining the best possible price and interest rate for the 2018 Bond; and

WHEREAS, the School Board issued a request for letters of interest (the "RLI") to banking and other institutions on May 1, 2018, and received responses thereto on May 16, 2018; and

WHEREAS, the City now desires to approve the issuance and sale of the 2018 Bond pursuant to the RLI to First Federal Bank of Florida (the "Purchaser"), the respondent who provided the most favorable response to the RLI and to take certain other actions in connection with the issuance and sale of the 2018 Bond; and

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SCSB 2018-10R

WHEREAS, the School Board will be provided all applicable disclosure information by the Purchaser as required by section 218.385, Florida Statutes; and

WHEREAS, this resoh.).tion shall constitute a supplemental resolution under the terms of the Authorizing Resolution, and all capitalized undefined terms used herein shall have the meanings set forth in the Authorizing Resolution.

NOW, THEREFORE, BE IT RESOLVED BY THE SCHOOL BOARD OF SUWANNEE COUNTY, FLORIDA, ACTING AS THE GOVERNING BODY OF THE SCHOOL DISTRICT OF SUWANNEE COUNTY, FLORIDA:

SECTION 1. Al!fHORITY FOR THIS RES"OLUTION. This resolution is adopted pursuant to the provisions of the Act and the Authorizing Resolution.

SECTION 2. FINDINGS RATIFIED. The findings and declarations of the School Board contained in the Authorizing Resolution are hereby expressly approved, reaffirmed, and ratified.

SECTION 3. AUTHORIZATION OF 2018 BOND AND 2018 PROJECT. The School Board is authorized under the Act and the Authorizing Resolution to issue an obligation to be known as "Capital Improvement Revenue ,Bond, Series 2018" in the principal amount of not to exceed $1,000,000, and to use the proceeds thereof to: (A) finance the acquisition, construction, enlarging, improving, repairing, remodeling, and/or equipping and furnishing of the 2018 Project, and (B) pay certain expenses related to the issuance of the 2018 Bonds. The 2018 Bonds will be issued under the Authorizing Resolution.

SECTION 4. AWARD OF SALE AND SUPPLEMENTAL TERMS OF THE 2018 BOND.

A. The School Board hereby finds that, due to the present volatility of the market for tax-exempt obligations such as the 2018 Bond and the complexity of the transactions relating to the 2018 Bond, including the duration of the 2018 Bond and its maturity date and the relatively small, size of the principal amount of the 2018 Bond, it is in the best interest of the School Board that the 2018 Bond be sold by a negotiated sale in order to allow market entry at the most advantageous time, rather than at a specified advertised date, thereby obtaining the best possible price and interest rate for the 2018 Bond.

B. The 2018 Bond is to be issued as a Term Bond in a principal amount of $1,000,000, or such other amount equal to or less than $1,000,000, as agreed to by the School Board and the Purchaser; shall be dated its date of delivery and shall mature on April 1, 2028. The 2018 Bond shall bear an interest rate of 2.95% per annum (subject to adjustment as described in the 2018 Bond), and shall be payable on each April 1 and October I, commencing October I, 2018, and thereafter until

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SCSB 20tS-tOR

the principal amount of the 2018 Bond has been paid. Interest shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each. Principal shall be payable on April 1, commencing on April 1, 2019, and thereafter, in the Amortization Installments set forth in the 2018 Bond.

C. The 2018 Bond shall be redeemable prior to maturity in whole or in part on any Business Day, upon giving two Business Days prior notice in writing to the Purchaser, at a redemption price equal to the principal amount of the 2018 Bond to be redeemed, plus accrued interest thereon to the date set for redemption.

D. The Secretary is hereby designated to'serve as Paying Agent and Registrar for the 2018 Bond under the Authorizing Resolution. The Registrar and Paying Agent for the 2018 Bond shall perform such duties with respect to the 2018 Bond as the Registrar and Paying Agent performs with respect to the Bonds as such duties are more fully described in the Authorizing Resolution.

E. The issuance of the 2018 Bond shall not exceed any debt limitation prescribed by law, and such 2018 Bond, when issued, will be within the limits of all constitutional or statutory debt limitations.

F. Prior to the issuance of the 2018 Bond, the School Board shall receive from the Purchaser a Purchaser's Certificate, substantially in the form attached hereto as Exhibit C and a Disclosure Letter containing the information required by section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit D.

G. The School Board agrees to pay the principal, premium, if any, and interest payments on the 2018 Bond via ACH direct debit or wire transfer from a bank account of the School Board in accordance with instructions provided by the Registered Owner to the School Board.

SECTION 5. FORM OF 2018 BOND. The text of the 2018 Bond shall be in substantially , the form attached hereto as Exhibit B with such 'changes, amendments, modifications, deletions, and additions as may be necessary and desirable and authorized and permitted by the Authorizing Resolution or by this supplemental resolution.

SECTION 6. 2018 BOND.

COVENANTS OF THE SCHOOL BOARD WITH RESPECT TO THE

A. APPLICATION OF PROCEEDS. Proceeds from the sale of the 2018 Bond shall be disposed of as provided in the Authorizing Resolution. Notwithstanding the provisions of the AuthOrizing Resolution, the Chief Financial Officer is hereby authorized to supplement and amend the application of proceeds of the 2018 Bond provided in the Authorizing Resolution, as evidenced by a certificate of the Chief Financial Officer executed in connection with the issuance of the 2018 Bond.

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SCSB 20l8-l0R

B. COVENANTS IN RESOLUTION. The provisions of the Authorizing Resolution shall be fully applicable to the 2018 Bond and all of the covenants contained in the Authorizing Resolution shall be applicable to the 2018 Bond.

C. ANNUAL AUDIT AND OPERATING BUDGET. The School Board shall submit to the Purchaser annual financial statements within 270 days of fiscal year end and an annual budget within 60 days of adoption, together with any other information the Purchaser may reasonably request.

D. OPERATION AND DEPOSIT ACCOUNTS. For as long as the Purchaser is· the Bondholder of the 2018 Bond, the School Board will maintain its operating and deposit accounts currently held by the Purchaser with the Purchaser.

E. ANNUAL CERTIFICATION. The School Board will annually certify to the Purchaser that the Pledged Revenues distributed to the School Board under the Act equal at least 1.0 times annual debt service on the 2018 Bond.

SECTION 7. BANK QUALIFIED. The School Board hereby designates the 2018 Bond as a "qualified tax-exempt obligation" within the meaning of section 265(b )(3) of the Code. The School Board does not reasonably expect during the calendar year 2018 to issue more than $10,000,000 of "tax-exempt" obligations including the 2018 Bond, exclusive of any private activity bonds as defined in section 141(a) of the Code (other than qualified 501 (c)(3) bonds as defined in section 145 of the Code).

SECTIONS. GENERAL AUTHORITY. The members of the School Board, the Secretary, and the officers, attorneys, and other agents or employees of the District are hereby authorized to do all acts and things required of them by the Act, the Authorizing Resolution, this supplemental resolution, and the Proposal, or desirable or consistent with the requirements thereof for the full, punctual, and complete performance of all the terms, covenants, and agreements contained herein or therein, and each member, employee, attorney, and officer of the District and the Secretary is hereby authorized and directed to execute and deliver any and all papers and instruments and to be and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated hereunder.

SECTION 9. SEVERABILITY AND INVALID PROVISIONS. If anyone or more of the covenants, agreements, or provisions herein contained shall be held contrary to any express provision of law or contr~ to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements, or prOvisions shall be null and void and shall be deemed separable from the remaining covenants, agreements, or provisions and shall in no way affect the validity of any of the other prOvisions hereof.

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SCSB 201S-10R

SECTION 10. EFFECTIVE DATE. This supplemental resolution shall become effective immediately upon its adoption.

Duly adopted this 11th day of June, 2018.

ATTEST:

Superintendent, ex-officio Secretary of The School Board of Suwannee County, Florida

THE SCHOOL BOARD OF SUWANNEE COUNTY, FLORIDA

By: Chairperson

"Approved as to Fonn and Sufficiency BY ----------------------

Leonard J. Dietzen, ill

Rumberger, Kirk & Caldwell, .P.A.

Suwannee School Board Attorney"

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. EXHIBIT A

THE PROPOSAL

SCSB 2018-10R

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SCSB 2018-10R

BANK of FLORIDA

May 22,2018

Vickie Music Depratter, Chief Financial Officer Suwannee County School Board 1729 Walker Avenue, SW, Suite 200 Live Oak, FL 32064

Dear Vickie:

As requested in your Request for Proposals, below you will find my contact information along with that of Lacrecia Barber, Robert Turbeville and Bank Counsel, Bob Shaffer.

Brandon M. Fernald, Vice President a Commercial Lender First Federal Bank of Florida 804 South Ohio Avenue Live Oak, FL 32064 Phone: 386-7362-3433 ext. 3396 Email: fernaldb@ffbf.com

Lacrecia Barber, Senior Vice President a Regional Senior Commercial Lender First Federal Bank of Florida 2571 West US Hwy 90 Lake City, FL 32055 Phone: 386-755-0600 ext. 3514 Email: ·barberl@ffbf.com

Robert W. Turbeville, Executive Vice President a Chief Lending Officer First Federal Bank of Florida 4705 West US Hwy 90 Lake City, FL 32055 Phone: 386-754-7146 Email: tiJrbeviller@ffbf.com

Robert G. Shaffer, II RezLegal, LLC . 816 A1A North, Suite 204 Ponte Vedra Beach, Florida 32082 Phone: 904-567-1168 Email: Bob@rezlegal.com

If you should have any questions, please feel free to contact me.

Brandon • Fernald Vice President I Commercial Lending

804 Ohio Avenue South· Live Oak, Florida 32064 • 386.362.3433 • www.ffsb.com

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i

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SCSB 20l8·l0R

. BAN K of FLO RID A

May 22, 2018

Suwannee COUnty School Board Vickie Depratter, Chief Financial Officer 1729 Walker Ave. SW Ste. 200 Live Oak, FL 32064

Dear Mrs. Depratter:

This Letter constitutes a Proposal by First Federal Bank of Florida (Bank) to provide terms for a Capital Improvement Revenue Bond loan to Suwannee County School Board described below as the Borrower. The terms and conditions of this offer are as follows:

Borrower: Suwannee County School Board

Principal Loan Amount: $1,000,000 Loan will be repaid via a lien and pledge of funds pursuant to section 212.20(6)(d)6.a, Florida Statutes; Chapter 30250, Laws of Florida (1955), as amended by Chapter 67-907, Laws of Florida (1967), which provides that the School Board receives half of such revenues above $20,000 (approximately $213,250 per year). Loan will be repaid with semi-annual interest and annual principal payments over a 10 year period.

Interest Rate: 2.95% Tax Exempt / 3.65% = Est. Tax Equivalent / "The Rate of Interest payable on this Bond is subject to adjustment if the interest on this Bond becomes includable in the gross income of the Registered Owner for Federal income tax purposes because of the action or inaction of the School Board, the effect of which would adversely affect the Registered Owner's after-tax yield (collectively, an "Event of Taxability"). Upon the occurrence of an Event of Taxability, the Registered Owner shall have the right to adjust the interest rate 011 this Bond to 3.65% per annum, from the qate such interest is included in such gross income. This adjustment shall survive payment or redemption of this Bond until such time as the federal statute of limitations under which the interest on this Bond could be declared taxable under the Internal Revenue Code of 1986, as amended, shall have expired."

Terms of Payment: Interest due semi-annually beginning October 1, 2018 and Principal due annually beginning April!, 2019 for 10 years.

Prepayment penalty: None, this loan can be prepaid at any time without penalty.

Bank's Counsel: Counsel on behalf of the bank to review all documents. The $2,000 cost of Bank's legal counsel shall be paid by the borrower.

Borrowing Authority Instruments: Documents appropriate to the forms of the borrowing entity, which evidence the necessary authorization of the actions to be taken by Borrower, in connection with this proposal and the Loan, including a resolution authorizing transaction and pledge of revenues and board minutes.

804 Ohio Avenue South· Live Oak, Florida 32064 • 386.362.3433 • www.ffsb.com

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SCSB 2018-10R

Loan Application: To be supplied to the Bank prior to closing.

Covenants/Conditions: 1. Repayment to come from a lien and pledge of funds pursuant to section 212.20(6)(d)6.a, Florida

Statutes; Chapter 30250, Laws of Florida (1955), as amended by Chapter 67-907, Laws of Florida (1967), which provides that the School Board receives half of such revenues above $20,000 (approximately $213,250 per year). .

2. Legal opinion stating debt qualifies for tax exempt from counsel on behalf of the bank. 3. If tax exempt status is disqualified, the rate will adjust to a taxable equivalent rate. 4. Verificatipn.of designated income stream for repayment. 5. Annual Audited Financial Statements to be provided 6. The Issuer will annually certify to the Holder of the Certificate that the Pledged Revenues received

under the Act equal at least 1.0 times annual debt service on the Certificates. 7. Interest to be calculated on the 30/360 method 8. Maintain Operation and Deposit Accounts 9. Copy of Resolution and School Board minutes authorizing transaction 10. Loan amount is limited to maximum allowable amount as recommended per bank's council. 11. Limitation on the County/School Board to pledge excess funds from the pledged revenue over the

debt service 12. Funding date of June J41h,2018 13. Bank Administrative Fee of$199 to be paid by Borrower

Acceptance: Please indicate your acceptance of this Proposal by signing a copy of this Proposal letter and returning it to the Bank. Unless an acceptance is received on or before June 12th, 2018, this proposal shall be at Bank's option, void. Thank you again for this opportunity to assist with this request We value your relationship and look forward to growing together!

Brand M Fernald Vice President First Federal Bank of Florida Office: (386) 362-3433 x.3396 Mobile: (386) 965-5455 Email: fernaldb@ffbf.com

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SCSB 2018-10R

The undersigned accepts the foregoing proposaL

Accepted this __ day of _____ ---J. __

Suwannee County School Board:

By: __________ _

Vickie Depratter, CFO

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EXHIBITB

FORM OF 201~ BOND

SCSB 20l8-l0R

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SCSB 20l8-l0R

No. R-l

UNITED STATES OF AMERICA STATE OF FLORIDA

THE SCHOOL BOARD OF SUWANNEE COUNTY, FLORIDA CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2018

Rate of Interest Maturity Date Dated Date

$1,000,000

2.95% April 1, 2028 June 14, 2018 (subject to adjustment)

Registered Owner: FIRST FEDERAL BANK OF FLORIDA

Principal Amount: ONE :rv.rrLLION DOLLARS

KNOW ALL MEN BY THESE PRESENTS, that The School Board of Suwannee County, Florida (the "School Board"), the governlng body of the School District of Suwannee County, Florida (the "District"), a governmental authority created by Article IX, Section 4 of the Florida Constitution, for value received, hereby promises to pay to the Registered Owner identified above, or registered assigns, on each April 1 and the Maturity Date identified above, the Principal Amount shown above as set forth in the payment schedule attached hereto as Schedule I, solely from the revenues hereinafter mentioned, and to pay solely from such revenues, interest on said sum from the Dated Date of this Bond or from the most recent interest payment date to which interest has been paid, at the Rate of Interest per annum set forth above until the payment of such principal sum, such interest being calculated on the basis of a 360-day year consisting of 12 months of 30 days each and payable on April 1 and October 1 of each year, commencing October 1, 2018. The principal of, premium, if any, and interest on this Bond are payable via ACH direct debit or wire transfer in accordance with instructions provided by the Registered Owner to the S.ecretary of the School Board (the "Paying Agent" and the "Registrar") and presentation of this Bond shall not be required for payment. In the event the School Board shall be in default in payment of interest due on such interest payment date, such defaulted interest shall be payable to the person in whose name such Bond is registered at the close of business on a special record date for the payment of defaulted interest as established by notice mailed by the Registrar to the Registered Owner not less than 15 days preceding such special record date. Such notice shall be mailed to the person in whose name such Bond is registered at the close of business on the 5th day preceding the date of mailing. All amounts due hereunder shall be payable in any coin or currency of the United States, which is, at the time of payment, legal tender for the payment of public or private debts.

This Bond is the duly authorized Bond in the principal amount of $1,000,000 (this "Bond") issued to finance the costs of the acquisition, construction, enlarging, improving, repairing,

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SCSB 20l8-l0R

remodeling, and/or equipping and furnisrung of a new administrative complex, all or more particularly described in the plans and specifications on file or to be filed with the School Board, as the same may be modified or amended from time to time. This Bond is issued pursuant to the authority of and in full compliance with the Constitution and laws of the State of Florida, including section 1001.32(2), Florida Statutes, section 212.20(6)(d)6.a., Florida Statutes, as a replacement for moneys previously distributed pursuant to section 550.135, Florida Statutes (formerly section 550.13, Florida Statutes); chapter 30250, Laws of Florida (1955), as amended by chapter 59-727, Laws of Florida (1959), chapter 65-1215, Laws of Florida (1965), and chapter 67-907, Laws of Florida (1967); and chapter 71-933, Laws of Florida (1971), each as amended, and other applicable provisions of law (collectively, the "Act"), and Resolution No. SCSB 2018-08R, duly adopted by the School Board on March 1,2018, as supplemented by Resolution No SCSB 2018-10R, duly adopted by the School Board on June 11, 2018 (collectively, the "Resolution"), and is subject to all the terms and conditions of the Resolution. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Resolution.

This Bond is a limited and special obligation of the School Board payable solely from and secured by an irrevocable pledge of the Pledged Revenues, as defined and described in the Resolution, consisting of the moneys distributed to the School Board pursuant to the Act and until applied as provided in the Resolution, the moneys including investments thereof in the funds and accounts under the Resolution.

The principal of, premium, if any, and interest on this Bond and all required Sinking Fund, and o~er payments shall be limited and special obligations of the School Board, payable solely from and secured by an irrevocable pledge of the Pledged Revenues, as provided in the Resolution. This Bond does not constitute an indebtedness, liability, general or moral obligation, or a pledge of the faith, credit or taxing power of the School Board, the District, the State of Florida, or any political subdivision thereof, within the meaning of any constitutional or statutory provision or limitation. Neither the State of Florida, any political subdivision thereof, the District, nor the School Board shall be obligated (A) to exercise its ad valorem taxing power or any other taxing power in any form on any real or personal property in Suwannee County, Florida to pay the principal of, premium, if any, and interest on this Bond, or to make any of the required Sinking Fund, or other payments thereon or other costs incident thereto or (B) to pay the same from any other funds of the School Board, except from the Pledged Revenues, in the manner provided herein and in the Resolution. It is further agreed between the School Board and the Registered Owner of this Bond that this Bond and the indebtedness evidenced hereby shall not constitute a lien upon any property of the School Board other than the Pledged Revenues and shall be payable only from the Pledged Revenues, in the manner provided in the Resolution.

The Rate of Interest payable on this Bond is subject to adjustment if the interest on this Bond becomes includable in the gross income of the Registered Owner for Federal income tax purposes because of the action or inaction of the School Board, the effect of which would adversely affect the

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SCSB 201S-10R

Registered Owner's after-tax yield (collectively, an "Event of Taxability"). Upon the occurrence of an Event of Taxability, the Registered O~er shall have the right to adjust the interest rate on this Bond to 3.65% per annum, from the date such interest is included in such gross income. This adjustment shall survive payment or redemption of this Bond until such time as the federal statute of limitations under which the interest on this Bond could be declared taxable under the Internal Revenue Code of 1986, as amended, shall have expired.

In and by the Resolution, the School Board has covenanted and agreed with the owner of this Bond that it will (A) take all action legally available to it to ensure the receipt of Pledged Revenues sufficient to make all payments of principal and interest on this Bond, as and when the same become due, and all other payments required by the Resolution,. and will take no action which will impair or adversely affect its receipt of the Pledged Revenues, and (B) budget and appropriate in the annual School Board budget for expenditure from the Pledged Revenues, in each of the fiscal years during which this Bond is outstanding and unpaid, sufficient amounts of such Pledged Revenues to pay one hundred per centum (100%) of the principal and interest becoming due in such year on the outstanding Bond of this issue and on all other obligations payable on a parity therewith, plus one hundred per centum (100%) of all other payments required by the Resolution. Pursuant to the Resolution, the School Board has reserved the right to issue additional obligations, payable on a parity with this Bond, in the manner, and upon the terms and conditions provided in the Resolution; and has entered into certain other covenants and agreements respecting this Bond,

as to which reference is made to the Resolution.

This Bond shall be redeemable prior to maturity in whole or in part on any Business Day,

upon giving two Business Days prior notice in writing to the Registered Owner, at a redemption price equal to the principal amount of this Bond to be redeemed, plus accrued interest thereon to the date set for redemption.

In the event this Bond is called for redemption as aforesaid, notice thereof identifying this Bond will be given by the Registrar (who shall be the paying agent for this Bond, or such other person, firm or corporation as may from time to time be designated by the School Board as the

Registrar for this Bond) prior to the date fixed for prepayment to the Registered Owner in the manner provided in the Resolution. This Bond so called for prepayment will cease to bear interest after the specified prepayment date provided funds for its prepayment are on deposit at the place of payment at that time.

If the date for payment of the principal of or interest on this Bond shall be a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city where the office of the Paying Agent is located are authorized by law or executive order to dose, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such date shall have

the same force and effect as if made on the nominal date of payment.

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SCSB 2018-10R

It is hereby certified and recited that all acts, conditions, and things required to exist, to happen and to be performed precedent to and in connection with the issuance of this Bond exist, have happened, and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond does not violate any constitutional or statutory limitations or provisions.

Subject to the provisions set forth herein for registration and transfer, this Bond is and has all the qualities and incidents of a negotiable instrument under the Uniform Commercial Code -Investment Securities of the State of Florida.

This Bond is issued in the form of one fully registered Bond without coupons. Tl;Us Bond is

transferable by the Registered Owner hereof in person or by its attorney duly authorized in writing, at the principal office of the duly appointed Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution. and upon surrender and cancellation of this Bond. If this Bond is delivered for transfer it shall be accompanied by written instrument of transfer, in form and with guaranty of signature satisfactory to the Registrar, specifying the details of the transfer of such Bond, along with the address and social security

number or federal taxpayer identification number of such transferee and, if such transferee is a trust, the name and social security or federal taxpayer identification numbers of the settlor and beneficiaries of the trust, the federal taxpayer identification number and date of the trust and the name of the trustee. In all cases of the transfer of this Bond, the Registrar shall enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the transferee a new fully registered Bond of the same series, maturity and interest rate for the aggregate principal amount which the Registered Owner is entitled to receive at the earliest practicable time in accordance with the provisions of the Resolution. No transfer of this Bond shall be effective until entered on the registration books maintained by this Bond Registrar. The School Board may deem and treat the Registered Owner hereof as the absolute owner hereof (whether or not this Bond shall be overdue) for the purpose of receiving payment of or on account of principal hereof and interest

due hereon and for all other purposes, and the School Board shall not be affected by any notice to the contrary. This Bond may be transferred in whole but not in part.

This Bond shall not be deemed valid or obligatory for any purpose unless this Bond of Authentication endorsed hereon shall have been duly executed by the manual signature of an authorized officer of the Registrar.

IN WITNESS WHEREOF, the School Board has issued this Bond and has caused the same to be executed by the manual or facsimile signature of the Chairperson of the School Board and attested by the manual or facsimile signature of the Superintendent, ex-officio Secretary to the

School Board and its seal or a facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon, as of the Dated Date set forth above.

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SCSB 201S-10R

(SEAL)

ATTEST:

By: Superintendent, ex-officio

Secretary

SCHOOL BOARD OF SUWANNEE COUNTY, FLORIDA

By: Chairperson

AUTHENTICA nON OF BOND REGISTRAR

This Bond is the Bond described in the Resolution. The Dated Date, the Principal Amount,

Rate of Interest, Maturity Date and Registered Owner shown above are correct in all respects and have been recorded, in accordance with the Resolution, in the Bond Register maintained for such purposes at the principal office of the undersigned.

June 14, 2018 Date of Authentication

By: Superintendent, ex-officio Secretary of The School Board of Suwannee County, Florida

STATEMENT OF VALIDATION

This Bond is the Bond which was validated by judgment of the Circuit Court of Suwannee County, Florida, rendered on the 9th day of May, 2018.

"Approved as to Form and Sufficiency BY =====--------------------

Leonard J. Dietzen, ill

Rumberger, Kirk & Caldwell, P.A. Suwmm.ee School Board Attorney"

Chairperson The School Board of Suwannee County,

Florida

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SCSB 201S-10R

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ________________ _

(the "Transferor"), hereby sells, assigns, and transfers unto

_____________ (Please insert name and Social Security or Federal Employer Identification number of assignee) the withln Bond and all rights thereunder, and hereby irrevocably constitutes and appoints _____ (the "Transferee") as attorney to register the transfer of the withln Bond on the books kept for registration thereof, with full power of substitution in the premises.

Date: __________ _

Signature Guaranteed:

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or a trust company.

NOTICE: No transfer will be registered and no new Bond will be issued in the name of the Transferee, unless the signature(s) to this assignment corresponds with the name as it appears upon the face of the withln Bond in every particular, without alteration or enlargement or any change whatever and the Social Security or Federal Employer Identification Number of the Transferee is supplied.

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SCHEDULE I

PRINCIPAL PAYMENT SCHEDULE

Payment Date 04/01/2019 04/01/2020 04/01/2021 04/01/2022 04/01/2023 .

04/01/2024 04/01/2025 04/01/2026 04/01/2027 04/01/2028*

* Final maturity.

Amortization Installments

$70,000 90,000 95,000 95,000

100,000 105,000 105,000 110,000 115,000 115,000

SCSB 20lS-l0R

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SCSB 20l8-l0R

EXHIBIT C

FORM OF PURCHASER'S CERTIFICATE

This is to certify that First Federal Bank of Florida (the "Purchaser") has not required The School Board of Suwannee County, Florida (the "School Board") to deliver any offering document and has conducted its own investigation, to the extent it deems satisfactory or sufficient, into matters relating to business affairs or conditions (either financial or otherwise) of the School Board in connection with the issuance of the School Board's $1,000,000 Capital IIDprovement Revenue Bond, Series 2018 (the "2018 Bond"), and no inference should be drawn that the Purchaser, in the acceptance of the 2018 Bond, is relying on Bryant Jv.filler Olive P.A ("Bond Counsel") or Rumberger, Kirk & Caldwell (the "School Board's Counsel") as to any such matters other than the legal opinions' addressed to the Purchaser rendered by Bond Counsel and School Board's Counsel. Any capitalized undefined terms used herein not otherwise defined shall have the meaning set forth in the 'Resolution No. SCSB 2018-08R, duly adopted by the School Board on March 1, 2018, as supplemented by Resolution No SCSB 2018-10R, duly adopted by the School Board on June 11, 2018 (collectively, the "Resolution").

We acknowledge and understand that the Resolution is not being qualified under the Trust Indenture Act of 1939, as amended (the "1939 Act"), and is not being registered in reliance upon the exemption from registration under Section 3(a)(2) of the Securities Act of 1933, Section 517.051(1), Florida Statutes, and/or Section 517.061(7), Florida Statutes, and that neither the School Board, Bond Counsel nor the School Board's Counsel shall have any obligation to effect any such registration or qualification.

We are not acting as a broker or other intermediary, and are purchasing the 2018 Bond as an investment for our own account and not with a present view to a resale or other distribution to the public. Nonetheless, the Purchaser reserves the right to sell the 2018 Bond. We understand 2018 Bond may be transferred in whole and not in part.

We are not purchasing the 2018 Bond for the direct or indirect promotion of any scheme or enterprise with the intent of violating or evading any provision of Chapter 517, Florida Statutes.

Neither we nor any of our affiliates shall act as a fiduciary for the School Board or in the capacity of broker, dealer, municipal securities underwriter or municipal advisor with respect to the issuance of the 2018 Bond. Neither we nor any of our affiliates has provided, and will not provide, financial, legal, tax, accounting or other advice to or on behalf of the School Board with respect to the issuance of the 2018 Bond. The School Board has represented to us that it has sought and obtained financial, legal, tax, accounting and other advice (including as it relates to structure, timing, terms and similar matters) with respect to the proposed issuance of the 2018 Bond from its

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SCSB 2018-10R

financial, legal and other advisors (and not us or any of our affiliates) to the extent that the School Board desired to obtain such advice.

DATED this 14th day of June, 2018.

FIRST FEDERAL BANK OF FLORIDA

By: Title: Vice President

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SCSB 201S-10R

EXHIBITD

FORM OF DISCLOSURE LETTER

'The undersigned, as purchaser, proposes to negotiate with The School Board of Suwannee County, Florida (the "School Board") for the private purchase of its $1,000,000 Capital Improvement Revenue Bond, Series 2018 (the "2018 Bond"). Prior to the award of the 2018 Bond, the following information is hereby furnished to the School Board:

1. . Set forth is an itemized list of the nature and estimated amounts of expenses to be incurred for services rendered to us (the "Purchaser") in connection with the issuance of the 2018 Bond (such fees and expenses to be paid by the School Board):

$2,000.00 RezLegal, LLC, Purchaser's Counsel

Legal Fees

2. (a) No other fee, bonus or other compensation is estimated to be paid by the Purchaser in connection with the issuance of 2018 Bond to any person not regularly employed or retained by the Purchaser (including any "finder" as defined ill Section 218.386(1)(a), Florida Statutes), except as specifically enumerated as expenses to be incurred by the Bank, as set forth in paragraph (1) above.

(b) No person has entered into an understanding with the Purchaser, or to the knowledge of the Purchaser, with the School Board, for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the School Board and the Purchaser or to exercise or attempt to exercise any influence to effect any transaction in the purchase of the 2018 Bond.

3. $199.00.

4.

5.

The amount of the underwriting spread expected to be realized by the Purchaser is

The management fee to be charged by the Purchaser is $0.

Truth-in-Bonding Statement:

The School Board is proposing to issue its 2018 Bond in the principal amount of $1,000,000 to finance the costs of certain capital improvements as described in the Resolution No. SCSB 2018-08R, duly adopted by the School Board on March 1, 2018, as supplemented by Resolution No SCSB 2018-lOR, duly adopted by the School Board on June 11, 2018 (collectively, the "Resolution"). The 2018 Bond is expected to be repaid over a period of approximately 9.8 years. At a forecasted interest rate

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SCSB 2018-10R

of 2.95%, total interest paid over the life of the 2018 Bond is estimated to be approximately $166,445.56. .

The source of repayment or security for the 2018 Bond is the Pledged Revenues as defined in and in the manner and to the extent described in the Resolution. Authorizing and issuance of the 2018 Bond is estimated to result in an annual average of approximately $119,058.80 of Pledged Revenues of the School Board not being available to finance the other services of the School Board during the life of the 2018 Bond for approximately 9.8 years. This paragraph is provided pursuant to section 218.385, Florida Statutes.

6. The name and address of the Purchaser is as follows:

First Federal Bankof Florida 4705 WestD.S. Hwy. 90 Lake City, Florida 32056

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Letter on behalf of the Purchaser this 14th day of June, 2018.

FIRST FEDERAL BANK OF FLORIDA

By: Title: Vice President

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SCSB AND UTSC NEGOTIATED PROPOSAL

51Z4/18

INSTRUCTIONAL

COMPENSATION

The parties agree to an overall improvement to the instlu.ctionalsalaJ:y schedule of $$OOeffecuve July 1,2018, for the 2018-19 school year.

The p~uties agree that the values for performance pay adjustments for the instructional tmitare:

Highly Effective: $1001 Effective: $750

The parties agree that the Board's contribution towards health insurance will be increased by an additional $250 tor employees who elect group health insurance effective July I, 2018; for the 2018-19 school year.

ESP UNIT

COMPENSATION

The parties agtee to a 1 % increase to the salary S.Cl1edules forelllployees in the ESP unit effective July 1, 2018, for the 2018-19 school year.

The parties agree that the Board's oontribution towards health insutance\\ill be increased by a.n additional $250 for employees who elect group health insurance effective July 1, 2018, for the 2018-19 schoo1 year.

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4. POINTS:

Education Staff Professional Contract

ARTICLE XIV EMPLOYEE EVALUATION

a. One (1) point for each $3000 property damage or vehicle damagej but not to exceed SIX (6) points in any single accident or evenl

APPENOIXG SUWANNEE COUNTY SCHOOL BOARD

DIFFERENTIATED PAY PLAN

2. Middle School Supplements

d. Band Director (includes supervision of Intra-curricular activities and requires unit participation in band perfonnances arid competitions) $1.500.00

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(P)

Education Staff Professional Contract

ARTICLEvn

WOJOONG CONDITIONS

1. Emplovees shall not be reguired to administer anymedicatkm including but not limited to diabetic blood level checks. llebuHzer treatmel'lts. etc. to students unless appropriately trained for the procedure. Employee,s will not be required 10 administer supposlmries. General medication administration shall gul-y require @neralized training. Any tSXIwrement beyond me dispensing of medication shall require specific training in the procedure in'Volveg, and where medically Qrudent. child specific training. Such training and appropriate updates shall he provided annuallvby the Board and shall be during work time. The Board shall continue to endeavor to.obtain qualified heal1h personnel to meet student health needs.

2. Student special needs: toiletingassistance. Adequate supplies for toHeting assistance-by a paraprofessional to students in need ofassistanc~ will be availabJe cOl1sistentwith applicable state and fed.eralhealth and safety regulations. Employees will take steps tQ e.nsure the privacy of the student.

ART1 CLE XX~3

DONATING SltK LEAVE

Dpnation of Sick Lea\re Transfer of sick leave to ~my other district employee: /\n employee mlly transfer ear.ned sick leave to miy distdct employee for their use in {'.ases of Injur~T of illnes~.

1. Such transfer of leave is separate [:rom the District Sick Leave Batik.

2. .t1.ny employee ,,,ho is a retipielit of d01lllt.i::::d sickleav'c. other fu1tna fattlily member (!-lPO\!l>J;l .. child parent or siblint(), must provide medical clocum.enmrioll from the n:eacing ph?sidan of the illness or lnjw:~i a.longwith a \vtitteo tequesf for leave rohe trans·rerred.

3. 'n,e receivlngetnployee must use all oftheir;acc:tt,led sick leave before using dOilated sink }ga.ve.

4. Any emplo):!i}e who donates sick 1.t!lye to lli10dlCr employee, other. than jl spouse. child. patent' or sibling. .must nlflintain a minimum of £i\TC (5) sicJ.h.day§ in their own district g.££9unt.

5. All ullused transferred sick leave shall be returned to the cinployec who donated it.

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SCSB AND UTSC NEGOTIATED PROPOSAL .

5/24/18

INSTRUCTIONAL

COMPENSATION

The parties agree to an .overall improvement to the instructional salary schedule of $500 effective July 1,2018, for the 2018;'19 school year.

The parties agree that the values for performance pay adjustments ror the instructional unit are:

Highly Effective: $1001 Effective: $750

The parties agree that the Board's contribution towards health insurapce will beiner-eased by an additibnl:ll $250 for employees who elect group health insurance effective July 1, 2018! for the 2018-19 school year,

ESPU!\TJT

COMPENSATION

The parties agree. to a 1 % increase to the. $a1ary schedules for employe{!s in the ESP unit effective July 1,2018, for the 2018~19 school year.

The parties agree that the Board's contrilyution towards health insurance will be increased by an additional $250 for employees who elect group health insurance effe<Juve July I, 2018~ for the. 2018~ 19 school year.

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(0) Medical Procedures

Instructional Contract

ARTICLE XI

TEACHING CONDITIONS

1, Under ordinary cirCurriSlrmces, only properly trained employees will be asked 10 perform medicaj procedures or to dispense medication to all:£ student. The Board 'will assume legal responsibilities when art employee is asked to perfotm medical procedures ottb dispense medication to any student.

2, Nonmedical school disttictpersonnel shall not perrOn)1 invasive medical svrviceswhich require special medical knowledge.nursinglI1dgnlentand nursing as§essment. 11:\8

procedures include, but are not limited to: A. Sterile catheterization. B, Naso.l!astdc tubeJeeding. C. Cleaning and maitltaininga tracheostomy .alld. deeR suctioning of a tracheostOlnv;

3. NQ.!1nledical personnel shall be allowed to perform health-related services upon successful compktion of child-specific training by a registered nurse~ a licensed practical nurse. a phYsician licensed pursuant to chapter 458 or chamer 459. Or a phvsh::ian assistant certified. pursuant t6 chapter 4580)' 459. All procedures shall be monitored periodically by a nurse. These proceduresinc1ude. but are not lim:ited to:

A. Cleaningintermittellt .oaiheterizatinn. B. Gastrostomy tube feedin~. C. Monitoring blood glucose. D. AdministeriIll! el11ergency injectable fl1editation.

4. For all other medical servicesllot Hsted Ll1 Section. 0 (2) and (3), a registered nurse. a Jicellsed practical nurse, a physician licensed pursuant to chapter 458 or chapter 459, or a phYsician assistant certified pursuant to chWter 458 or 459 shall detennine if nonmedical school district personneJ shall be allowed to perform such services.

5. Under ordinmy circumstanCes, teachers shalT not be asked to toilet ordiaperany.stude:m,. The parties recognize thatvatiattons tl'lav occur in de,alinJLWnlhalidicapped children. but reasonable effort shall be made to relieve c1assroom teachers of these duties. Reasonable effort shall also he made to relieve an ehlployee of diapering or toilcting a student of a gender different than tbeelllployeeJs gender.

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Donaticm of Sick L(~~rve

Instructional Contract

ARTICLE XXVUI- 3

DONATING SlCK LEAVE

Transfer of sick JCiive to any other.district employee: An employee may ttnnsfer earned sick leave to auy clisn:ict employee fgr their use in cases ofu'ijury or illm:~s.

1. Such trans fer of leave is separate from the DisttictSick Leave Bank.

2. Any employee wIlD is a rer;ipicnt of donated sic~ l~vc\ ot:1lCr thana family memher (spouse. child parent OJ' sibling). must provide medical d6ctuhentarl()f1 frotTi the tren.t11g ph}'Sician of the illness ot injury along with a written request for le~lv.e.to be transferred.

3. Th~ tt;c5<iving emBloyec must use all of their accrt.led sick lM~fe befrJ1"e using donated sitJs lCfl\"c..

4. Any cmplo}Tee who donates sick l¢.1ve to a1'lothet employee, other th.uil aspous"e, child; parent ot sibling, must maintilln a minimum of frye GD skk days in theil' own district account.

5. ;\II \,hlU};cd transfeued sick leavr:; shan be tct:tirllcd to the employee who donated it.

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Instructional Contract

APPENDIXG SUWANNEE COUNTY SCHOOL BOARD

DffiFERENTIATEDPAYPLAN

2. Middle School Suppieluents

d. Band Director (includes supervision of Intrawcurricuiar activities and requires unit participation in band p¢rformanc;es ~nd competitions) $1,500.00

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