reconvene regular meeting: 7:00 pm - Irvine Unified School District

PURCHASE AGREEMENT
This PURCHASE AGREEMENT (the “Purchase Agreement”), dated as of the
purchase date (the “Purchase Date”) specified in Exhibit A attached hereto and made a part
hereof, entered into by and between the signatory school district or the county board of education
designated in Exhibit A, each a political subdivision of the State of California (the “Participant”),
and [UNDERWRITER] (the “Underwriter”), for the sale and delivery of the principal amount
specified in Exhibit A of the Participant’s 2010-11 Tax and Revenue Anticipation Note, Series
__-__ (the “Note”) to be issued in conjunction with the notes of other Issuers (hereinafter
defined) participating in the South Coast Local Education Agencies Pooled Tax and Revenue
Anticipation Note Program pursuant to which such notes will be pooled in a Series designated in
Exhibit A, to include [Anaheim City School District, Brea Olinda Unified School District,
Capistrano Unified School District, Centralia School District, Fullerton School District, Irvine
Unified School District and La Habra City School District], and note participations (the “Note
Participations”) evidencing such series will be executed and delivered to the Underwriter;
WITNESSETH:
WHEREAS, school districts and county boards of education are authorized by
Sections 53850 to 53858, both inclusive, of the Government Code of the State of California (the
“Act”) (being Article 7.6, Chapter 4, Part 1, Division 2, Title 5 of the Government Code) to
borrow money by the issuance of notes;
WHEREAS, the governing board of the Participant has heretofore adopted its
resolution finding that the Participant needs to borrow funds in Fiscal Year 2010-11 in the
principal amount set forth in Exhibit A and that it is necessary that said sum be borrowed at this
time by the issuance of a note therefor in anticipation of the receipt of taxes, income, revenue,
cash receipts and other moneys to be received by the Participant during or attributable to Fiscal
Year 2010-11;
WHEREAS, the Participant has determined that it is in the best interests of the
Participant to participate in the South Coast Local Education Agencies Pooled Tax and Revenue
Anticipation Note Program (the “Program”), whereby certain participating school districts,
community college districts and/or the county board of education (the “Issuers”) will
simultaneously issue tax and revenue anticipation promissory notes;
WHEREAS, the Program requires the Issuers to deposit their tax and revenue
anticipation notes with U.S. Bank National Association, as trustee (the “Trustee”) and requires
the Trustee to accept deposit of such Notes, all pursuant to a trust agreement between the Issuers
and the Trustee (the “Trust Agreement”);
WHEREAS, the Program requires the Trustee to execute and deliver the Note
Participations in series evidencing proportionate undivided interests in payments of principal of
and interest on the tax and revenue anticipation notes issued by the Issuers comprising the same
series of Note Participations;
WHEREAS, pursuant to the Program the Underwriter will purchase the notes,
including the Note, as evidenced and represented by the Note Participations;
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