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

for its share of (a) the fees of the Trustee and the costs of issuing the applicable Series of Note
Participations, and (b) if applicable, the fees of the Credit Provider, the Issuer’s allocable share
of all Predefault Obligations and Reimbursement Obligations, if any (each as defined in the Trust
Agreement) and in the event that the Note is sold on a stand-alone basis, the District will be
responsible for (a) the fees of the Trustee and the costs of issuing the applicable Series of Note
Participations, and (b), if applicable, the fees of the Credit Provider, all Predefault Obligations
and the Reimbursement Obligations, if any, related to such Series of Note Participations;
WHEREAS, pursuant to the Program, in the event that other Issuers participate
with the District in a Series of notes sold into a pool, the Note and the notes issued by other
Issuers, if any, participating in the same Series (all as evidenced and represented by a Series of
Note Participations) will be offered for public sale pursuant to procedures set forth herein and in
the Official Notice of Sale, substantially in the form of the Official Notice of Sale presented to
this meeting or otherwise to the Board (the “Official Notice of Sale”) or, in the alternative, as
provided herein, through negotiation with the Underwriter or directly to a purchaser or
purchasers under the terms of a placement or purchase agreement, which shall be substantially in
the form of the purchase agreement presented to this meeting or otherwise to the Board (the
“Purchase Agreement”) approved by an Authorized District Representative;
WHEREAS, the District has determined that it may be desirable to provide for
the issuance of an additional parity note or notes (the “Parity Note”) during the Repayment
Fiscal Year, the principal and interest on which will be secured by Pledged Revenues, hereinafter
defined, on a parity with the Note; and
WHEREAS, it is necessary to engage the services of certain professionals to
assist the District in its participation in the Program;
as follows:
NOW, THEREFORE, the Board hereby finds, determines, declares and resolves
Section 1.
so finds and determines.
Recitals. All the above recitals are true and correct and this Board
Section 2. Authorization of Issuance. This Board hereby determines to
borrow, and, to the extent required by the Act, requests the Board of Supervisors of the County
to borrow on behalf of the District, solely for the purpose of anticipating taxes, income, revenue,
cash receipts and other moneys to be received, accrued or held by the District and provided for or
attributable to the Repayment Fiscal Year, and not pursuant to any common plan of financing of
the District, by the issuance by the Board of Supervisors of the County, in the name of the
District, the Note, which may be issued in one or more series, in a combined amount not to
exceed the Principal Amount under Sections 53850 et seq. of the Act, designated the “Irvine
Unified School District 2010-11 Tax and Revenue Anticipation Note” with an appropriate series
designation if more than one series is issued, to be issued in the form of fully registered notes, to
be dated the date of delivery to the respective initial purchaser thereof, to mature (with or
without option of prior redemption at the election of the District) not more than 15 months after
each such delivery date on a date indicated on the face thereof and determined in the related
Pricing Confirmation (as it pertains to each series, the “Maturity Date”), and to bear interest,
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