RESOLUTION DECLARING A NEED TO LEASE SCHOOL FACILITIES BE IT RESOLVED by the Board of Trustees (the "Board") of the Biloxi Public School District, Biloxi, Mississippi (the "District"), as follows: 1) A need exists in the District for the acquisition, renovation, improvement, construction and equipping of up to two (2) school facilities within the District as further described herein (the "Project") in the manner provided in Sections 37-7-351 through 37-7-359 of the Mississippi Code of 1972, as amended (the "Act"). 2) The District cannot provide the necessary funds to pay the cost or its proportionate share of the cost of the Project. The District intends to finance the cost of the Project through the lease and/or lease-leaseback transactions described herein pursuant to the Act. 3) The District desires to sell, lease, lend, grant, or otherwise convey to a corporation, individual or partnership, with or without consideration, or to permit such corporation, in­dividual or partnership to use, maintain or operate as part of public school facilities, pursuant to the Act up to two (2) school facilities together with other real or personal property which may be necessary, useful or convenient for the purposes of the District. Any such sale, lease, loan, grant or conveyance shall be for a period of time not to exceed twenty (20) years, and title to any real property transferred by the District shall revert to the District at the expiration of such term. 4. The District desires to lease or lease-purchase, as authorized by the Act, up to two (2) school facilities, including real and personal property, which may include the school facilities, including real and personal property, sold, granted, or otherwise conveyed by the District pursuant to paragraph 3 above. 5. The District anticipates that the costs of the Project, which may include but is not limited to the District's new upper elementary school and other District facilities (the "Project"), will be financed through a loan against or certificates of participation in a lease or lease-purchase agreement entered into pursuant to this resolution and subsequent Board actions, which may be issued in one or more series in an aggregate principal amount not to exceed $45,000,000. 6. The Board shall annually appropriate, from available funds of the District, sufficient amounts to pay the lease rentals stipulated to be paid by the District in any lease or lease-purchase agreement, which shall constitute a general obligation of the District. Any such lease or lease-purchase agreement entered into pursuant to the Act shall not be considered bonded indebtedness for the purposes of the limitations of indebtedness contained in any applicable Mississippi statute and shall not be subject to such limitations. The lease or lease-purchase agreement hereinafter proposed to be entered into will not exceed any constitutional or statutory limitation on indebtedness applicable to the District. 7. The Board, acting for and on behalf of the District, proposes to take final action upon the question of the Project to be financed through the lease and/or lease-leaseback transactions described herein, at a meeting of the Board of the District to be held at 5:00 p.m. on March 17, 2026 at the Board's regular meeting place in the DuKate Building (Annex), 1445 Father Ryan Avenue, Biloxi, Mississippi, which date is not less than thirty days after the date of first publica­tion of this resolution, unless prior to such meeting a petition signed by not less than twenty percent (20%) or fifteen hundred (1,500), whichever is less, of the qualified electors of the District shall be filed with the District's Superintendent in the District's Central Office or with the Board prior to the Board meeting at the aforesaid date, place and time requesting that an election be called on such question. If such a petition is timely filed, the Board shall, not later than its next regular meeting, adopt a resolution calling an election to be held within the District upon the questions of author­izing the Board to finance the Project through the transactions described herein. Such election shall be called and held, and the result determined, pursuant to and as provided by the Act. 8. The Board reasonably expects that it will incur expenditures in connection with the Project prior to the issuance of the financing described herein, which it intends to reimburse with the proceeds of such financing. This declaration of official intent to reimburse expenditures is made for purposes of and pursuant to Department of Treasury Regulations Section 1.150-2. The Project for which such expenditures will be made is the same as described above and the portion of the debt expected to be issued for the Project and expected to be reimbursed shall not exceed the maximum amount stated above. Having received the affirmative vote of the majority of the Board members, the Resolution was adopted on February 10, 2026. BOARD OF TRUSTEES OF THE BILOXI PUBLIC SCHOOL DISTRICT IPL0312383 Feb 11,18,25,Mar 4 2026