$995,000(1) general obligation special assessment ... › munihub › wp-content › ...2020/05/27...

NEW ISSUES: GLOBAL BOOK-ENTRY

$995,000(1) General Obligation Special Assessment Prepayment Bonds,

Series 2020A

$2,770,000(1) Taxable Limited Tax Refunding Bonds,

Series 2020B

Detailed information regarding these obligations (collectively, the “Bonds”) is set forth herein.

PROPOSALS RECEIVED: Monday, June 8, 2020 at 11:00 A.M. and 11:30 A.M., C.T. Offices of PFM Financial Advisors LLC 50 South Sixth Street, Suite 2250 Minneapolis, MN 55402 (Electronic and sealed proposals may be submitted) PROPOSALS CONSIDERED: Monday, June 8, 2020

The date of this Official Statement is May 27, 2020. (1) Preliminary; subject to change.

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NEW ISSUE: FULL-BOOK ENTRY ONLY RATING: MOODY’S “Aa3” (Underlying) “Aa2” (Enhanced)

In the opinion of Arntson Stewart Wegner PC, Bond Counsel, the interest to be paid on the Bonds is not includable in gross income of the recipient for United States or State of North Dakota income tax purposes (other than the franchise tax measured by net income imposed on banks, trust companies and building and loan associations by North Dakota Century Code, Chapter 57-35.3). See “TAX EXEMPTION” contained herein.

OFFICIAL STATEMENT

$995,000 GENERAL OBLIGATION SPECIAL ASSESSMENT PREPAYMENT BONDS, SERIES 2020A

GRAND FORKS PUBLIC SCHOOL DISTRICT NO. 1

Dated: Date of Delivery Principal Due: August 1, 2021 through 2034 Minimum Bid: $985,050 (99.0% of Par) Good Faith Deposit: $10,000

The $995,000 General Obligation Special Assessment Prepayment Bonds, Series 2020A (the “Series 2020A Bonds”) are being issued by the Grand Forks Public School District No. 1, North Dakota (the “District”) pursuant to Chapter 21-03 of the North Dakota Century Code. The Bonds, together with other funds, will be used for the purpose of (i) prepaying a portion of special assessment obligations due to the City of Grand Forks, and (ii) paying the financing costs associated with the issuance of the Series 2020A Bonds. The Series 2020A Bonds are general obligations of the District for which its full faith, credit, and unlimited taxing powers are pledged. All taxable property within the corporate limits of the District is subject to ad valorem taxation without limitation as to rate and amount to pay the Series 2020A Bonds. The District is required by law to include in its annual tax levy the principal and interest coming due on the Series 2020A Bonds to the extent the necessary funds are not provided from other sources.

The Series 2020A Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository of the Series 2020A Bonds. Individual purchases may be made in book-entry form only, in the principal amount of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. Principal of the Bonds, payable annually on August 1, commencing on August 1, 2021, and interest, payable semiannually on each February 1 and August 1 commencing February 1, 2021, will be paid to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as described herein.

The Series 2020A Bonds will mature serially on August 1 in the following years and amounts:

Interest Interest Year Amount Rate* Yield* Year Amount Rate* Yield*

2021 $ 95,000 _______% _______% 2028 $ 70,000 _______% _______% 2022 80,000 _______% _______% 2029 60,000 _______% _______% 2023 85,000 _______% _______% 2030 65,000 _______% _______% 2024 70,000 _______% _______% 2031 65,000 _______% _______% 2025 70,000 _______% _______% 2032 65,000 _______% _______% 2026 70,000 _______% _______% 2033 65,000 _______% _______% 2027 70,000 _______% _______% 2034 65,000 _______% _______%

The Series 2020A Bonds maturing on August 1, 2029 and thereafter are subject to optional redemption prior to maturity on August 1, 2028 and any date thereafter at a price of par plus accrued interest to the redemption date.

PAYING AGENT: U.S. Bank, National Association, St. Paul, Minnesota

LEGAL OPINION: Arntson Stewart Wegner PC, Fargo, North Dakota

BANK QUALIFIED: The Series 2020A Bonds are designated as “Qualified Tax-Exempt Obligations.”

ENHANCEMENT: The District will participate in the North Dakota Credit Enhancement Program

BID OPENING: 11:30 A.M. Central Time on Monday, June 8, 2020 In the offices of PFM Financial Advisors, LLC 50 South Sixth Street, Suite 2250, Minneapolis, Minnesota 55402 (Electronic and sealed bids accepted)

BIDS CONSIDERED: On Monday, June 8, 2020 at a regular board meeting.

DELIVERY: Delivery of the Bonds is anticipated to occur on or about June 23, 2020.

The date of this Official Statement is May 27, 2020. * Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein. (THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.)

NEW ISSUE: FULL-BOOK ENTRY ONLY RATING: MOODY’S “Aa3” (Underlying) “Aa2” (Enhanced)

In the opinion of Arntson Stewart Wegner PC, Bond Counsel, the interest to be paid on the Bonds is included in gross income of the recipient for United States or State of North Dakota income tax purposes (other than the franchise tax measured by net income imposed on banks, trust companies and building and loan associations by North Dakota Century Code, Chapter 57-35.3). See “TAX EXEMPTION” contained herein.

OFFICIAL STATEMENT

$2,770,000 TAXABLE LIMITED TAX REFUNDING BONDS, SERIES 2020B

GRAND FORKS PUBLIC SCHOOL DISTRICT NO. 1

Dated: Date of Delivery Principal Due: August 1, 2022 through 2033 Minimum Bid: $2,742,300 (99.0% of Par) Good Faith Deposit: $27,700

The $2,770,000 Taxable Limited Tax Refunding Bonds, Series 2020B (the “Series 2020B Bonds”) are being issued by the Grand Forks Public School District No. 1, North Dakota (the “District”) pursuant to Chapter 21-03 of the North Dakota Century Code. The Series 2020B Bonds, together with other funds, will be used for the purpose of (i) refunding, on a crossover advance refunding basis, the Limited Tax Bonds, Series 2013A, dated October 1, 2013 (the “Refunded Bonds”) and (ii) paying the costs associated with the issuance of the Series 2020B Bonds. The Series 2020B Bonds are limited obligations of the District payable, prior to the crossover date of August 1, 2021, from escrow funds held by the Escrow Agent, and after the redemption date, from the School Building Fund Levy (see “Security and Source of Payment” herein).

The Series 2020B Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository of the Series 2020B Bonds. Individual purchases may be made in book-entry form only, in the principal amount of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. Principal of the Series 2020B Bonds, payable annually on August 1, commencing on August 1, 2022, and interest, payable semiannually on each February 1 and August 1 commencing August 1, 2020, will be paid to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as described herein.

The Series 2020B Bonds will mature serially on August 1 in the following years and amounts:

Interest Interest Year Amount Rate* Yield* Year Amount Rate* Yield*

2022 $ 215,000 _______% _______% 2028 $ 230,000 _______% _______% 2023 215,000 _______% _______% 2029 235,000 _______% _______% 2024 215,000 _______% _______% 2030 240,000 _______% _______% 2025 220,000 _______% _______% 2031 245,000 _______% _______% 2026 225,000 _______% _______% 2032 250,000 _______% _______% 2027 230,000 _______% _______% 2033 250,000 _______% _______%

The Series 2020B Bonds maturing on August 1, 2029 and thereafter are subject to optional redemption prior to maturity on August 1, 2028 and any date thereafter at a price of par plus accrued interest to the redemption date.

PAYING AGENT: U.S. Bank, National Association, St. Paul, Minnesota

LEGAL OPINION: Arntson Stewart Wegner PC, Fargo, North Dakota

ENHANCEMENT: The District will participate in the North Dakota Credit Enhancement Program

BID OPENING: 11:00 A.M. Central Time on Monday, June 8, 2020 In the offices of PFM Financial Advisors, LLC 50 South Sixth Street, Suite 2250, Minneapolis, Minnesota 55402 (Electronic and sealed bids accepted)

BIDS CONSIDERED: On Monday, June 8, 2020.

DELIVERY: Delivery of the Bonds is anticipated to occur on or about June 23, 2020.

The date of this Official Statement is May 27, 2020. * Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein. (THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.)

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No dealer, broker, salesman or other person has been authorized by the District, the Financial Advisor or the Underwriters to give any information or to make any representations other than those contained in this Official Statement or the Final Official Statement and, if given or made, such information and representations must not be relied upon as having been authorized by the District, the Financial Advisor or the Underwriters. This Official Statement or the Final Official Statement does not constitute an offer to sell or solicitation of an offer to buy, nor shall there by any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the District and other sources which are believed to be reliable, but it is not to be construed as a representation by the Financial Advisor or Underwriters. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement or the Final Official Statement nor any sale made thereafter shall, under any circumstances, create any implication that there has been no change in the affairs of the District or in any other information contained herein, since the date hereof. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.

TABLE OF CONTENTS

Page Page Introduction to the Official Statement ....................... 1 Description of the Bonds ........................................... 4

Authority ............................................................ 4 Purpose ............................................................... 4 The Plan of Refunding ........................................ 5 Security and Sources of Payment ....................... 5 Credit Enhancement ........................................... 6 Additional Bonds ................................................ 6 Redemption Provisions ....................................... 6 Estimated Sources and Uses of Funds ................ 7 Book-Entry Only System ................................... 8 Bondholder’s Risk .............................................. 9 Continuing Disclosure ........................................ 9

The District .............................................................. 10 General Information ......................................... 10 Organization and Administration ..................... 10 Enrollment Trends ............................................ 11 Physical Characteristics of the District ............. 11 Pension Plans .................................................... 12

Economic and Demographic Information ................ 13 Population ......................................................... 13 Employment Statistics ...................................... 13 Major Employers .............................................. 14

Financial Summary .................................................. 15 Indebtedness of the District ..................................... 16

General Obligation Debt ................................... 16 Limited Tax Debt ............................................. 17 Debt Limit ........................................................ 18 Overlapping Debt ............................................. 18

Financial Information .............................................. 19 Financial Reports ............................................. 19 Results of Operations ....................................... 19 Budgets ............................................................ 20

Property Valuations and Taxes ............................... 21 Tax Levies and Collections .............................. 21 Principal Taxpayers ......................................... 22 Tax Rates ......................................................... 23

Rating ...................................................................... 23 Financial Advisor .................................................... 23 Tax Exemption ........................................................ 23 Not Qualified Tax-Exempt Obligations .................. 24 Legal Matters .......................................................... 24 Litigation ................................................................. 24 Miscellaneous ......................................................... 24

Appendix A - The District’s Audited Financial

Statements for the Year Ended June 30, 2019

Appendix B - Forms of Legal Opinion Appendix C - Forms of Continuing Disclosure

Certificate Appendix D - Official Notices of Sale Official Bid Form

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INTRODUCTION TO THE OFFICIAL STATEMENT The following information is furnished solely to provide limited introductory information regarding issuance of the $995,000(1) General Obligation Special Assessment Prepayment Bonds, Series 2020A (the “Series 2020A Bonds") and $2,770,000(1) Taxable Limited Tax Refunding Bonds, Series 2020B (the “Series 2020B Bonds”) (collectively, the “Bonds”) issued by the Grand Forks Public School District No. 1, North Dakota (the "District") and does not purport to be comprehensive. All such information is qualified in its entirety by reference to the more detailed descriptions appearing in this Official Statement, including the appendices hereto.

Issuer: Grand Forks Public School District No. 1, North Dakota (the “District”).

Authority of Issuance: Series 2020A Bonds

The Series 2020A Bonds are being issued pursuant to Chapter 21-03 of the North Dakota Century Code.

Series 2020B Bonds

The Series 2020B Bonds are being issued pursuant to Chapter 21-03 of the North Dakota Century Code.

Purpose: Series 2020A Bonds

The Series 2020A Bonds are being issued to (i) prepay a portion of special assessment obligations due to the City of Grand Forks, and to (ii) pay the financing costs associated with the issuance of the Bonds.

Series 2020B Bonds

The Series 2020B Bonds are being issued to (i) refund, on a crossover advance refunding basis, the Limited Tax Bonds, Series 2013A, dated October 1, 2013 (the “Refunded Bonds”) and to (ii) pay the costs associated with the issuance of the Series 2020B Bonds.

Security: Series 2020A Bonds

Principal and interest on the Series 2020A Bonds will be payable from ad valorem taxes collected by the District.

Series 2020B Bonds

The Series 2020B Bonds, prior to August 1, 2021, are payable from escrow funds held by the Escrow Agent, and after August 1, 2021, are payable from the School Building Fund Levy.

Principal Payment: Series 2020A Bonds

Annually on August 1, 2021 through 2034

Series 2020B Bonds

Annually on August 1, 2022 through 2033

Interest Payments: Series 2020A Bonds

Interest on the Series 2020A Bonds is payable semiannually on February 1 and August 1, commencing February 1, 2021.

Series 2020B Bonds

Interest on the Series 2020B Bonds is payable semiannually on February 1 and August 1, commending August 1, 2020.

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Optional Redemption: Series 2020A Bonds

The Series 2020A Bonds maturing on August 1, 2029, and thereafter are subject to optional redemption on August 1, 2028, and any date thereafter at a price of par plus accrued interest.

Series 2020B Bonds

The Series 2020B Bonds maturing on August 1, 2029 and thereafter are subject to optional redemption on August 1, 2028 and any date thereafter at a price of par plus accrued interest to the redemption date.

Enhancement: Series 2020A Bonds

The District will participate in the North Dakota Credit Enhancement Program.

Series 2020B Bonds

The District will participate in the North Dakota Credit Enhancement Program.

Denominations: $5,000 or multiples thereof.

Book-Entry Only: The Bonds will be issued as book-entry only securities through the Depository Trust Company.

Tax Status: Series 2020A Bonds

The Series 2020A Bonds are generally exempt from federal and state income taxes (see “Tax Exemption” herein).

Series 2020B Bonds

The Series 2020B Bonds are NOT exempt from federal and state income taxes (see “Tax Exemption” herein).

Bank Qualified: Series 2020A Bonds

The Series 2020A Bonds are designated as “Qualified Tax-Exempt Obligations”

Series 2020B Bonds

The Series 2020B Bonds are not designated as “Qualified Tax-Exempt Obligations”

Professional Consultants: Financial Advisor: PFM Financial Advisors LLC Fargo, North Dakota

Minneapolis, Minnesota

Bond Counsel: Arntson Stewart Wegner P.C. Fargo, North Dakota

Paying Agent/: U.S. Bank, National Association Registrar St. Paul, Minnesota

Record Date: Interest and principal shall be paid to the registered holders of the Bonds on the 15th day of the calendar month next preceding such interest payment date, whether or not such day is a business day.

Legal Matters: Validity, tax exemption, and legal matters incident to the authorization and issuance of “the Bonds” are subject to the opinion of Arntson Stewart Wegner PC, Bond Counsel. The opinion will be substantially in the form set forth in Appendix B attached hereto.

Delivery Date: On or about June 23, 2020. (1) Preliminary, subject to change.

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The information set forth herein has been obtained from the District and other sources which are believed to be reliable, but it is not to be construed as a representation by the Financial Advisor or Underwriter(s). The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Preliminary Official Statement nor any sale made thereafter shall, under any circumstances, create any implication that there has been no change in the affairs of the District or in any other information contained herein, since the date hereof. The Preliminary Official Statement is in a form deemed final as of its date for purposes of Securities and Exchange Commission Rule 15c2-12(b)(1) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Rule”), but is subject to minor revision or amendment in accordance with the Rule. Not later than seven business days following the award of the Bonds, the District shall provide copies of the final Official Statement, as that term is used in the Rule, to the purchaser(s) of the Bonds. The purchaser(s) of the Bonds will be supplied with final Official Statements in a quantity sufficient to meet its request. Up to 20 copies of the final Official Statement for each respective series of Bonds will be furnished without cost. Questions regarding the Bonds or the Preliminary Official Statement can be directed to, and additional copies of the Preliminary Official Statement, the District's audited financial reports and the documents described herein may be obtained from the District Municipal Advisor, 50 South Sixth Street, Suite 2250, Minneapolis, Minnesota, 55402 (612-338-3535 and 612-338-7264 FAX).

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DESCRIPTION OF THE BONDS Authority Series 2020A Bonds The Series 2020A Bonds are being issued by the District pursuant to a Resolution to be adopted by the School Board (the “Resolution”) on June 8, 2020, and are issued pursuant to and in full conformity with the Constitution and laws of the State of North Dakota, including Chapters 21-03, North Dakota Century Code, as amended. Series 2020B Bonds The Series 2020B Bonds are being issued by the District pursuant to a Resolution to be adopted by the School Board (the “Resolution”) on June 8, 2020, and are issued pursuant to and in full conformity with the Constitution and laws of the State of North Dakota, including Chapters 21-03, North Dakota Century Code, as amended. Purpose Series 2020A Bonds The Series 2020A Bonds, together with other funds, will be used for the purpose of (i) prepaying a portion of special assessment obligations due to the City of Grand Forks, and (ii) paying the financing costs associated with the issuance of the Series 2020A Bonds. Series 2020B Bonds The Series 2020B Bonds, together with other funds, will be used for the purpose of (i) refunding, on a crossover advance refunding basis, the Limited Tax Bonds, Series 2013A, dated October 1, 2013 (the “Refunded Bonds”) and (ii) paying the costs associated with the issuance of the Series 2020B Bonds.


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The Plan of Refunding The Series 2013A Bonds, the “Refunded Bonds”, were previously issued to finance the acquisition of land for the construction of a new elementary school, constructing a new elementary school, remodeling and renovating school buildings, and paying the costs associated with the issuance of the Bonds. The Refunded Bonds to be refunded on a crossover advancing refunding basis include:

Series Outstanding Maturities

Amount Outstanding

CUSIP Call Date Call Price

Par Amount of Bonds to be Refunded

2013A 2020 $ 175,000 385478 FM9 Non-callable -- $ -- 2021 175,000 385478 FN7 Non-callable -- --

2022 180,000 385478 FP2 8/1/2021 100% 180,000 2023 185,000 385478 FQ0 8/1/2021 100% 185,000 2024 190,000 385478 FR8 8/1/2021 100% 190,000 2025 200,000 385478 FS6 8/1/2021 100% 200,000 2026 205,000 385478 FT4 8/1/2021 100% 205,000 2027 215,000 385478 FU1 8/1/2021 100% 215,000 2028 220,000 385478 FV9 8/1/2021 100% 220,000 2029 230,000 385478 FW7 8/1/2021 100% 230,000 2030 240,000 385478 FX5 8/1/2021 100% 240,000 2031(1) 250,000 385478GA4 8/1/2021 100% 250,000 2032(1) 260,000 385478GA4 8/1/2021 100% 260,000 2033(1) 270,000 385478GA4 8/1/2021 100% 270,000

Total $ 2,995,000 $ 2,645,000 (1)The Series 2013A Bonds maturing in the years 2031 through 2033 have been aggregated into a term bond maturing on August 1, 2033. The District will deposit the proceeds of the Series 2020B Bonds and other funds into an escrow account, in such amount as may be required to be invested in securities authorized for such purpose by North Dakota Century Code maturing on such dates and bearing interest at such rates as are required to provide funds sufficient, along with cash retained in the escrow account, to pay principal of the Refunded Bonds on the redemption date, and to pay interest due on the Refunding Bonds to and including the redemption date. Security and Sources of Payment Series 2020A Bonds The Series 2020A Bonds are general obligations of the District for which its full faith, credit, and unlimited taxing powers are pledged. All taxable property within the corporate limits of the District is subject to ad valorem taxation without limitation as to rate and amount to pay the Bonds. The District is required by law to include in its annual tax levy the principal and interest coming due on the Bonds to the extent the necessary funds are not provided from other sources. Series 2020B Bonds The Series 2020B Bonds are special obligations of the District payable solely from the School Building Fund Levy, which may be levied upon all taxable property located in the District at the rate of 10 mills. The Series 2020B Bonds are issued on a parity with the District’s 2010A, 2010B, 2013A, and Bank of North Dakota Loan (See Table 9 herein). The District’s taxable valuation for taxes payable in 2020 is $242,516,863 (See Table 15 herein.) A 10-mill levy based upon this valuation, if collected in full, would produce $2,425,169 annually. The projected maximum annual debt service payable from the School Building Fund Levy in the period during which the Bonds will be outstanding is $2,511,236 in 2022. Thus the lowest projected debt service coverage, without taking into account the subsidy from the federal government, under

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these assumptions is 0.97X. The School Building Fund Levy may not be repealed or discontinued so long as the Bonds or other debt payable from the proceeds of the School Building Fund Levy are outstanding. Credit Enhancement North Dakota School District Credit Enhancement Program The District has elected to participate in the North Dakota School District Credit Enhancement Program (the “Program”). Under the Program, if a school district is unable to make a bond payment, upon receipt of a notice of potential default, the State of North Dakota (the “State”) will make the payment three days prior to the bond payment date from funds due, or payable, or appropriated to the school district under Chapter 15.1-27 of the North Dakota Century Code. To participate in the Program, the District’s school board must adopt a resolution (the “Resolution”) wherein the school district elects to participate in the Program, obligates the school district to be bound by the provisions of Section 6-09.4-23 and authorizes the withholding of state funds as required by the Program. The Resolution must further provide that the election to participate in the Program is irrevocable so long as the evidence of indebtedness enhanced by the Program remains outstanding and unpaid. The Resolution also must require the school district to deposit a bond payment with the paying agent five days before the payment date to the bondholders; certify that the state funds available to the school district under NDCC Chapter 15.1-27 are at least 2 times the maximum annual debt service on the bonds; and provide for an additional bonds test requiring at least 2 times coverage of the maximum annual debt service for all outstanding bonds and subsequent bonds issued under the Program. The total State Aid Payment for the District for the 2019-20 school year is $65,253,502. As of the issuance of the Bonds, the District’s maximum annual debt service of all obligations participating in the North Dakota School District Credit Enhancement Program is $364,845 which represents 178.85X coverage. Additional Bonds The District reserves the right to issue additional bonds payable from the School Building Fund Levy, provided such tax levies will be sufficient for the payment of all principal and interest, as the same become due, on the Bonds previously issued against the School Building Fund Levy and such additional bonds to be issued against the School Building Fund Levy. Redemption Provisions Optional Redemption The Bonds maturing on August 1, 2029 and thereafter are subject to optional redemption on August 1, 2028 and any date thereafter at a price of par plus accrued interest. Notice of Redemption: Notice of the call for any redemption shall identify the Bonds to be redeemed and shall be given by the Bond Registrar by a mailing of a copy of the redemption notice by first-class mail not less than thirty (30) days not more than sixty (60) days prior to the redemption date to the registered owner of each Bond. The notice shall specify (i) the place where the Bond must be delivered for redemption, (ii) the redemption date, and (iii) that from and after the redemption date interest on the Bond shall cease to accrue; provided, however, that failure to give such notice by mailing, or any defect therein shall not affect the validity of an proceedings for the redemption of the Bonds.


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Estimated Sources and Uses of Funds Table 1 below presents the estimated sources and uses of funds for the Bonds.

Table 1 Estimated Sources and Uses of Funds(1)

Sources of Funds Series 2020A Bonds Series 2020B Bonds

Par Amount $ 995,000 $2,770,000

Uses of Funds

Deposit to Project Fund Cost of Issuance/Underwriter’s Discount

Total Uses of Funds (1) Preliminary, subject to change. Book-Entry Only System The information contained in the following paragraphs of this subsection “Book-Entry Only System” has been extracted from a schedule prepared by Depository Trust Company (“DTC”) entitled “SAMPLE OFFERING DOCUMENT LANGUAGE DESCRIBING BOOK-ENTRY ONLY ISSUANCE.” The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the District believes to be reliable, but the District takes no responsibility for the accuracy thereof. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org.

Purchases of the Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is

http://www.dtcc.com/http://www.dtc.org/

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in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.

To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co., nor any other DTC nominee, will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the District or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

The District may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that District believes to be reliable, but the District takes no responsibility for the accuracy thereof. NEITHER THE DISTRICT NOR THE PAYING AGENT WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO DIRECT PARTICIPANTS, TO INDIRECT PARTICIPANTS, OR TO ANY BENEFICIAL OWNER WITH RESPECT TO (I) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC, ANY DIRECT PARTICIPANT, OR ANY INDIRECT PARTICIPANT; (2) THE PAYMENT BY DTC, ANY DTC PARTICIPANT OR ANY INDIRECT PARTICIPANT OF ANY AMOUNT WITH RESPECT TO THE PRINCIPAL OF OR INTEREST ON THE BONDS; (3)

9

ANY NOTICE WHICH IS PERMITTED OR REQUIRED TO BE GIVEN TO CERTIFICATEHOLDERS; (4) ANY CONSENT GIVEN BY DTC OR OTHER ACTION TAKEN BY DTC AS CERTIFICATEHOLDER; OR (5) THE SELECTION BY DTC, ANY DTC PARTICIPANT OR ANY INDIRECT PARTICIPANT OF ANY BENEFICIAL OWNER TO RECEIVE PAYMENT IN THE EVENT OF A PARTIAL REDEMPTION OF BONDS. Bondholder’s Risks Global Health Emergency Risk: On March 11, 2020, the World Health Organization proclaimed the Coronavirus (COVID-19) to be a pandemic. In an effort to lessen the risk of transmission of COVIC-19, the United States government, state governments, local governments, and private industries have taken measures to limit social interactions in an effort to limit the spread of COVID-19, affecting business activities and impacting global, state and local commerce and financial markets. The emergence of COVID-19 and spread thereof is an emerging and evolving issue. On March 13, 2020 the Governor of North Dakota (the “Governor”) declared a state of emergency with respect to the COVID-19 pandemic. Thereafter, by various executive orders, the Governor directed the closure of all schools, most businesses and directed that all non-essential State agency staff members work from home. On April 29, 2020, by executive order, the Governor directed that certain business could reopen on May 1, 2020 following North Dakota Smart Restart: Standards for All Industries. The schools remain closed and are engaged in distance learning. As the federal, state and local governments, continuing efforts to contain and limit the spread of the COVID-19 disease, future tax and other revenue collections may deviate from historical or anticipated collections and may have an adverse impact on the financial position and operations of the School District and its ability to fund debt obligations including the Bonds in accordance with its terms. In addition to tax proceeds received by the State, the State uses the income from the Common Schools Trust Fund and the Foundation Aid Stablization Fund to finance the operation of North Dakota school districts. The School District is not able to predict and makes no representation as to the economic-impact of the COVID-19 pandemic on the School District or its financial position. Continuing Disclosure In order to assist the Underwriters in complying with SEC Rule 15c2-12 promulgated by the Securities and Exchange Commission, pursuant to the Securities Exchange Act of 1934 (the “Rule), the District has agreed for the benefit of the holders and beneficial owners of the Bonds to provide certain financial information and operating data and financial statements relating to the District by not later than 365 days after the end District’s fiscal year (the “Annual Report”), commencing with the report for the fiscal year ended June 30, 2019, and to provide notices of the occurrence of certain enumerated events, if material. The Annual Report is to be filed with the MSRB through its Electronic Municipal Market Access system (EMMA) at www.emma.msrb.org. The notices of material events are to be filed with the Municipal Securities Rulemaking Board. The details and terms of the Undertaking, as well as the information to be contained in the annual report or the notices of material events are set forth in the Continuing Disclosure Certificate to be executed and delivered by the District at the time the Bonds are delivered. Such Certificate will be in substantially the form attached hereto as Appendix C. Within the last five years, the District has timely filed all its Annual Reports. Breach of the Disclosure Covenants will not constitute a default or an “Event of Default” under the Bonds or the Resolution. A broker or dealer is to consider a known breach of the Disclosure Covenants, however, before recommending the purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the District to observe the Disclosure Covenants may adversely affect the transferability and liquidity of the Bonds and their market price.


http://www.emma.msrb.org/

10

THE DISTRICT General Information The District is headquartered in the City of Grand Forks (the “City”) in Grand Forks County (the “County”), which is located in northeastern North Dakota on the Red River of the North, which divides North Dakota from Minnesota. The population of the District is approximately 62,700 and covers an area of 20 square miles. The District serves over 7,100 regular, special education, and alternative educational students. School facilities consist of eleven elementary schools, three middle schools, and three high schools. The third largest city in the State, Grand Forks serves as the economic, educational and retail trade center for the area. The City is the home of the University of North Dakota, and is the site of a major Air Force base. The City is also a medical and governmental center and major agricultural center of the region. Organization and Administration The school board is the policy-making body. Among some of the roles of the School Board are to approve the budget, establish goals and priorities, acquire and dispose of property, serve as a link between the school system and the public and interpret educational needs and concerns of the community. The Board of Education is made up of nine residents of the District elected at large to four-year terms. Board meetings are held the second and fourth Mondays of each month at 6:00 p.m. The school board and the current administration are presented in the following table.

Members of the Board

Name Position Term Expires

Bill Palmiscno President June, 2022 Amber Flynn Vice President June, 2020 Doug Carpenter Voting Member June, 2022 Jacqueline Hoffarth Voting Member June, 2022 Eric Lunn Voting Member June, 2020 Jeff Manley Voting Member June, 2020 Shannon Mikula Voting Member June, 2022 Cynthia Shabb Voting Member June, 2020 Matt Spivey Voting Member June, 2020

Administration

Name Position

Terry Brenner Superintendent Jody Thompson Assistant Superintendent Scott Berge Business Manager Catherine Gillach Associate Superintendent


11

Enrollment Trends The District’s enrollment for the 2019/2020 school year is 7,135. Enrollments in the District for the past five school years are set forth in Table 2 below.

Table 2 District Historical Enrollment

School Year Students

2018/2019 7,140 2017/2018 7,258 2016/2017 7,139 2015/2016 7,027 2014/2015 6,905

Source: The District. Physical Characteristics of the District Table 3 provides a listing of the District’s current facilities.

Table 3 District Facilities

Building Year Built Year of Major

Additions Grades

Est. Capacity Enrollment

(as of 07/19)

Central High School 1914 1926,1936,1986,1996, 2012 9-12 1,183 1,055

Red River High School 1967 1994, 2012 9-12 1,316 982 Community High School 1960 Lease 9/12 113 83 Schroeder Middle School 1961 1964, 1976, 1998 6-8 653 534 South Middle School 1998 -- 6-8 701 571

Valley Middle School 1954 1957, 1961, 1978, 1998 6-8 559 583

Ben Franklin Elementary School 1960 1963, 1987 K-5 336 332 Century Elementary School 1989 1991 K-5 484 457 Discovery Elementary School 2015 -- K-5 528 498 Kelly Elementary School 1965 1973, 1982, 1989 K-5 496 480 Lake Agassiz Elementary School 1960 1975, 1982, 2007 K-5 444 394 Lewis & Clark Elementary School 1952 1955 K-5 224 199 Phoenix Elementary School 1998 -- K-5 224 230 Viking Elementary School 1957 1958, 1996 K-5 316 318 West Elementary School 1949 1955 K-5 112 89 Wilder Elementary School 1958 1965 K-5 224 147 Winship Elementary School 1974 -- K-5 211 193

12

Pension Plans North Dakota Teachers Fund For Retirement Grand Forks Public School District No. 1 contributes to the North Dakota Teachers fund for Retirement (TFFR); a cost-sharing multiple-employer defined benefit pension plan administered by the State of North Dakota. TFFR provides for retirement, disability and survivor benefits to plan members and beneficiaries. Benefit and contribution provisions are administered in accordance with chapter 15-39.1 of the North Dakota Century Code. TFFR issues a publicly available financial report that includes financial statements and required supplementary information for TFFR. That report may be obtained by writing to Teacher’s Fund for Retirement, 1930 Burnt Boat Drive, P.O. Box 7100, Bismarck, North Dakota, 58507-7100. For the year ending June 30, 2019, plan members are required to contribute 11.75% of their annual covered salary and the District is required to contribute 12.75% of the teacher’s salary. The plan member's and School District's contributions to TFFR for the fiscal years ended June 30, 2019, 2018 and 2017 were $6,140,240, $6,015,621, and $6,075,739, respectively. Individual Retirement Accounts and Tax Sheltered Annuities The District will provide matching contributions up to 5% of the non-teacher annual wages to an individual retirement account or tax sheltered annuity. The District’s matching contributions to the IRA’s and TSA’s for the fiscal year ended June 30 2019, 2018, and 2017, were $525,412, $561,307 and $569,315, respectively.


13

ECONOMIC AND DEMOGRAPHIC INFORMATION Population Table 4 shows the population for the City of Grand Forks and Grand Forks County for the past four decennial censuses and the most recent population estimates available.

Table 4 Population

Census Year City of

Grand Forks Grand Forks

County

2019 (estimate) 56,948(1) 69,451 2010 52,838 66,861 2000 49,321 66,109 1990 49,425 70,683 1980 43,765 66,100

(1) 2018 Estimate. Source: U.S. Census Bureau, www.census.gov. Employment Statistics Average annual employment figures for the last five years, including the most recent figure available, for Grand Forks County and the State of North Dakota are listed in Table 5 below.

Table 5 Average Annual Employment Figures

Grand Forks County State of

North Dakota

Year

Labor Force Unemployment

Rate Unemployment

Rate

2020(1) 37,090 2.3% 2.8% 2019 37,105 2.1% 2.4% 2018 37,713 2.2% 2.6% 2017 38,883 2.2% 2.7% 2016 38,797 2.4% 3.1% 2015 37,413 2.4% 2.8%

(1) February 2020 only. Source: Job Service North Dakota.

http://www.census.gov/

14

Major Employers Table 6 below presents a listing of major employers in the Grand Forks area.

Table 6 Major Employers in Grand Forks

Employer

Business/Service

Number of Employees

Altru Health System Hospitals 3,950 University of North Dakota Educational Services 3,464 Grand Forks Air Force Base Military 1.643 Grand Forks Public Schools Educational Services 1,100 LM Wind Power (USA), Inc. Manufacturing 1,000 Valley Memorial Home Nursing and Residential Care Facilities 801 City of Grand Forks Government 518 Development Homes Nursing and Residential Care Facilities 500 Hugos Food and Beverage Stores 450 J.R. Simplot Company Food Processing 440

Source: Reference USA and the District


15

FINANCIAL SUMMARY

(This summary is subject in all respects to more complete information contained in this Official Statement.) 2019/20 MARKET VALUE (100%) $5,143,088,311 2019/20 ASSESSED VALUE (50%) $ 2,571,544,156 2019/20 TAXABLE VALUE $ 242,516,863 GENERAL OBLIGATION DEBT (The Series 2020A Bonds) $ 995,000 LIMITED TAX DEBT (Includes the Series 2020B Bonds) $ 24,744,501 OVERLAPPING GENERAL OBLIGATION DEBT $ 101,029,000 DISTRICT POPULATION (Estimate) 62,700 DEBT RATIOS: Debt Per Capita % of Amount (62,700) Market Value Limited Tax Debt $ 24,744,501 $ 395 0.48% General Obligation Debt 995,000 16 0.02% Overlapping Debt 101,029,000 1,611 1.96%

Total $ 126,768,501 $ 2,022 2.46%


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INDEBTEDNESS OF THE DISTRICT General Obligation Debt The Grand Forks School District plans to issue $995,000(1) of General Obligation Special Assessment Prepayment Bonds on June 23, 2020. Table 7 summarizes the outstanding commitments. The annual maturity schedule is presented in Table 8 for such bonds.

Table 7 General Obligation Debt

Original Issue Interest Outstanding Outstanding

Date Issue Size Range Maturities Principal

06/23/2020 Prepayment $ 995,000(1) Series 2020A 08/01/2021-34 $ 995,000 (1) Preliminary. Subject to change.

Table 8 General Obligation Debt

Annual Maturity Schedule(1)

Fiscal Year Ending Series 2020A

June 30 Principal Interest(2) Total 2021 $ -- $ 15,744 $ 15,744 2022 95,000 24,575 119,575 2023 80,000 21,950 101,950 2024 85,000 19,475 104,475 2025 70,000 17,150 87,150 2026 70,000 15,050 85,050 2027 70,000 12,950 82,950 2028 70,000 10,850 80,850 2029 70,000 8,750 78,750 2030 60,000 7,100 67,100 2031 65,000 5,850 70,850 2032 65,000 4,550 69,550 2033 65,000 3,250 68,250 2034 65,000 1,950 66,950 2035 65,000 650 65,650

Total $ 995,000 $ 169,844 $ 1,164,844 (1) Totals may not add due to rounding. (2) Estimated based on a true interest cost of 1.650%.

17

Limited Tax Debt Table 9 below summarizes the District’s outstanding limited tax long-term debt payable from the school building fund levy as of the issuance of the Series 2020B Bonds and also includes the state school construction loan. The annual maturity schedule for such bonds and loans is presented in Table 10 on the next page.

Table 9 Limited Tax Debt by Issue

Date Issue

Original Issue Size

Interest Range Outstanding

Outstanding Maturities

Principal Outstanding

Bonds/Loans Payable From Building Fund 12/29/10 Taxable Limited Tax (QSCB) $ 6,230,000 6.00% 8/1/28 $ 6,230,000 12/29/10 Taxable Limited Tax (QZAB) 5,000,000 6.00% 8/1/28 5,000,000 10/01/13 Limited Tax 4,000,000 3.00% 8/1/20-21 350,000(2) 12/02/13 Bank of North Dakota Loan 15,000,000 1.95% 6/1/21-33 10,394,501 06/23/20 Taxable Limited Tax Refunding 2,770,000(1) Series 2020B 8/1/22-33 2,770,000

Total $ 24,744,501 (1) Preliminary. Subject to change. (2) The remaining maturities of the 2013A Bonds are the Refunded Bonds.

Table 10 Limited Tax Debt

Annual Maturity Schedule(1)

Fiscal Year End Outstanding Series 2020B June 30 Principal(2) Interest(3) Principal Interest(4) Total

2020 $ -- $ -- $ -- $ -- $ -- 2021 2,133,017 298,096 -- -- 2,431,113 2022 2,146,866 339,965 -- 24,405 2,511,236 2023 1,985,985 211,782 215,000 47,681 2,460,448 2024 2,000,380 197,387 215,000 45,370 2,458,137 2025 2,015,056 182,712 215,000 42,790 2,455,558 2026 2,030,017 167,750 220,000 39,908 2,457,675 2027 2,045,270 152,496 225,000 36,791 2,459,557 2028 2,060,821 136,945 230,000 33,205 2,460,971 2029 2,076,676 102,562 230,000 29,065 2,438,303 2030 845,062 67,868 235,000 24,530 1,172,460 2031 861,541 51,389 240,000 19,660 1,172,590 2032 878,341 34,589 245,000 14,445 1,172,375 2033 895,469 17,462 250,000 8,875 1,171,806 2034 -- -- 250,000 3,000 253,000

Total $ 21,974,501 $ 1,961,002 $ 2,770,000 $ 369,725 $ 27,075,228

(1) Totals may not add due to rounding. (2) Reflects sinking fund deposits. (3) Reflects IRS subsidy payments. (4) Estimated based on a true interest rate of 2.064%.

18

Debt Limit According to Article V, Section 15 of the North Dakota Constitution and Section 21-03-04 of the North Dakota Century Code, North Dakota School Districts may not become indebted for any purpose in excess of 5% of their assessed value except that a school district by a majority vote of the qualified voters voting upon the question at a general or special election, may increase such limitation of indebtedness five percent on such assessed value beyond the five percent limit. Section 57-02-01(16) of the North Dakota Century Code defines “Assessed Value” as 50% of the true and full value of the property.

Table 11 Debt Limit Computation

Assessed Value $ 2,571,544,156 Limit Percentage 5.00%

Authorized Debt Limit (100.00%) $ 128,577,208 Debt Subject to Limit (20%) 25,739,501

Debt Margin (80%) $ 102,837,707 Overlapping Debt There are fifteen taxing jurisdictions which overlap the District, of which five have general obligation debt outstanding. Table 12 below sets forth the general obligation debt for the jurisdiction and the amount of that debt allocable to the District as of December 1, 2019, unless otherwise noted.

Table 12 Overlapping Debt

General

Obligation Debt

Portion Allocable to the District

% of Debt Allocable to the District

Grand Forks County $ 7,150,000 78.2% $ 5,589,000 City of Grand Forks 74,546,000 100.0% 74,546,000 Grand Forks Park District 17,455,000 100.0% 17,455,000 Grand Forks Township 2,960,000 78.2% 2,314,000 Grand Forks Water Resource District 1,125,000 100.0% 1,125,000

Total Overlapping Debt $ 103,236,000 $ 101,029,000

Source: Grand Forks County Auditor, Munite, and Municipal Market Data, www.tm3.com


http://www.tm3.com/

19

FINANCIAL INFORMATION

Financial Reports

The District’s financial reports are audited by an independent auditor. Copies of the District’s audited financial statements for the years ended June 30, 2017 through 2019 are available upon request from the District’s financial advisor, PFM Financial Advisors LLC. See Appendix A for the District’s 2019 financial statements.

Results of Operations

Statement of revenues and expenditures of the General Fund of the District have been compiled from the District’s Financial Statements and presented in a format to facilitate year-to-year comparison. Table 13 presents a statement of revenues, expenditures and changes in fund balance for the fiscal years ended June 30, 2017 through 2019.

Table 13 Statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund

(Years Ended June 30)

2019 2018 2017 Revenues

Property Taxes $ 19,535,414 $ 18,964,576 $ 17,448,095 Payments in Lieu of Taxes 596,309 576,826 621,045 Other Local Sources 825,398 772,536 708,948 Intergovernmental 76,465,593 75,610,616 75,899,878 Charges for Services 5,582,602 5,493,143 5,223,248 Investment Income 557,683 242,224 60,712

Total Revenues $ 103,584,237 $ 101,689,049 $ 99,994,196 Expenditures Instruction

Pupil and Instructional Staff Services $ 46,614,438 $ 46,168,039 $ 45,366,112 Special Education 16,367,610 15,123,541 14,712,443 Career Technical Education 3,481,548 3,941,469 4,213,030 Headstart 1,408,048 1,324,913 1,339,456

Total Instruction $ 67,871,644 $ 66,557,962 $ 65,631,041

Total Support Services $ 38,739,173 $ 35,441,729 $ 36,069,651

Total Expenditures $ 106,610,817 $ 101,999,691 $ 101,700,692

Other Financing Sources (Uses) $ 746,446 -- $ 704,160

Net Change in Fund Balance $ (2,280,134) $ (310,642) $ (1,002,336)

Fund Balance – July 1 $ 18,546,140 $ 18,856,780 $ 19,859,116

Fund Balance – June 30 $ 16,266,006 $ 18,546,138 $ 18,856,780

20

Budgets Table 14 below provides a summary of the District’s 2020 budget for the General Fund.

Table 14 General Fund Budgets

2019/2020 Adopted Budget

Revenues

Local Revenues $ 27,040,194 State Revenues 66,913,982 Federal Revenues 9,828,000

Total Revenues $ 103,782,176

Expenditures

Salaries $ 70,455,265 Other 38,050,104

Total Expenditures $ 108,505,369


21

PROPERTY VALUATIONS AND TAXES The City Assessor's office establishes an estimated market value on all properties. The assessed value is computed at 50% of estimated market value. The taxable value is then computed in the following manner: on residential property the taxable value is 9% of the assessed value; on commercial property the taxable value is 10% of the assessed value. Table 15 shows the market, assessed and taxable values of taxable property in the District for assessment year 2019/collection year 2020. Table 16 shows the trend in property valuations over the last six years.

Table 15 Property Values

Market Value Assessed Value Taxable Value Real Property:

Residential $ 2,927,510,511 $ 1,463,755,256 $ 131,737,973 Agricultural 30,151,600 15,075,800 1,507,580 Commercial 2,080,303,000 1,040,151,500 104,015,150

Utilities:

Railroad 6,842,840 3,421,420 342,142 Other Utilities 98,280,360 49,140,180 4,914,018

Total $ 5,143,088,311 $ 2,571,544,156 $ 242,516,863 Source: Grand Forks County.

Table 16

Trend in Valuations(1)

Assessment Assessed Taxable Year Market Value Value Value

2018 $ 5,049,591,662 $ 2,524,795,831 $ 238,194,358 2017 4,936,914,571 2,468,457,286 232,965,412 2016 4,699,730,698 2,349,865,349 221,767,030 2015 4,333,653,451 2,166,826,726 204,466,887 2014 4,024,335,967 2,012,167,983 189,991,756

Source: Grand Forks County Auditor. Tax Levies and Collections After final equalization by assessing authorities in September of each year, the County Auditor calculates mill rates and spreads taxes. The resulting taxes are payable on the following January 1. Taxes are collected by the County in two semiannual installments, and the receipts are distributed by the County to the local government entities. A discount of five percent is given on the tax bill if the entire payment is made by February 15. Discounts given are subtracted from the levy amount by the County Auditor. If taxes are not paid by March 1, a three percent penalty is charged with the penalty being raised on May 1 to six percent, on July 1 to nine percent, and on October 15 to twelve percent. North Dakota residents over 65 years of age whose income is less than $10,000 receive a homestead property tax credit. The credit is subtracted from their tax bill. Local government entities are reimbursed by the state for all homestead credits. Therefore, the District, as well as other local government entities, has no loss in tax revenues from the credit.

22

Table 17 summarizes the District's tax levies and collections for collection years 2016 through 2020 in Grand Forks County.

Table 17 Tax Levies and Collections

Collected as of 01/31/20

Collection % of Net Year Gross Levy Net Levy Amount Levy

2020 $24,537,058 $23,310,205 In Process of Collection . . . . . . . 2019 23,384,680 22,215,446 21,989,299 98.98% 2018 22,757,754 21,619,866 21,654,861 100.16% 2017 19,064,872 18,111,628 18,215,094 100.57% 2016 17,580,713 16,701,667 16,780,113 100.47%

Source: Grand Forks County Auditor. Principal Taxpayers A list of the ten largest taxpayers in the District with the highest taxable values for the 2019 assessment for taxes payable in 2020 is presented in Table 18 below.

Table 18 Principal Taxpayers

Taxable Percent of Taxpayer Value Taxable Value(1)

Iret Properties $ 4,632,070 1.91% Northern States Power Company 4,283,229 1.77% Altru Health System 1,893,574 0.78% Sterling Properties LLLP 1,227,995 0.51% Campus Crest at Grand Forks, LLC 1,087,200 0.45% Wal-Mart Real Estate Business Trust 1,045,875 0.43% J.R. Simplot Company 1,000,100 0.41% LM Wind Power Blades (ND), Inc. 992,035 0.41% Menard, Inc. 977,955 0.40% Sterling Pointe Apartments, LLP 953,240 0.39%

Total $ 18,093,273 9.95% (1) Based on the taxable value of $242,516,863. Source: Grand Forks County Auditor.

23

Tax Rates Table 19 below shows the total mills currently levied by the District and other taxing entities in the City of Grand Forks for the last five years.

Table 19 Mill Levy Summary

Grand Forks School District 2019/20 2018/19 2017/18 2016/17 2015/16

General 70.00 70.00 70.00 70.00 70.00 Building Fund 10.00 10.00 10.00 13.36 13.36 Miscellaneous Funds 12.00 12.00 12.00 12.00 12.00 High School Tuition 4.00 4.00 3.36 -.-- -.-- Special Assessment Levy 2.00 2.00 2.00 2.00 2.00 Special Reserve Levy 3.00 -.-- -.-- -.-- -.-- Total 101.00 98.00 97.36 97.36 97.36

Source: Grand Forks County Auditor

RATING Moody’s Investors Services, Inc. (“Moody’s”) has assigned an underlying rating of “Aa3” to the Bonds. Moody’s also assigned an enhanced rating of “Aa2” to the Bonds based on the District’s participation in the North Dakota School District Credit Enhancement Program. A rating reflects only the view of the rating organization or explanations of the significance of such rating may be obtained from the rating agency furnishing the same. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgment of such rating agency circumstances so warrants. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds.

MUNICIPAL ADVISOR The District has retained PFM Financial Advisors LLC., of Minneapolis, Minnesota, as municipal advisor (the “Municipal Advisor”) in connection with the issuance of the Series 2020A Bonds and Series 2020B Bonds (collectively, “the Bonds”). In preparing the Official Statement, the Municipal Advisor has relied upon governmental officials, and other sources, who have access to relevant data to provide accurate information for the Official Statement, and the Municipal Advisor has not been engaged, nor has it undertaken, to independently verify the accuracy of such information. The Municipal Advisor is not a public accounting firm and has not been engaged by the District to compile, review, examine or audit any information in the Official Statement in accordance with accounting standards. The Municipal Advisor is an independent advisory firm and is not engaged in the business of underwriting, trading or distributing municipal securities or other public securities and therefore will not participate in the underwriting of the Bonds. Requests for information concerning the District should be addressed to PFM Financial Advisors LLC., 50 South Sixth Street, Suite 2250, Minneapolis, Minnesota 55402 (612/338-3535) or 1726 Prairie Lane, Fargo, North Dakota 58103 (701/235-4416).

TAX EXEMPTION The interest on the Series 2020A Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals.

24

Noncompliance by the District following the issuance of the Series 2020A Bonds with its covenants in the resolution under which the Series 2020A Bonds are issued relating to certain continuing requirements of the Internal Revenue Code of 1986 (the “Code”) may result in inclusion of interest to be paid on the Series 2020A Bonds in gross income of the recipient for United States income tax purposes. Interest to be paid on the Series 2020A Bonds is also includable in the computation of alternative minimum taxable income for purposes of the environmental tax imposed by Section 59A of the Code on corporations. In the case of an insurance company subject to the tax imposed by Section 831 of the Code the amount which otherwise would be taken into account as losses incurred under Section 832(b)(5) of the Code must be reduced by an amount equal to fifteen percent of the interest to be paid on the Series 2020A Bonds that is received or accrued during the taxable year. Interest on the Series 2020A Bonds may additionally be included in the income of a foreign corporation for purposes of the branch profits tax imposed by Section 884 of the Code. The foregoing is not intended to be an exhaustive discussion of collateral tax consequences arising from ownership or disposition of the Series 2020A Bonds or receipt of interest on the Series 2020A Bonds. Prospective purchasers or certificate holders should consult their tax advisors with respect to collateral tax consequences and applicable state and local tax rules in states other than North Dakota.

NOT QUALIFIED TAX-EXEMPT OBLIGATIONS The Series 2020B Bonds will not be designated as “Qualified Tax-Exempt Obligations.” for the purpose of Section 265 of the Internal Revenue Code of 1986, as amended.

LEGAL MATTERS Legal matters incident to the authorization and issuance of the Series 2020A Bonds and Series 2020B Bonds (collectively, “the Bonds”) are subject to the opinion of Arntson Stewart Wegner, P.C., Fargo, North Dakota, Bond Counsel, as to validity and tax exemption. Bond Counsel has not participated in the preparation of this Official Statement.

LITIGATION There is no litigation now pending or, to the knowledge of the District officials, threatened which questions the validity of the Bonds or of any proceedings of the District taken with respect to the issuance or sale thereof.

MISCELLANEOUS Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. The execution and delivery of this Official Statement has been duly authorized by the District.

GRAND FORKS PUBLIC SCHOOL DISTRICT No. 1

By: /s/ Scott Berge Business Manager

APPENDIX A

The District’s Audited Financial Statements For the Fiscal Year Ended June 30, 2019

APPENDIX B

Forms of Legal Opinion

June , 2020

Grand Forks Public School District No. 12400 47th Avenue SouthGrand Forks, North Dakota 58201

$995,000Grand Forks Public School District No. 1

Grand Forks County, North DakotaGeneral Obligation Special Assessment Prepayment Bonds

Series 2020A

We have acted as Bond Counsel to Grand Forks Public School District No. 1, Grand ForksCounty, North Dakota (the “Issuer”), in connection with the issuance of its $995,000 GeneralObligation Special Assessment Prepayment Bonds, Series 2020A dated the date hereof (the“Bonds”). In such capacity, we have examined such law and such certified proceedings and otherdocuments as we deemed necessary to render this opinion.

As to questions of fact material to our opinion, we have relied upon the certified proceedingsand other certifications of public officials furnished to us without undertaking to verify the same byindependent investigation.

We have not been engaged or undertaken to review the accuracy, completeness, orsufficiency of the Official Statement or other offering material relating to the Bonds (except to theextent, if any, stated in the Official Statement), and we express no opinion relating thereto (exceptingonly the matters set forth as our opinion in the Official Statement).

Based on our examination, we are of the opinion, as of the date hereof and under existinglaw, as follows:

1. The Bonds are valid and binding general obligations of the Issuer.

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2. All taxable property within the corporate limits of the Issuer is subject to ad valoremtaxation without limitation as to rate or amount to pay the Bonds. The Issuer is required by law toinclude in its annual tax levy the principal and interest coming due on the Bonds to the extent thenecessary funds are not provided from other sources.

3. The interest on the Bonds is excluded from gross income for federal income taxpurposes and is not an item of tax preference for purposes of the federal alternative minimum taximposed on individuals. The opinion set forth in the preceding sentence is subject to the conditionthat the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended, thatmust be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, orcontinue to be, excluded from gross income for federal income tax purposes. The Issuer hascovenanted to comply with each such requirement. Failure to comply with certain of suchrequirements may cause the inclusion of interest on the Bonds in gross income for federal incometax purposes to be retroactive to the date of issuance of the Bonds. We express no opinion regardingother federal tax consequences arising with respect to the Bonds.

4. The interest on the Bonds is excluded from gross income for State of North Dakotaincome tax purposes.

It is to be understood that the rights of the owners of the Bonds and the enforceability of theBonds may be subject to bankruptcy, insolvency, reorganization, moratorium, and other similar lawsaffecting creditors’ rights generally to the extent applicable and that their enforcement may also besubject to the exercise of judicial discretion in appropriate cases.

Sincerely,

ARNTSON STEWART WEGNER PC

June , 2020

Grand Forks Public School District No. 12400 47th Avenue SouthGrand Forks, North Dakota 58201

$2,770,000Grand Forks Public School District No. 1

Grand Forks County, North DakotaTaxable Limited Tax Refunding Bonds

Series 2020B

We have acted as Bond Counsel to Grand Forks Public School District No. 1, Grand ForksCounty, North Dakota (the “Issuer”), in connection with the issuance of $2,770,000 Taxable LimitedTax Refunding Bonds, Series 2020B, dated the date hereof (the “Bonds”). We have examined thelaw and such certified proceedings and other papers as we deem necessary to render this opinion.

As to questions of fact material to our opinion, we have relied upon the certified proceedingsand other certifications of public officials furnished to us without undertaking to verify such factsby independent investigation.

We have not been engaged or undertaken to review the accuracy, completeness, orsufficiency of the official statement or other offering material relating to the Bonds (except to theextent, if any, stated in the official statement) and we express no opinion relating thereto (exceptingonly the matters set forth as our opinion in the official statement).

Based on our examination, we are of the opinion, as of the date hereof as follows:

1. The Bonds are valid and binding limited obligations of the Issuer.

2. Proceeds of the Bonds will be deposited in escrow with U.S. Bank NationalAssociation, St. Paul, Minnesota (the “Escrow Agent”), and will be used to pay and refund theIssuer’s outstanding Limited Tax Bonds, Series 2013A on August 1, 2021 (the “Redemption Date”).

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June , 2020Page 2

3. Prior to the Redemption Date, interest on the Bonds will be paid from escrow fundsheld by the Escrow Agent. After the Redemption Date, the Bonds, unless paid from other sources,are payable as to both principal and interest from the 2020B Taxable Limited Tax Refunding BondFund to which the Issuer has irrevocably pledged that portion of the tax levies authorized by NorthDakota Century Code Section 57-15-16 (School Building Fund Levy) necessary for such principaland interest payments. After the Redemption Date the Bonds are payable solely from the SchoolBuilding Fund Levy.

4. The Bonds were issued for the purpose of a crossover advance refunding of theoutstanding maturities of the Issuer’s valid outstanding Limited Tax Bonds, Series 2013A, therebyreducing the debt service costs of the Issuer.

It is to be understood that the rights of the holders of the Bonds, and the enforceabilitythereof, may be subject to bankruptcy, insolvency, reorganization, moratorium, and other similarlaws affecting creditors’ rights heretofore or hereafter enacted to the extent constitutionallyapplicable and that their enforcement may be subject to the exercise of judicial discretion inappropriate cases.

Sincerely,

ARNTSON STEWART WEGNER PC

APPENDIX C

Forms of Continuing Disclosure Agreement

CONTINUING DISCLOSURE CERTIFICATE

THIS CONTINUING DISCLOSURE CERTIFICATE (this “Disclosure Certificate”) ismade and entered into as of June , 2020, by Grand Forks Public School District No. 1 of GrandForks County, North Dakota (the “District”), in connection with the issuance of the District’s$995,000 General Obligation Special Assessment Prepayment Bonds, Series 2020A (the “Bonds”). The Bonds are being issued pursuant to a Resolution adopted May 26, 2020 (the “Resolution”), andthe Bonds will be delivered to the Purchaser on the date hereof. Pursuant to Section 7.02 of theResolution, the District covenants and agrees as follows:

SECTION 1. PURPOSE OF THIS DISCLOSURE CERTIFICATE. This Disclosure Certificateis being executed and delivered by the District for the benefit of the Owners of the Bonds and inorder to assist the Participating Underwriters within the meaning of SEC Rule 15c2-12(b)(5) (the“Rule”) in complying with the Rule. This Disclosure Certificate constitutes the written undertakingrequired by the Rule.

SECTION 2. DEFINITIONS. In addition to the definitions set forth in the Resolution, whichapply to any capitalized term use in this Disclosure Certificate unless otherwise defined in thisSection, the following capitalized terms shall have the following meanings:

“Annual Report” means any Annual Report provided by the District pursuant to and asdescribed in, Sections 3 and 4 of this Disclosure Certificate.

“Disclosure Representative” means the Business Manager of the District or his or herdesignee, or such other person as the District shall designate in writing to the Dissemination Agent,if any, from time to time.

“Dissemination Agent” means any Dissemination Agent appointed hereunder, or anysuccessor Dissemination Agent designated in writing by the District and which has filed with theDistrict a written acceptance of such designation.

“Final Official Statement” means the deemed final official statement dated June ,2020, which constitutes the final official statement delivered in connection with the Bonds, whichis available from the MSRB.

“Financial Obligation” means: (i) a debt obligation; (ii) a derivative instrument entered intoin connection with, or pledged as security or a source of payment for, an existing or planned debtobligation; or (iii) guarantee of a debt obligation or derivative instrument. Financial Obligation shallnot include municipal securities as to which a final official statement has been provided to theMSRB consistent with the Rule.

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“Financial Statements” means audited or, if unavailable, unaudited general purposefinancial statements of the District prepared in accordance with generally accepted accountingprinciples, as in effect from time to time or as required to be modified as a matter of law. Ifunaudited financial statements are provided, audited financial statements will be provided when andif available.

“Fiscal Year” means the fiscal year of the District.

“MSRB” means the Municipal Securities Rulemaking Board located at 1300 I Street NW,Suite 1000, Washington, DC 20005.

“Owner” means the person in whose name the Bond is registered or a beneficial owner ofsuch Bond.

“Participating Underwriter” means any of the original underwriters of the Bonds (includingthe Purchaser) required to comply with the Rule in connection with the offering of the Bonds.

“Repository” means the Municipal Securities Rulemaking Board’s Electronic MunicipalMarket Access (EMMA) system or any other nationally recognized municipal securities informationrepository recognized from time to time by the SEC for purposes of the Rule.

“Rule” means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the SecuritiesExchange Act of 1934, as the same may be amended from time to time, and including writteninterpretations thereof by the SEC.

“SEC” means the Securities and Exchange Commission.

“Specified Event” means any of the events listed in Section 5(a) of this DisclosureCertificate.

SECTION 3. PROVISION OF ANNUAL REPORTS.

(a) The District shall, or shall cause any Dissemination Agent to, not later than365 days after the end of each fiscal year, commencing with the fiscal year ending June 30,2020, provide to the Repository an Annual Report which is consistent with the requirementsof Section 4 of this Disclosure Certificate. Not later than fifteen (15) Business Days priorto said date, the District shall provide the Annual Report to the Dissemination Agent, if any. In each case, the Annual Report may be submitted as a single document or as separatedocuments comprising a package, and may cross-reference other information as provided inSection 4 of this Disclosure Certificate; provided, that the audited Financial Statements ofthe District may be submitted separately from the balance of the Annual Report.

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(b) If by fifteen (15) Business Days prior to the date specified in subsection (a)for providing the Annual Report to the Repositories, the Dissemination Agent, if any, has notreceived a copy of the Annual Report, the Dissemination Agent shall contact the District todetermine if the District is in compliance with subsection (a).

(c) If the Dissemination Agent, if any, is unable to verify that an Annual Reporthas been provided to the Repositories by the date required in subsection (a), theDissemination Agent shall send, in a timely manner, a notice to the Repository insubstantially the form attached as Exhibit A.

(d) The Disclosure Representative or the Dissemination Agent, if any, shall:

(i) determine each year prior to the date for providing the Annual Reportthe name and address of the Repository;

(ii) transmit the Annual Report to the Repository by (A) electronicfacsimile transmissions, confirmed by first class mail, postage prepaid, or (B) firstclass mail, postage prepaid, or any overnight delivery service selected by theDisclosure Representative or the Dissemination Agent; and

(iii) file a report with the District certifying that the Annual Report hasbeen provided pursuant to this Disclosure Certificate, stating the date it was provided,and listing all the Repositories to which it was provided.

SECTION 4. CONTENT OF ANNUAL REPORTS. The District’s Annual Report shall containor incorporate by reference the following:

(a) audited Financial Statements; and

(b) updated information contained in Tables and of the Final OfficialStatement.

Any or all of the items listed above may be incorporated by reference from other documents,including official statements of debt issues with respect to which the District is an “obligated person”(as defined by the Rule), which have been filed with the Repository or the Securities and ExchangeCommission. If the document incorporated by reference is a final official statement, it must beavailable from the MSRB. The District shall clearly identify each such other document soincorporated by reference.

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SECTION 5. REPORTING OF SPECIFIED EVENTS.

(a) The District shall also provide in a timely manner not in excess of tenbusiness days after the occurrence of the event, notice of any of the following events orconditions of which any of its Board Members or employees has actual knowledge:

(i) principal and interest payment delinquencies;

(ii) non-payment related defaults;

(iii) unscheduled draws on debt service reserves reflecting financialdifficulties (the Bond issue has no debt service reserve);

(iv) unscheduled draws on credit enhancements reflecting financialdifficulties;

(v) substitution of credit or liquidity providers, or their failure to perform(the Bond issue has no credit or liquidity providers);

(vi) adverse tax opinions the issuance by the Internal Revenue Service ofproposed or final determinations of taxability, Notice of Proposed Issue (IRS Form5701-TEB) or other material notices or determinations with respect to the tax statusof the bonds, or other material events affecting the tax status of the Bonds;

(vii) modifications to rights of Owners of the Bonds, if material;

(viii) bond calls, if material, and tender offers;

(ix) defeasances;

(x) release, substitution, or sale of property securing repayment of theBonds;

(xi) rating changes;

(xii) bankruptcy, insolvency, receivership or similar events of the District;

(xiii) the consummation of a merger, consolidation or acquisition involvingthe District or the sale of all or substantially all of the assets of the District, other thanin the ordinary course of business, the entry into a definitive agreement to undertakesuch an action or the termination of a definitive agreement relating to any suchactions, other than pursuant to its terms, if material;

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(xiv) appointment of a successor or additional trustee or the change of nameof a trustee, if material;

(xv) incurrence of a Financial Obligation of the District, if material, oragreement to covenants, events of default, remedies, priority rights, or other similarterms of a Financial Obligation of the District, any of which affect security holders,if material; and

(xvi) default, event of acceleration, termination event, modification ofterms, or other similar events under the terms of a Financial Obligation of theDistrict, any of which reflect financial difficulties.

(b) Unless otherwise required by law, the District shall provide notices ofSpecified Events required by this Section to the Repository.

(c) Unless otherwise required by law and subject to technical and economicfeasibility, the District shall employ such methods of information transmission as shall berequested or recommended by the designated recipients of the District’s information.

SECTION 6. TERMINATION OF REPORTING OBLIGATION. The District’s obligationsunder this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption orpayment in full of all of the Bonds.

SECTION 7. DISSEMINATION AGENT. The District may, from time to time, appoint orengage a Dissemination Agent to assist it in carrying out its obligations under this DisclosureCertificate, and may discharge any such Agent, with or without appointing a successorDissemination Agent. If at any time there is no other designated Dissemination Agent, the BusinessManager of the District shall be the Dissemination Agent.

SECTION 8. AMENDMENT; WAIVER. Notwithstanding any other provision of thisDisclosure Certificate, the District and the Dissemination Agent may amend this DisclosureCertificate (and the Dissemination Agent shall agree to any amendment so requested by the District)and any provision of this Disclosure Certificate may be waived, if such amendment or waiver issupported by an opinion of nationally recognized bond counsel to the effect that such amendmentor waiver would not, in and of itself, cause the undertakings herein to violate the Rule. ThisDisclosure Certificate, or any provision hereof, shall be null and void in the event that the Districtreceives an opinion of nationally recognized bond counsel to the effect that those portions of theRule which require this Disclosure Certificate are invalid, have been repealed retroactively orotherwise do not apply to the Bonds. The provisions of this Disclosure Certificate may be amendedwithout the consent of the Owners of the Bonds, but only upon the receipt by the District of anopinion of nationally recognized bond counsel to the effect that such amendment, and giving effectthereto, will not adversely affect the compliance of this Disclosure Certificate by the District withthe Rule.

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SECTION 9. ADDITIONAL INFORMATION. Nothing in this Disclosure Certificate shall bedeemed to prevent the District from disseminating any other information, using the means ofdissemination set forth in this Discl

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