Financing Resolution Approved June 14, 2011

At its regular monthly meeting held Tuesday, June 14, 2011, the Board of Trustees approved a resolution authorizing the School to to issue tax-exempt revenue bonds in an aggregate principal amount not to exceed $4.5 million to finance, refinance, or reimburse the School for all or a portion of the School’s cost to do the following, pursuant to a plan of finance (collectively, the “Project”):

(1) renovate, equip and furnish the School’s approximately 25,000 square foot Dent School Building (the “Building”) located at 210 South Carolina Avenue, S.E., Washington, D.C., including, but not limited to:

a. the addition of a secure reception area and modern science laboratory;
b. the enlarging of common areas and classrooms;
c. the provision of elevator access to all floors of the Building;
d. technological upgrades; and
e. the installation of a building-wide sprinkler system;

(2) fund, to the extent financeable, any working capital costs, capitalizable expenditures functionally related and subordinate to the Project, construction period interest, and any debt service reserve, if necessary or appropriate; and

(3) pay costs of issuance for the Bonds.

Eve Corbin, Partner, Arent and Fox LLC, the School's counsel in the financing process assisted with the presentation to the Board.