JEFFERSON COUNTY SCHOOL DISTRICT FINANCE CORPORATION

CALLED MEETING OF THE BOARD OF DIRECTORS
AUGUST 9, 2010

This called meeting of the Board of Directors of the Jefferson County School District Finance Corporation was called to order on Monday, August 9, 2010, at the VanHoose Education Center, 3332 Newburg Road, Louisville, Kentucky, 40218,
at 6:45 p.m.

This action is necessary for the orderly operation of the Corporation.

President Sheldon Berman recommends that the minutes of the meeting of the Board of Directors, which was held on February 22, 2010, as presented, be and hereby are ratified and approved, and shall be entered into the minute book of the Corporation.

Order #1243 - Motion Passed:  President Sheldon Berman recommends that the minutes of the meeting of the Board of Directors, which was held on February 22, 2010, as presented, be and hereby are ratified and approved, and shall be entered into the minute book of the Corporation. passed with a motion by Mrs. Linda Duncan and a second by Mr. Larry Hujo.

This action is necessary for the orderly operation of the Corporation.

President Sheldon Berman recommends that the following persons be elected to serve in the offices of the Corporation described below, effective immediately and until their successors are elected and have qualified:

President—Sheldon Berman
Vice President—Debbie Wesslund
Secretary—Linda Duncan
Director—Larry Hujo
Director—Stephen P. Imhoff
Director—Carol A. Haddad
Director—Joseph L. Hardesty
Director—Diane L. Porter
Treasurer—J. Cordelia Hardin
Assistant Treasurer—Edward D. Muns
Assistant Treasurer—Lewis Hammond

Order #1244 - Motion Passed:  President Sheldon Berman recommends that the following persons be elected to serve in the offices of the Corporation described below, effective immediately and until their successors are elected and have qualified: President—Sheldon Berman Vice President—Debbie Wesslund Secretary—Linda Duncan Director—Larry Hujo Director—Stephen P. Imhoff Director—Carol A. Haddad Director—Joseph L. Hardesty Director—Diane L. Porter Treasurer—J. Cordelia Hardin Assistant Treasurer—Edward D. Muns Assistant Treasurer—Lewis Hammond passed with a motion by Mr. Joseph Hardesty and a second by Mrs. Debbie Wesslund.

This action is necessary in order to effect the issuance of the Corporation’s School Building Revenue Bonds (Qualified School Construction Bonds – Direct Payment), Series 2010C (the “2010C Bonds”) and the Corporation’s School Building Revenue Refunding Bonds, Series 2010B (the “2010B Bonds”), and together with the 2010C Bonds, the “Bonds.” The current interest rate on the outstanding bonds to be refunded ranges from 4.125% to 4.750%. The refunding bonds authorized by the attached Resolutions are expected to capture substantial savings available at the current market’s lower long-term interest rates.

President Sheldon Berman recommends that the Board of Directors approve the attached Bond Issue Approvals and Authorizations.

Order #1245 - Motion Passed:  President Sheldon Berman recommends that the Board of Directors approve the attached Bond Issue Approvals and Authorizations. passed with a motion by Mrs. Debbie Wesslund and a second by Mrs. Linda Duncan.

A motion to adjourn the August 9, 2010, special meeting of the Jefferson County School District Finance Corporation

Order #1246 - Motion Passed:  A motion to adjourn the August 9, 2010, special meeting of the Jefferson County School District Finance Corporation passed with a motion by Mrs. Carol Ann Haddad and a second by Mr. Larry Hujo.