Board of Commissioners & Bldg. Authority - Regular Meeting

Resolution 2026-RES-002-BOE Tax Levy Resolution

WHEREAS, pursuant to a bond resolution adopted on October 24, 2024, and a supplemental bond resolution adopted on February 9, 2026 (collectively, the “Bond Resolution”), the Board of Education of Morgan County (the “Board of Education”), as managing and controlling body of the Morgan County School District (the “District”), a political subdivision of the State of Georgia, authorized the issuance of Morgan County School District (Georgia) General Obligation School Bonds, Series 2026, in the aggregate principal amount of $42,605,000 (the “Bonds”), for the purpose of providing funds to the District to pay or to be applied toward the cost of (i) acquiring, constructing and equipping a new primary and elementary school complex, (ii) acquiring land for school system facilities, (iii) adding to, renovating, repairing, improving, and equipping existing school buildings and school system facilities, (iv) acquiring miscellaneous new equipment, fixtures and furnishings for the school system, including technology equipment and safety and security equipment, (v) acquiring school buses and transportation and maintenance equipment, and (vi) paying expenses incident to accomplishing the foregoing; and WHEREAS, the issuance of such general obligation bonds of the District was approved by a majority of qualified voters of the District at the election duly called and held on May 21, 2024, after notice of the time thereof had been given in the manner required by law by the Board; and WHEREAS, the Board of Education, being charged with the duty of managing the affairs of the District, has determined that in order to pay the principal of and the interest on the Bonds as the same become due and payable, whether by maturity, redemption or otherwise, to the extent such principal and interest is not satisfied from other lawful funds of the District, and it is necessary that there be levied an annual tax upon all the taxable property in said District sufficient to raise the amounts set forth below in each of the calendar years set forth below; and WHEREAS, proper certificates and recommendations have been made that a direct annual tax for such purposes be made in the amounts and for the years hereinafter stated; and WHEREAS, it is necessary that a tax be levied for the purpose of paying the principal of and interest on the Bonds due in each year, whether by maturity, redemption or otherwise, to the extent such principal and interest is not satisfied from other legally available funds of the District; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Morgan County, and it is hereby resolved by authority of same, that there shall be and is hereby levied upon all the taxable property in the District subject to taxation for school bond purposes, a direct annual tax sufficient to raise in each of the years set forth below the sums set forth below in order to pay the principal of and interest on the Bonds as follows: 2026-RES-002 Debt Service Schedule - Series 2026 Bonds Date Principal Interest Total P&I 05/1/2026 $ -- $ 384,628.47 $ 384,628.47 11/1/2026 -- 1,065,125.00 1,065,125.00 05/1/2027 -- 1,065,125.00 1,065,125.00 11/1/2027 -- 1,065,125.00 1,065,125.00 05/1/2028 -- 1,065,125.00 1,065,125.00 11/1/2028 -- 1,065,125.00 1,065,125.00 05/1/2029 -- 1,065,125.00 1,065,125.00 11/1/2029 3,295,000.00 1,065,125.00 4,360,125.00 05/1/2030 -- 982,750.00 982,750.00 11/1/2030 4,960,000.00 982,750.00 5,942,750.00 05/1/2031 -- 858,750.00 858,750.00 11/1/2031 5,210,000.00 858,750.00 6,068,750.00 05/1/2032 -- 728,500.00 728,500.00 11/1/2032 5,475,000.00 728,500.00 6,203,500.00 05/1/2033 -- 591,625.00 591,625.00 11/1/2033 5,750,000.00 591,625.00 6,341,625.00 05/1/2034 -- 447,875.00 447,875.00 11/1/2034 6,030,000.00 447,875.00 6,477,875.00 05/1/2035 -- 297,125.00 297,125.00 11/1/2035 6,340,000.00 297,125.00 6,637,125.00 05/1/2036 -- 138,625.00 138,625.00 11/1/2036 5,545,000.00 138,625.00 5,683,625.00 Total $42,605,000.00 $15,931,003.47 $58,536,003.47 Said several sums are hereby irrevocably pledged and appropriated to the payment of the principal and interest on the Bonds as the same become due and payable, whether by maturity, redemption or otherwise, all to the extent such principal and interest is not satisfied from other legally available funds of the District. The said several sums shall be collected by the Morgan County Tax Commissioner in each of said years, and shall be annually paid into a fund to be maintained for and applied to the payment of principal and interest on the Bonds when due and provisions to meet the requirements of this paragraph shall be made annually thereafter, upon receipt of an annual certificate from the Board of Education certifying the rate of tax levy (if any) necessary to pay such debt service on the Bonds. BE IT FURTHER RESOLVED by the authority aforesaid that all orders and resolutions in conflict with this resolution are hereby repealed. 2026-RES-002 Adopted by the Board of Commissioners of Morgan County, this 17th day of February, 2026.