ESPLOST

Pursuant to a joint resolution adopted on December 13, 2010 by the Board of Education of Lowndes County (the "Lowndes County Board of Education") acting by, for and on behalf of the Lowndes County School District (the "Lowndes County School District"), and the Board of Education for the City of Valdosta (the "Valdosta Board of Education") acting by, for and on behalf of the Valdosta City School System (the "Valdosta School System"), and a call of election issued by the Board of Elections and Registration for Lowndes County, as Election Superintendent, notice is hereby given as follows:

1. On March 15, 2011, an election will be held in Lowndes County to submit to the qualified voters of Lowndes County the following question:

2. All qualified voters desiring to vote in favor of imposing the one percent sales and use tax for educational purposes (the "Educational Sales Tax") shall vote "Yes" and all qualified voters opposed to levying the Educational Sales Tax shall vote "No." If more than one-half of the votes cast are in favor of imposing the Educational Sales Tax then such tax shall be imposed beginning upon the termination of the Educational Sales Tax presently in effect and shall cease to be imposed on the earlier of (a) 20 calendar quarters after the tax is imposed or (b) as of the end of the calendar quarter during which the Commissioner of the Georgia Department of Revenue determines that the Educational Sales Tax will have raised revenues sufficient to provide to the Lowndes County School District and the Valdosta City School System net proceeds equal to or greater than the amount specified as the estimated amount of net proceeds to be raised by the Educational Sales Tax.

3. The Lowndes County School District heretofore issued the LOWNDES COUNTY SCHOOL DISTRICT GENERAL OBLIGATION BONDS, SERIES 2006, LOWNDES COUNTY SCHOOL DISTRICT GENERAL OBLIGATION BONDS, SERIES 2007, LOWNDES COUNTY SCHOOL DISTRICT GENERAL OBLIGATION BONDS, SERIES 2008 and the LOWNDES COUNTY SCHOOL DISTRICT GENERAL OBLIGATION BONDS, SERIES 2009 (collectively, the "Prior Bonds"), as authorized by a majority vote of qualified voters in Lowndes County voting in an election held on September 19, 2006. If the Educational Sales Tax is approved by the voters on March 15, 2011 and imposed beginning October 1, 2012, proceeds to be received from the tax shall be used to pay principal of and interest on the outstanding Prior Bonds maturing on February 1, 2014 through February 1, 2018 in the maximum amount of $39,200,000. The School District may apply funds available in the sinking fund maintained for the outstanding Prior Bonds to assist in the retirement of such bonds.

The specific capital outlay projects which the Lowndes County Board of Education currently expects to fund from the proceeds of the Educational Sales Tax in the estimated amount of $55,675,000 are as follows (collectively, the "Lowndes Projects"):

• The addition, renovation, repair and improvement to existing school buildings and facilities, including, but not limited to, all existing elementary and middle schools and Lowndes High School;
• Planning and design of new school buildings and facilities, including, but not limited to, a new high school and a new auditorium/performing arts facility;
• Acquisition of technology equipment, security and safety equipment, textbooks, band and other musical instruments, vocational equipment and physical education and athletic equipment;
• Acquisition of school vehicles, including, but not limited to, school buses and maintenance vehicles and equipment;
• Acquisition of any property necessary and desirable therefore, both real and personal; and
• The repayment of general obligation debt incurred through temporary loans for capital outlay project expenses.

The estimated cost of the retirement of previously incurred general obligation debt and the above described capital outlay projects which the Lowndes County Board of Education expects to be funded with Educational Sales Tax proceeds shall be $94,875,000, which will constitute the estimated amount of net proceeds of the Educational Sales Tax to be received by the Lowndes County School District.

To the extent available, the Lowndes County School District may combine available funds from the State of Georgia with proceeds from the Educational Sales Tax, and any other available funds, to pay the costs of the above described capital outlay projects. Plans and specifications for these projects have not been completed and bids have not been received. Depending upon acquisition and construction costs and available funds, the Lowndes County School District may choose which capital outlay projects to undertake or not undertake, or to delay until additional funding is available, to the extent that proceeds of the Educational Sales Tax, together with other available funds actually received by the Lowndes County School District, are insufficient to complete any of the capital outlay projects.

4. The specific capital outlay projects which the Valdosta Board of Education currently expects to fund from general obligation debt and the proceeds of the Educational Sales Tax are as follows (collectively, the "Valdosta Projects"):

• The addition, renovation, repair and improvement to existing school buildings, facilities and grounds, including, but not limited to, all existing elementary schools, middle schools and Valdosta High School;
• Planning, design and construction of new school buildings and facilities, including, but not limited to, a new Southeast Elementary School and a new "west district" Elementary School;
• Renovations and modifications or the relocation and replacement of the Valdosta City School System Central Office complex; Equipping system-wide new construction, additions and renovations;
• Making system-wide technology improvements;
• Acquisition of security and safety equipment and/or fencing, textbooks, band and other musical instruments, vocational equipment and physical education and athletic equipment;
• Acquisition of school vehicles, including, but not limited to, school buses, maintenance vehicles and equipment; and
• Acquisition of any property necessary and desirable for new construction, expansion and/or improvement of existing facilities, both real and personal.

To the extent available, the Valdosta School System may combine available funds from the State of Georgia with proceeds from the Educational Sales Tax and the general obligation debt, and any other available funds, to pay the costs of the above described capital outlay projects. Plans and specifications for these projects have not been completed and bids have not been received. Depending upon acquisition and construction costs and available funds, the Valdosta School System may choose which capital outlay projects to undertake or not undertake, or to delay until additional funding is available, to the extent that proceeds of the Educational Sales Tax and the general obligation debt, together with other available funds actually received by the Valdosta School System, are insufficient to complete any of the capital outlay projects.

5. The general obligation debt, if so authorized pursuant to the election, may be issued by the Valdosta School System in whole or in part and in one or more series in an aggregate principal amount not to exceed $25,000,000. The general obligation debt shall bear interest at an interest rate or rates not to exceed seven percent (7.0%) per annum, and the final year of maturity of such debt shall not be later than calendar year 2018. The maximum amount of principal to be paid in each year during the life of such debt shall be as follows:

Year	Principal Amount
Year 1	$4,880,000
Year 2	4,930,000
Year 3	4,985,000
Year 4	5,060,000
Year 5	5,145,000

The Valdosta School System may issue aggregate general obligation debt which is less than $25,000,000 and reduce the principal amounts maturing in each year which are shown above.

6. In reference to Official Code of Georgia Annotated § 36-82-1(d), any brochures, listings or other advertisements issued by the Lowndes County Board of Education or by the Valdosta Board of Education or by any other person, firm, corporation or association with the knowledge and consent of the Lowndes County Board of Education or by the Valdosta Board of Education shall be deemed to be a statement of intention concerning the use of the proceeds of the Educational Sales Tax.

7. The last day to register to vote in the election is Monday, February 14, 2011. Anyone desiring to register may do so by applying in person at the voter registration office located at 2808 North Oak Street, Valdosta, Georgia, telephone 229-671-2850, or by any other method authorized by the Georgia Election Code.

8. The election will be held on Tuesday, March 15, 2011. The polls will be open from 7:00 a.m. until 7:00 p.m. This Notice of Election is given pursuant to a joint resolution adopted on December 13, 2010 by the Lowndes County Board of Education and the Valdosta Board of Education.

This _______________, 2010.

Chairperson, Board of Elections and Registration for Lowndes County

To be published on February 11, 18, and 25, 2010 and March 4 and 11, 2010.

Now comes the undersigned Secretary of the Board of Education of Lowndes County, keeper of the records and seal thereof, and certifies that the foregoing is a true and correct copy of a resolution approved and adopted by said Board of Education in meeting assembled on December 13, 2010, the original of which resolution has been entered in the official records of said Board of Education under my supervision and is in my official possession, custody and control.

I further certify that the meeting was held in conformity with the requirements of Title 50, Chapter 14 of the Official Code of Georgia Annotated.

(S E A L)

Secretary, Board of Education of Lowndes County, Georgia

Now comes the undersigned Secretary of the Board of Education for the City of Valdosta, Georgia, keeper of the records and seal thereof, and certifies that the foregoing is a true and correct copy of a resolution approved and adopted by said Board of Education in meeting assembled on December 13, 2010, the original of which resolution has been entered in the official records of said Board of Education under my supervision and is in my official possession, custody and control. I further certify that the meeting was held in conformity with the requirements of Title 50, Chapter 14 of the Official Code of Georgia Annotated.

(S E A L)

Secretary, Board of Education for the City of Valdosta, Georgia

The Board of Elections and Registration for Lowndes County having been furnished with a certified copy of a joint resolution adopted by the Board of Education of Lowndes County and the Board of Education for the City of Valdosta on December 13, 2010, requesting the undersigned to call an election on March 15, 2011, relative to the imposition of a sales and use tax for educational purposes and issuance of the general obligation debt described in said resolution, does hereby call said election on March 15, 2011, and orders and directs that the form of election notice contained in said resolution and required by law to be published in connection with the election and the issuance of said general obligation debt be published as provided by law.

This ________________, 2010.

(S E A L)

By:

Chairperson, Board of Elections and Registration for Lowndes County