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_02_ Refinancing of Energy Performance Contract

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					                       NIAGARA FALLS CITY SCHOOL DISTRICT
                               Niagara Falls New York


                                   Regular Board Meeting

                                        June 26, 2003

(2)   APPROVAL OF RESOLUTION OF THE CITY SCHOOL DISTRICT OF THE CITY
      OF NIAGARA FALLS, NIAGARA COUNTY, NEW YORK, ADOPTED THE 26 DAY
      OF JUNE, 2003, AUTHORIZING THE REFINANCING OF THE DISTRICT’S
      ENERGY PERFORMANCE CONTRACT RELATED LEASE/PURCHASE
      AGREEMENT AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO

                WHEREAS, The City School District of the City of Niagara Falls,
           Niagara County, New York (the “District”) has outstanding an Amended and
           Restated Master Tax-Exempt Lease/Purchase Agreement dated as of July
           12, 2002 by and between Fleet National Bank as Lessor and the District as
           Lessee (as so amended, the “Lease Agreement”); and

                WHEREAS, Payments under the Lease Agreement (the “Lease
           Installment Payments”) commenced prior to December 1, 2001 for the
           purpose of financing facilities that were eligible for building aid pursuant to
           Section 3602(6) of the Education Law; and

                WHEREAS, The aid apportionment payable pursuant to Section
           3602(6) of the Education Law in the 2002/2003 and 2003/2004 school years
           for approved expenditures for debt service will be reduced as a result of the
           application of assumed amortization to unpaid principal of such Lease
           Installment Payments as of July 1, 2002; as a result of recent legislative
           reforms to the method of calculation and timing of payments of State
           building aid; and

                WHEREAS, Such legislative reforms create a mismatch between the
           scheduled Lease Installment Payments and the projected receipt of aid
           apportionment; and
     WHEREAS, It is now desired to authorize the Board President, as
Chief Fiscal Officer, to, should he deem it to be in the best interests of the
District to do so, refinance the Lease Agreement in order to align the Lease
Installment Payments thereunder with the projected State building aid
payments;

     NOW, THEREFORE BE IT RESOLVED, THIS 26 DAY OF JUNE,
2003 BY THE BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT
OF THE CITY OF NIAGARA FALLS, NIAGARA COUNTY, NEW YORK (by
favorable vote of not less than two-thirds of said Board) AS FOLLOWS:

     Section 1.       For the purpose of refinancing the outstanding principal
balance of the Lease Agreement (or such portion thereof as the Chief Fiscal
Officer shall determine to be in the best financial interests of the District) and
the payment of any early termination premium to be paid on the Lease
Agreement as a result of such financing, the execution and delivery of an
amended and restated lease/purchase agreement (the “Refinancing Lease”)
is hereby authorized.

     Section 2.       The President and the District Clerk and all other
officers, employees and agents of the District are hereby and directed for
and on behalf of the District to execute and deliver all certificates and other
documents, perform all acts and do all things required or contemplated to be
executed, performed or done by this resolution or any document or
agreement approved hereby.

     Section 3.       All other matters pertaining to the terms and delivery of
the Refinancing Lease shall be determined by the Board President and all
powers in connection thereof are hereby delegated to the Board President.

     Section 4.       This resolution shall take effect immediately.
     The adoption of the foregoing resolution was duly put to a vote on roll call,
     which resulted as follows:

____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


____________________________________________ VOTING __________


     The resolution was declared adopted.

				
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