NOTICE OF PRELIMINARY DETERMINATION OF THE METROPOLITAN SCHOOL DISTRICT OF WARREN TOWNSHIP, MARION COUNTY, INDIANA, TO ISSUE ONE OR MORE SERIES OF PROPOSED GENERAL OBLIGATION BONDS AND/OR ENTER INTO A PROPOSED LEASE OR LEASES OF FACILITIES OPERATED BY THE SCHOOL CORPORATION IN CONNECTION WITH THE PROPOSED 2026-2028 HIGH SCHOOL AND ELEMENTARY SCHOOLS FACILITY IMPROVEMENT AND LONG-TERM MAINTENANCE AND EQUIPPING PROJECT Owners of real property, and registered voters residing, in the Metropolitan School District of Warren Township, Marion County, Indiana (the "School Corporation"), hereby are given notice that the Board of Education of the School Corporation (the "Board") preliminarily has determined, at its meeting held on March 9, 2026, that (I) a need exists for (a) undertaking all or any portion of certain interior and exterior renovations, site improvements and equipping acquisition and/or installation projects at one or more of the buildings operated by the School Corporation and which are not included as part of the Vision 2020 Renovation, Restoration and Safety Project, as defined in Resolution No. 564.19, adopted by the Board on June 19, 2019, the 2022-2023 Hawthorne Elementary School/Sunny Heights Elementary School/Warren Early Childhood Center Expansion/Renovation/Upgrade Project, as defined in Resolution No. 601.22, adopted by the Board on June 15, 2022, the 2023-2024 Warren Central High School and Walker Career Center Expansion/Renovation/Upgrade Project, as defined in Resolution No. 608.22, adopted by the Board on December 21, 2022, the 2024-2025 General Obligation Bond Project, as defined in Resolution 629.24, adopted by the Board on May 15, 2024, or the 2026-2028 Secondary Schools Facility Improvement and Long-Term Maintenance and Equipping Project, as defined in Resolution 646.25, adopted by the Board on July 16, 2025, including, but not limited to, all or any portion of (i) the renovation, updating and facility and site improvements to all or any portion of the existing Warren Central High School and campus and all of its related outdoor facilities, fields and improvements operated by the School Corporation, (ii) the renovation, updating and facility and site improvements to all or any portion of all or any of certain of the existing elementary schools currently anticipated to include, but not be limited to, all or any of the existing Grassy Creek Elementary School and campus, the existing Hawthorne Elementary School and campus, the existing Lowell Elementary School and campus and the existing Pleasant Run Elementary School and campus and all of their related outdoor facilities, fields and improvements, all of which are operated by the School Corporation; provided, however, all or any of the other existing elementary schools and related outdoor facilities, fields and improvements operated by the School Corporation may be renovated, updated and have site improvements that are either in lieu of such identified elementary schools or in addition to such identified elementary schools if the Board determines that such renovations, updates and/or site improvements are necessary or desirable for the operations of the School Corporation, (iii) the repair and/or replacement of certain equipment, including, but not limited to, lighting and heating and air conditioning system upgrades and replacements at any other facilities operated by the School Corporation, (iv) certain safety and security facility updates and equipment installations at any other facilities operated by the School Corporation, (v) interior renovations and upgrades at any other facilities operated by the School Corporation, including, but not limited to, floor covering replacement and finishes, and (vi) the repair, replacement and/or restoration of all or any portion of certain roofs at any other facilities operated by the School Corporation, (b) undertaking the construction and equipping of a new extra-curricular practice facility on the Warren Central High School campus, which upon completion is currently anticipated to contain approximately 70,000 square feet and be used by boys' football teams, girls' flag football teams, unified flag football teams, performing arts groups, soccer teams, lacrosse teams, boys' baseball teams, girls' softball team and for various other athletic and extracurricular programs, (c) undertaking the construction and equipping of an outdoor multipurpose athletic facility with a synthetic turf field, which will be used by the School Corporation for various programs as well as one or more local youth athletic programs and organizations in partnership with the School Corporation, (d) undertaking one or more miscellaneous facility and/or equipping improvement projects throughout the geographical boundaries of the School Corporation, and (e) undertaking all projects related to any of the projects described in any of clauses (I)(a) through and including (I)(d) (clauses (I)(a) through and including (I)(e), collectively, the "2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project"); and (II) to the extent permitted by law to take all of the necessary steps to finance all or a portion of the costs of all, or as much as is possible based on the facts and circumstances at the time, but only as needed based on extensive analysis and review by the School Corporation's staff of each identified facility, of the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project by issuing one or more series of proposed general obligation bonds (the "General Obligation Bonds") and/or entering into a proposed lease or leases or amendment or amendments to one or more existing leases (collectively, the "Leases") between one or more local nonprofit school building corporations, as lessor (collectively, the "Building Corporation"), and the School Corporation, as lessee, relating to all or any portion of the school facilities operated by the School Corporation. The Building Corporation, as lessor, will issue one or more series of first mortgage bonds secured by and payable from the lease payments under the Leases (the "First Mortgage Bonds"). The total maximum original aggregate principal amount of the General Obligation Bonds and the First Mortgage Bonds (collectively, the "Bonds") will not exceed $40,000,000, or such greater amount in the case of the issuance of any first mortgage bonds all or a portion of which will be used to refund all or any portion of the First Mortgage Bonds. The maximum term for each series of the Bonds will not exceed twenty (20) years, and each of the Leases with respect to each facility subject to a Lease or Leases at the time of the issuance of each series of the First Mortgage Bonds will have a maximum term not to exceed twenty-five (25) years, beginning on the date each such Lease or addendum thereto is recorded by the School Corporation in connection with the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project. Based on the estimated interest rates that will be paid in connection with the Bonds not anticipated to exceed seven percent (7.00%) per annum, the total interest cost associated therewith is $45,558,042 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation being available for capitalized interest. The maximum annual principal and interest to be paid on the Bonds plus the maximum annual lease rental to be paid by the School Corporation under the Leases is $10,000,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the Bonds being issued under one or more federal tax credit programs), and the maximum total principal and interest to be paid on the Bonds plus the maximum total lease rental to be paid by the School Corporation over the term of the Leases is $85,667,000 (which amount is net of any funds received by the School Corporation or the Building Corporation from the United States of America as a result of any or all of the Bonds being issued under one or more federal tax credit programs), not taking into account any funds of the School Corporation or the Building Corporation available for capitalized interest. The School Corporation's certified total debt service fund tax levy for 2025 pay 2026 (which is the most recent certified tax levy) is $22,550,000, and the School Corporation's certified total debt service fund tax rate for 2025 pay 2026 (which is the most recent certified tax rate) is $0.5047 per $100 of assessed value. The estimated total maximum debt service fund tax levy for the School Corporation and the estimated total maximum debt service fund tax rate for the School Corporation after the issuance of the Bonds are anticipated to occur no earlier than 2026 pay 2027 and will be $18,821,180 and $0.4414 per $100 of assessed value (based on the assumption that there is no change in the net assessed value of the School Corporation from the 2025 pay 2026 net assessed value), respectively, as a result of the payment of the debt service on the General Obligation Bonds and the lease rentals under the Leases described herein. Accordingly, as a result of the decrease in the debt service/lease payments paid by the School Corporation on its currently outstanding obligations during the anticipated term of the General Obligation Bonds and Leases, there is not anticipated to be any incremental increase in the School Corporation's current debt service fund levy or debt service fund tax rate after the issuance of the Bonds. The percent of the School Corporation's current annual debt service/lease payments and projected maximum annual debt service/lease payments after the issuance of the Bonds compared to the net assessed value of taxable property within the School Corporation is approximately fifty-one one-hundredths of one percent (0.51%). The percent of the School Corporation's outstanding long-term debt, together with the outstanding long-term debt of other taxing units that include any of the territory of the School Corporation, compared to the net assessed value of taxable property within the School Corporation is approximately eleven and thirty-six one-hundredths of one percent (11.36%). Petitions requesting the application of the local public question process to the Bonds and/or the Leases related to the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project may be filed with the Marion County Voter Registration Office within thirty days after the date of the publication of this notice in the manner provided by Indiana Code § 6-1.1-20-3.5. If a sufficient petition requesting the application of the local public question process to the Bonds and/or the Leases related to the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project has been filed as set forth in Indiana Code § 6-1.1-20-3.5, the Bonds and/or the Leases related to the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project must be approved in an election on a local public question held under Indiana Code § 6-1.1-20-3.6. In the event that a sufficient petition requesting the application of the local public question process to the Bonds and/or the proposed lease rental payments and/or debt service payments related to the 2026-2028 High School and Elementary Schools Facility Improvement and Long-Term Maintenance and Equipping Project has been filed as set forth in Indiana Code §6-1.1-20-3.5, as amended, the Board has determined to reconvene as soon as possible after receiving notice of such petition to consider approval of the form of the public question to be recommended to the Marion County Auditor and the Marion County Election Board for consideration by the registered voters at the election conducted under Indiana Code § 6-1.1-20-3.6, as amended, and other related matters. Dated: March 13, 2026. METROPOLITAN SCHOOL DISTRICT OF WARREN TOWNSHIP, MARION COUNTY, INDIANA By: Dr. Timothy Hanson, Superintendent March 13 2026 LSBN0475591