NOTICE OF BOND RESOLUTION

NOTICE IS HEREBY GIVEN that a bond resolution, a summary of which is published herewith, has been adopted by the Board of Education (the “Board”) of the City School District of the City of Olean, Cattaraugus County, New York (the “District”) on March 18, 2025, and was subsequently approved by the qualified voters of the District at the annual meeting and vote held on May 20, 2025, and the validity of the obligations authorized by such resolution may be hereafter contested only if:

1. (a) such obligations were authorized for an object or purpose for which the District is not authorized to expend money, or (b) the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within 20 days after the date of publication of this notice; or 2. such obligations were authorized in violation of the provisions of the Constitution of New York.

SUMMARY OF BOND

RESOLUTION

This is a summary of a bond resolution that was adopted by the Board of Education (the “Board”) of the City School District of the City of Olean, Cattaraugus County, New York (the “District”) on March 18, 2025. The bond resolution authorizes the issuance and sale of a bond or serial bonds and a bond anticipation note or notes in anticipation of the issuance and sale of such obligations. The resolution authorizes the first component (“District Facilities Upgrades Project”) of a proposed two-part “2025 Capital Improvement Project,” (the “Proposition No. 2 Project”), and was subsequently approved by the qualified voters of the District at the annual meeting and vote held on May 20, 2025, with the Proposition No. 2 Project then to be undertaken at an estimated maximum cost of $29,435,000. The bond resolution further authorizes (1) the expenditure or application toward the Proposition No. 2 Project (during the current fiscal year of the District) $1,000,000 from the District’s Capital Improvements Reserve Fund, 2023 and (2) the issuance of serial bonds or other obligations of the District (in an amount not to exceed $28,435,000) to finance the balance of the estimated maximum cost of the Proposition No. 2 Project, and delegates to the President of the Board the power to authorize the issuance of notes in anticipation of the sale of such obligations, and delegates to the President of the Board the power to authorize the issuance of notes in anticipation of the sale of such bonds. The proceeds from the sale of the obligations authorized to be issued pursuant to such resolution are to be used for the purpose of undertaking the Proposition No. 2 Project consisting of the reconstruction and renovation, in part, and the construction of improvements and upgrades to various District buildings and facilities and the sites thereof (the “Proposition No. 2 Project”), to implement various health, safety, accessibility and Code compliance measures required by the State Education Department in connection with any significant capital improvements project and various other measures that are identified in (but are not to be limited by) the written plan for the Proposition No. 2 Project that was prepared by the District with the assistance of Young + Wright Architectural, as well as the purchase of original furnishings, equipment, machinery and apparatus required in connection with the purposes for which such building, facilities and sites are used, all ancillary or related work required in connection therewith and all associated preliminary and incidental costs, including all costs associated with the financing of the Proposition No. 2 Project. The period of probable usefulness for the Project is 30 years. A copy of the resolution summarized hereby is available for public inspection during normal business hours at the office of the District Clerk, 410 West Sullivan Street, Olean, New York.

Dated: June 24, 2025

Olean, New York