Resolution adopted for refunding bonds by Kingston City School District.

KINGSTON CITY SCHOOL DISTRICT

LEGAL NOTICE OF ESTOPPEL

NOTICE IS HEREBY GIVEN that the resolution, a summary of which is published herewith, has been adopted by the Board of Education of the City School District of the City of Kingston, Ulster County, New York, on February 18, 2026, and the validity of the obligations authorized by such reso- lution may be hereafter contested only if such ob- ligations were authorized for an object or purpose for which said School District is not authorized to expend money, or if 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 twenty days after the date of publication of this notice, or such obligations were authorized in vio- lation of the provisions of the Constitution. Dated: Kingston, New York February 18, 2026

/s/ Karen Seery School District Clerk

SUMMARY OF REFUNDING BOND RESOLUTION DATED February 18, 2026.

SUMMARY OF A RESOLUTION AUTHORIZING THE ISSUANCE PURSUANT TO SECTION 90.10 OF THE LOCAL FINANCE LAW OF REFUNDING BONDS OF THE CITY SCHOOL DISTRICT OF THE CITY OF KINGSTON, ULSTER COUNTY, NEW YORK, TO BE DESIGNATED SUBSTANTIALLY "SCHOOL DISTRICT REFUNDING

(SERIAL) BONDS", AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO.

WHEREAS, the City School District of the City of Kingston, Ulster County, New York (hereinafter, the "School District") heretofore issued School District (Serial) Bonds, 2018 (the “2018 Bonds”); and

WHEREAS, it would be in the public interest to re- fund all or a portion of the outstanding $49,090,000 principal balance of the 2018 Bonds maturing in 2027 and thereafter (the "Refunded Bonds"), by the issuance of refunding bonds pursuant to Sec- tion 90.10 of the Local Finance Law;

NOW, THEREFORE, BE IT RESOLVED, by the Board of Education of the City School District of the City of Kingston, Ulster County, New York, as follows: Section 1. For the object or purpose of re- funding the $49,090,000 outstanding aggregate principal balance of the Refunded Bonds, includ- ing providing moneys which, together with the interest earned from the investment of certain of the proceeds of the refunding bonds herein authorized, shall be sufficient to pay (i) the prin- cipal amount of the Refunded Bonds, (ii) the ag- gregate amount of unmatured interest payable on the Refunded Bonds to and including the date on which the Refunded Bonds which are callable are to be called prior to their respective maturities in accordance with the refunding financial plan, as hereinafter defined, (iii) the costs and expenses incidental to the issuance of the refunding bonds herein authorized, (iv) the redemption premium payable on the Refunded Bonds, and (v) the pre- mium or premiums for a policy or policies of mu- nicipal bond insurance or cost or costs of other credit enhancement facility or facilities, for the refunding bonds herein authorized, or any portion thereof, there are hereby authorized to be issued not to exceed $51,000,000 refunding serial bonds of the School District pursuant to the provisions of Section 90.10 of the Local Finance Law (the "School District Refunding Bonds" or the "Refund- ing Bonds”), it being anticipated that the amount of Refunding Bonds actually to be issued will be approximately $49,830,000, as provided in Section 4 hereof.

Section 2. The Refunding Bonds may be sub- ject to redemption prior to maturity upon such terms as the President of the Board of Education shall prescribe, which terms shall be in compli- ance with the requirements of Section 53.00 (b) of the Local Finance Law.

Section 3.

(a)

It is hereby determined that: the maximum amount of the Refunding Bonds authorized to be issued pursuant to this resolution does not exceed the limitation imposed by the Local Finance Law;

(b)

the maximum period of probable useful- ness permitted by law at the time of the issuance of the Refunded Bonds, for the object or purpose financed therein is as provided in the Bond Deter- minations Certificate referenced in the full resolu- tion (the "Complete Resolution");

(c) the last installment of the Refunding Bonds will mature not later than the expiration of the pe- riod of probable usefulness of the object or pur- pose for which said Refunded Bonds were issued in accordance with the provisions of Section 90.10 of the Local Finance Law; and

(d)

the estimated present value of the total debt service savings anticipated as a result of the issuance of the Refunding Bonds, if any, comput- ed in accordance with the provisions of subdivi- sion 2 of paragraph b of Section 90.10 of the Local Finance Law, with regard to the Refunded Bonds, is $295,048.08 ($295,882.19 including rounding amount) as shown in the Refunding Financial Plan described in Section 8 hereof.

Section 4. The financial plan for the refunding authorized by this resolution (the "Refunding Fi- nancial Plan"), showing the sources and amounts of all moneys required to accomplish such refund- ing are as provided in Exhibit A attached to the Complete Resolution. The Refunding Financial Plan has been prepared based upon the assump- tion that the Refunding Bonds will be issued, in one series to refund all of the Refunded Bonds, in the principal amount of $49,830,000, and that the Refunding Bonds will mature, be of such terms, and bear interest as set forth in said Exhibit A. Section 5. The President of the Board of Edu- cation is hereby authorized and directed to enter into an escrow contract or contracts (collectively the "Escrow Contract") with a bank or trust com- pany, or with banks or trust companies, located and authorized to do business in this State as said President of the Board of Education shall desig- nate (collectively the "Escrow Holder") for the purpose of having the Escrow Holder act, in con- nection with the Refunding Bonds, as the escrow holder to perform the services described in the Section 6. The faith and credit of said City School District of the City of Kingston, Ulster County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on the Re- funding Bonds as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the princi- pal of and interest on such bonds becoming due and payable in such year. There shall be annu- ally levied on all the taxable real property in said School District a tax sufficient to pay the principal of and interest on such Refunding Bonds as the same become due and payable.

Local Finance Law.

Section 7. All of the proceeds from the sale of the Refunding Bonds, including the premium, if any, but excluding accrued interest thereon, shall immediately upon receipt thereof be placed in escrow with the Escrow Holder for the Refunded

Bonds.

Section 8. The President of the Board of Edu- cation is delegated authority to sell said Refund- ing Bonds at public competitive sale or at private

sale.

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A COPY OF THE COMPLETE TEXT OF THIS RESOLU-

TION TOGETHER WITH EXHIBIT IS ON FILE IN THE OFFICE OF THE SCHOOL DISTRICT CLERK WHERE IT IS AVAILABLE FOR PUBLIC INSPECTION DURING NORMAL BUSINESS HOURS.

Friday, February 20, 2026 #NY0169285