PUBLIC NOTICE - - - NOTICE OF INTENTION TO ISSUE BONDS NOT EXCEEDING $116,590,000 STATE OF LOUISIANA GASOLINE AND FUELS TAX SECOND LIEN REVENUE REFUNDING BONDS IN ONE OR MORE SERIES, SUBSERIES OR CLASSES NOTICE IS HEREBY GIVEN that the State Bond Commission (the "Commission"), on behalf of the State of Louisiana (the "State"), intends to issue not exceeding $116,590,000 of Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, in one or more series, subseries or classes (the "Bonds"), to refund the outstanding Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2022 Series A Bonds (the "Series 2022A Bonds"), which are subject to mandatory tender on May 1, 2026, pursuant to the State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Bond Resolution on May 5, 2009, as amended and supplemented through the Amended and Restated Eighteenth Supplemental State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Bond Resolution adopted on September 26, 2024, and as shall be further supplemented by one or more subsequent numbered resolutions to be adopted by the Commission (collectively, the "Resolution"). The Bonds shall be payable solely from the pledged property, subject to the provisions of the Resolution regarding any subordination for the herein defined Second Lien Bonds, which includes (i) the tax per gallon on all gasoline, motor fuels and special fuels authorized by Article VII, Section 27 of the Constitution of the State of Louisiana and Act No. 16 of the First Extraordinary Session of the Louisiana Legislature of 1989, and La. R.S. 47:820.1 - 47:820.4, inclusive, as amended and supplemented (collectively, the "Act"), (ii) that portion of the proceeds from the tax collected pursuant to the provisions of law in effect on the date of adoption of the Resolution which levy a tax on gasoline, motor fuels and special taxes, other than the tax described in clause (i), which have been deposited in the Transportation Trust Fund created by the Act pursuant to the Gasoline and Motor Fuels Tax Allocation and Collection Agreement, as amended to the date hereof (the "State Contract") entered into by the State, acting through the Commission, the State Treasurer, the Secretary of the Department of Revenue and Taxation and Hancock Whitney Bank (formerly Hancock Bank of Louisiana), as trustee under the Resolution, (iii) the proceeds of additional taxes, if any, on gasoline, motor fuels and special fuels levied after the date of adoption of the Resolution, (iv) any investment income on gasoline, motor fuels and special fuels on deposit in the Transportation Trust Fund, and (v) all funds and accounts created under the Resolution (other than the Bond Proceeds Fund and the Debt Service Reserve Fund, unless otherwise provided in the Resolution), including investment securities held in any such fund or account, together with all proceeds and revenues of the foregoing and all of the Commission's right, title and interest in the foregoing. The registered owners or holders of the Bonds may not look to any other source for repayment of the principal of, premium or interest on the Bonds. The Bonds do not constitute a full faith and credit obligation or indebtedness of the State or any political subdivision thereof within the meaning of any provisions of the Constitution or statutes of the State. The Bonds shall be issued on a second lien basis, be in fully registered form, dated as provided in the Resolution, issued on a taxable or tax exempt basis, and will mature not later than May 1, 2043. Each maturity of the Bonds will bear interest from their date at a fixed or variable rate of interest not to exceed 12%, subject to recapture, and the Bonds shall be sold at a purchase price of not less than 95% of the principal thereof. The Bonds shall be executed by the Treasurer of the State of Louisiana, as Chairperson of the Commission, and the great seal of the State of Louisiana may be affixed, imprinted or reproduced on the Bonds, to be attested by the manual or facsimile signature of the Secretary of State of the State of Louisiana. The Bonds will be issued to provide funds to refund the Series 2022A Bonds, or in the alternative, the State may convert the interest rate on said Series 2022A Bonds, or any combination thereof and pay any fees or payments from the proceeds of the Bonds. The Series 2022A Bonds were initially issued for the purpose of, among other things, financing or refinancing State Transportation System Costs (as defined in the Resolution). The Bonds will be issued on a complete parity with the following outstanding bonds of the State (i) Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2017 Series C; (ii) Taxable Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2020 Series B 1; (iii) Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2023 Series A 1; (iv) Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2023 Series A 2; (v) Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2024 Series A; (vi) Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds, 2025 Series A; and (vii) any second lien bonds issued to refund any of the foregoing (collectively, the "Second Lien Bonds"). The Bonds will be issued on a subordinate basis, together with the outstanding Second Lien Bonds, with the following outstanding bonds of the State (i) Gasoline and Fuels Tax Revenue Refunding Bonds, 2017 Series B; (ii) Taxable Gasoline and Fuels Tax Revenue Refunding Bonds, 2020 Series A 2; (iii) Taxable Gasoline and Fuels Tax Revenue Refunding Bonds, 2022 Series A; (iv) Gasoline and Fuels Tax Revenue Refunding Bonds, 2022 Series B; (v) Gasoline and Fuels Tax Revenue Refunding Bonds, 2025 Series B; and (vi) any first lien bond issued to refund any of the foregoing (collectively, the "First Lien Bonds"). No further bonds may be issued under the resolution providing for the issuance of the First Lien Bonds (except for refunding bonds as provided therein). The Resolution and the State Contract (as defined in the Bond Resolution) shall be applicable to the Bonds and the Outstanding Parity Bonds, but also to all bonds secured in the same manner as the Bonds issued in the past or in the future and to the Second Lien Bonds. The Resolution, which includes authorization of the form and publication of this Notice of Intention to Issue Bonds is available for inspection at the office of the State Bond Commission, State Capitol Bldg., 3rd Floor, Baton Rouge, Louisiana between the hours of 8:00 a.m. and 4:30 p.m. on weekdays. Within thirty (30) days after publication of this Notice of Intention to Issue Bonds, any person in interest may contest the legality of the Resolution, any provision of the Bonds, the provisions securing the Bonds, and the validity of the State Contract and all other provisions and proceedings relating to the authorization and issuance of the Bonds. However, if pursuant to La. R.S. 13:5121 et seq., a suit has been filed and finally adjudicated and a permanent injunction has been issued pursuant to La. R.S. 13:5129, then no person may institute any action or proceeding contesting the validity of the Bonds, the Resolution, the State Contract or any other matter adjudicated or which might have been called in question in such proceedings. If no action or proceeding is instituted within the thirty (30) day period set forth above, or if the validity of the Bonds has been finally adjudicated and a permanent injunction has been issued, then no person may contest the validity of the Bonds, the provisions of the Resolution, the security for the Bonds, or the validity of the State Contract or any other provisions or proceedings relating to the authorization and issuance of the Bonds, and the Bonds shall be presumed conclusively to be legal. Thereafter, no court shall have authority to inquire into such matters. STATE BOND COMMISSION Dated: October 16, 2025 163359-OCT 21-1T $126.80