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PUBLIC NOTICE - - - Request from Louisiana State University and Agricultural and Mechanical College ("LSU") to (i) authorize the Board of Supervisors of Louisiana State University and Agricultural & Mechanical College (the "Board") to proceed with the issuance of its Auxiliary Revenue Refunding Bonds in an amount not exceeding $70,000,000 in one or more series (the "Bonds") on behalf of LSU and to (ii) authorize LSU, on behalf of the Board, to make application to the Louisiana State Bond Commission for approval of the issuance of the Bonds. To: Members of the Board of Supervisors Date: February 27, 2026 Pursuant to Article VII, Section 1.I. of the Bylaws of the Board, this matter is a significant board matter. Bylaws Article VII, Section 1.I. - Issuing any bonds or borrowing funds in any other manner, whether secured by the pledge of a revenue stream, property of the Board, or other means. 1. Summary of the Matter Pursuant to resolutions previously adopted by the Board, the Board, for the benefit of LSU, issued its (i) Auxiliary Revenue Refunding Bonds, Series 2016A and (ii) Taxable Auxiliary Revenue Refunding Bonds, Series 2016B (collectively, the "Prior Bonds"). Prevailing interest rates allow for significant net present value interest savings. LSU seeks to refund all or a portion of the Prior Bonds to decrease the overall debt service of LSU through the issuance of its Auxiliary Revenue Refunding Bonds (the "Bonds") in one or more series. The proceeds of the Bonds will also be used to pay costs of issuance of the Bonds, including the premium of a municipal bond insurance policy if deemed to be financially advantageous to the Board, and fund a debt service reserve fund, if required to market the Bonds. As of January 21, 2026, financial models resulted in an estimated net present value savings of $3.4 million (5.4%). LSU will seek to market the Bonds at such time as to take advantage of the best possible market conditions. The final maturity of the Bonds will not exceed the final maturity of the Prior Bonds to be refunded. 2. Review of Business Plan See item 1. Summary of the Matter above. 3. Fiscal Impact The financial consequences of this bond issue will have a beneficial impact on the general revenues of the LSU Student Union, Athletics, Residential Life, University Recreation and Parking & Transportation Services auxiliaries and the Lab School as a result of the interest cost savings accomplished by the refunding of the Prior Bonds and will not impede their ability to provide the basic services required of the respective departments. 4. Description of Competitive Process N/A 5. Review of Legal Documents Legal documents will be reviewed by bond counsel and the Board's Office of Legal Services and General Counsel and by the Office of Accounting Services. 6. Parties of Interest None of the parties relevant to the approval of the refunding of the Prior Bonds have any related interest in the refunding, nor will they receive any financial gain from this approval. 7. Related Transactions The Board adopted a resolution on October 21, 2016, authorizing the issuance of the respective series of the Prior Bonds. 8. Conflicts of Interest None ATTACHMENTS I. Exhibit A - Form of Twenty-First Supplemental Resolution II. Exhibit B - Form of Notice of Intention to Issue Bonds III. Exhibit C - Forms of Related Documents RESOLUTION NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College (the "Board") that: SECTION 1. Sections 2181 through 2193 and 3351(A)(4) of Title 17 and Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and Article VII, Section 6(C) of the Constitution of the State of Louisiana of 1974 (collectively, the "Act"), and other constitutional and statutory authority, authorize the Board to borrow money and to issue bonds and refunding bonds and pledge revenues to secure payment thereof in accordance with law and with the approval of the Louisiana State Bond Commission (the "Commission"). The Board previously issued (i) $137,000,000 original aggregate principal amount of its Auxiliary Revenue Refunding Bonds, Series 2016A (the "Series 2016A Bonds") and (ii) $16,320,000 original aggregate principal amount of its Taxable Auxiliary Revenue Refunding Bonds, Series 2016B (the "Series 2016B Bonds" and, together with the Series 2016A Bonds, the "Prior Bonds") for the purposes of refinancing various capital auxiliary projects on the campus of Louisiana State University and Agricultural and Mechanical College ("LSU"). The Board now desires to proceed with the refunding of all or a portion of the Prior Bonds. The Board does hereby authorize LSU to issue the Board's Auxiliary Revenue Refunding Bonds in one or more series in an aggregate principal amount not to exceed $70,000,000 (the "Bonds"), bearing interest at a fixed rate not to exceed six percent (6%) per annum with a maturity date not exceeding twenty (20) years from the date of issuance of the Bonds, for the purposes of (i) refunding a portion of the Prior Bonds, (ii) funding a reserve fund, if necessary, and (iii) paying the costs of issuance of the Bonds, including, without limitation, the premium for a municipal bond insurance policy, if deemed to be financially advantageous to the Board, subject to the advice of General Counsel and Bond Counsel (defined herein) to the Board and subject to the approval of the Commission. SECTION 2. The Bonds shall be secured by the Auxiliary Revenues derived from certain Auxiliary Enterprises, including, without limitation, athletics, residential life, parking, the student union and other miscellaneous auxiliaries and certain other revenues that have been dedicated and pledged to payment of bonds on a parity with the Board's outstanding Series 2016A Bonds (to the extent not refunded by the Bonds), Series 2016B Bonds (to the extent not refunded by the Bonds), Series 2019 Bonds, and Series 2022 Bonds, each as defined in the Board's General Bond Resolution adopted June 17, 1994, as supplemented and amended to date (the "General Bond Resolution"). SECTION 3. The President of the Board and the Interim Chief Financial Officer of LSU (each, individually, an "Authorized Board Representative" and, collectively, the "Authorized Board Representatives") and their designees have caused to be prepared by Bond Counsel and General Counsel a Twenty-First Supplemental Resolution (the "Twenty-First Supplemental Resolution" and, together with the General Bond Resolution, the "Bond Resolution"), the form of which is attached hereto as Exhibit A, to supplement the General Bond Resolution with respect to the issuance of Bonds. The Board does hereby approve and adopt the Twenty-First Supplemental Resolution in substantially the form attached hereto as Exhibit A, with such changes and modifications as are deemed in the best interest of the Board by the Authorized Board Representatives, Bond Counsel and General Counsel, including, without limitation, such changes as are recommended and/or required by the underwriters of the Bonds and by the pricing of the Bonds, and the Board does hereby ratify all prior actions taken on its behalf by LSU officials in furtherance of the issuance of the Bonds. SECTION 4. The Board does hereby authorize the Authorized Representatives, their designees, Bond Counsel and General Counsel to proceed with the preparation of all documents necessary for the issuance of the Bonds, including, but not limited to the preparation of preliminary and final offering documents related thereto and to obtain all consents and approvals necessary for the issuance of the Bonds. SECTION 5. The Board hereby authorizes and approves all matters necessary in connection herewith, subject to advice of Bond Counsel and General Counsel, including, but not limited to the publication of a Notice of Intention to issue the Bonds as provided in the Constitution, the form of which is attached hereto as Exhibit B, which is hereby approved with such additions, omissions and changes as may be approved by Bond Counsel to the Board. SECTION 6. The Board hereby formally approves the making of its application to the Commission requesting that the Commission grant its approval to the issuance of the Bonds, all in accordance with applicable law and the rules of the Commission. The representatives of LSU and Bond Counsel are hereby directed to furnish to and file with the Commission all documents, materials and information as may be necessary and appropriate in connection with the approval by the Commission of the issuance of the Bonds. A certified copy of this resolution shall be submitted to the Commission by the representatives of the Board or its Bond Counsel, with a letter requesting the prompt consideration and approval of this application and such letter may set forth and request approval by the Commission of the price at which such bonds may be sold and issued. SECTION 7. It is hereby recognized, found and determined that a real necessity exists for the employment of bond counsel in connection with the issuance of the Bonds, and, accordingly, Foley & Judell, L.L.P., Baton Rouge, Louisiana ("Bond Counsel"), is hereby employed as bond counsel for the Board, to do and perform any and all legal work incidental and necessary with respect to the incurring of debt and issuance and sale of the Bonds. Bond Counsel shall prepare and submit to the Board for adoption the proceedings incidental to the authorization, issuance, sale and delivery of the Bonds, and shall furnish its opinion covering the legality of the issuance thereof. The fees to be paid to Bond Counsel with respect to Bonds actually issued, sold, delivered and paid for shall be based upon the then current fee schedule promulgated by the Attorney General of the State of Louisiana (at the time any such bonds are sold) with regard to fees for bond counsel for legal and coordinate professional work performed in connection with the issuance of revenue bonds by state entities. Such fees shall be payable out of the funds derived from the sale of the Bonds or other funds legally appropriated therefor. SECTION 8. The Board hereby authorizes the Bonds to be sold by negotiated sale to Raymond James & Associates, Inc. (the "Underwriter") pursuant to the terms of a Bond Purchase Agreement between the Board and the Undewriter. The sale of the Bonds to the Underwriter at a price of not less than 90% of the principal amount thereof (inclusive of Underwriter's discount in an amount not exceeding 3% of the principal amount thereof) is hereby approved. This Board does hereby authorize the distribution by the Underwriter of preliminary and final offering documents in connection with the sale of the Bonds, with such preliminary and final offering documents to be in such form approved by Bond Counsel, General Counsel and counsel to the Underwriter. SECTION 9. The Board hereby authorizes the marketing, pricing and delivery of the Bonds; provided that the final terms of the Bonds shall meet the following conditions: Principal amount in one or more series - Not to exceed $70,000,000; Maturity – Not to exceed 20 years; Interest Rate – Not to exceed a fixed interest rate of six percent (6.0%) per annum resulting in the appropriate threshold of net present value savings recommended by the Commission for an economic refunding. SECTION 10. The Board does hereby authorize the execution and delivery by the Chair or Vice Chair and the Secretary of the Board or the Interim Chief Financial Officer of LSU (each, individually, an "Authorized Signatory" and, collectively, the "Authorized Signatories") of (a) the Twenty-First Supplemental Resolution in substantially the form attached as Exhibit A hereto, with such changes and modifications which are deemed in the best interest of the Board by the Authorized Board Representatives and which are necessary to reflect the final terms of the Bonds, including, without limitation, the need for a reserve fund insurance policy or surety bond and/or a municipal bond insurance policy, and (b) any and all such other documents, certificates or instruments necessary in connection with the marketing and issuance of the Bonds, including, without limitation, a preliminary official statement, an official statement, an Escrow Deposit Agreement, if necessary, a Continuing Disclosure Certificate and a Bond Purchase Agreement between the Board and the Underwriter, substantially in the respective forms attached hereto as Exhibit C hereto, with such changes and modifications which are deemed in the best interest of the Board by the Authorized Board Representatives and which are necessary to reflect the final terms of the Bonds. The Authorized Signatories, the Authorized Board Representatives and their respective designees are further authorized to do all things necessary, on the advice of Bond Counsel and General Counsel, to effectuate and implement this Resolution and the Bond Resolution. SECTION 11. By virtue of the Board's application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission's approval(s) resolved and set forth herein, it resolves that it understands and agrees that such approval(s) are expressly conditioned upon, and it further resolves that it understands, agrees and binds itself, its successors and assigns to, full and continuing compliance with the "State Bond Commission Policy on Approval of Proposed Use of Swaps, or other forms of Derivative Products, Hedges, Etc.", adopted by the Commission on July 20, 2006, as to the borrowing(s) and other matter(s) subject to the approval(s), including subsequent application and approval under said Policy of the implementation or use of any swap(s) or other product(s) or enhancement(s) covered thereby. SECTION 12. This resolution and the Notice of Intention to Issue Bonds shall be published one (1) time in the official journal of the Board. As provided by the Act, for a period of thirty (30) days from the date of publication of this resolution and the Notice of Intention to Issue Bonds, any person or persons in interest shall have the right to contest the legality of the Notice of Sale of Bonds, this resolution or other proceedings authorizing the issuance of the Bonds and the legality of the Bonds for any cause, after which time no one shall have any cause or right of action to contest the legality of this resolution or other proceedings or of the Bonds authorized thereby for any cause whatsoever. [ANY ATTACHMENTS TO THIS RESOLUTION HAVE NOT BEEN PUBLISHED. SUCH ATTACHMENTS REFERRED TO IN THIS RESOLUTION ARE ON FILE FOR PUBLIC INSPETION AT THE OFFICES OF THE BOARD OF SUPERVISORS OF LOUISIANA STATE UNIVERSITY ABD AGRICULTURAL AND MECHANICAL COLLEGE, 3810 WEST LAKESHORE DRIVE, SUITE 104B2, BATON ROUGE, LOUISIAN A, 70808, MONDAY THROUGH FRIDAY DURING NORMAL BUSINESS HOURS.] CERTIFICATE I, Nicole G. Maryland, the duly qualified Operations Manager of the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, hereby certify that the foregoing is a true and exact copy of the resolution adopted by the Board of Supervisors at its meeting on February 27, 2026, at which meeting more than a quorum was present and voted. IN WITNESS WHEREOF, I have hereunto signed my name and affixed the official seal of said Board of Supervisors this 27th day of February, 2026. /s/ Nicole G. Maryland Operations Manager Board of Supervisors of Louisiana State University and Agricultural and Mechanical College 179470-mar 6-1t $235.13