NOTICE OF PUBLIC HEARING FOR EXALT ACADEMY LLC

APR, 08 2021

NOTICE OF PUBLIC HEARING FOR EXALT ACADEMY LLC

APR 08, 2021
Second Baptist Church

6111 West 83rd Street
Little Rock, AR 72209

NOTICE OF PUBLIC HEARING ON
PROPOSED PLAN OF FINANCE AND
ISSUANCE OF REVENUE BONDS BY
ARKANSAS DEVELOPMENT FINANCE AUTHORITY
FOR THE BENEFIT OF
EXALT ACADEMY, LLC

Notice is hereby given, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended
(the “Code”), and Act No. 852 of the Acts of Arkansas of 1987, that a public hearing will be conducted by a
representative or representatives of the Arkansas Development Finance Authority (the “Authority”) with respect
to the proposed issuance by the Authority of its charter school revenue and revenue refunding bonds in an
aggregate principal amount not to exceed $1,500,000 (the “Bonds”), to be issued as part of a plan of finance in
one or more series for Exalt Academy, LLC (“Exalt”), an Arkansas limited liability company to be formed by
Exalt Academy of Southwest Little Rock. The Bonds will be issued as “qualified 501(c)(3)” bonds pursuant to
Section 145 of the Code.

The proceeds of the Bonds will be loaned to Exalt and used (a) to finance and/or refinance the
acquisition of the land on which educational facilities are sited and educational facilities known as Exalt
Academy of Southwest Little Rock located at 6111 West 83rd Street in Little Rock, Arkansas 72209 (the
“Project”); (b) to fund a debt service reserve fund; (c) to pay capitalized interest on the Bonds; and (d) to pay
certain costs of issuing the Bonds. The Project will be owned by Exalt and leased to and operated by Exalt
Academy of Southwest Little Rock, an Arkansas nonprofit corporation and organization described in Section
501(c)(3) of the Code, for the continued operation of a charter school.

The Bonds will be issued pursuant to Arkansas Code Annotated Sections 15-5-101 et seq., and a
resolution to be adopted by the Board of Directors of the Authority and will be secured by and payable solely
from certain revenues of Exalt and by a lien on certain real and personal property owned by Exalt. The Bonds
will not be secured by or payable from any revenues or property of the Authority, the State of Arkansas or any
political subdivision thereof, and will not constitute an indebtedness of the Authority, the State of Arkansas or
any political subdivision thereof within the meaning of any constitutional or statutory provision.

Any persons interested may express their views, both orally and in writing, on the proposed issuance of
the Bonds before the representative or representatives of the Authority on Thursday, April 8, 2021, at 10:00
a.m. in the vestibule of Second Baptist Church located at 6111 West 83rd Street in Little Rock, Arkansas 72209.
At such hearing all objections and suggestions will be heard and considered.

March 25, 2021.

/s/ Robert “Ro” Arrington
Public Finance Officer, Arkansas Development Finance Authority