The Spreckels Union School District (the “District”) was successful at the election conducted on November 6, 2012 (the “Election”) in obtaining authorization from the District’s voters to issue up to $7,000,000 aggregate principal amount of the District’s general obligation bonds, pursuant to a 55% vote. The election was conducted under Proposition 39, being chaptered as the Strict Accountability in Local School Construction Bonds Act of 2000, at Section 15264 et seq. of the Education Code of the State of California (“Prop 39”). Pursuant to Section 15278 of the Education Code, the District is now obligated to establish the Oversight Committee to satisfy the accountability requirements of Prop 39. The Board of Trustees of the Spreckels Union School District (the “Board”) hereby establishes the Citizens’ Bond Oversight Committee (the “Committee”) which shall have the duties and rights set forth in these attached Bylaws. The committee does not have independent legal capacity from the District.