The Rio Bravo-Greeley Union Elementary School District (the "District") was successful at the election conducted on February 5, 2008, in obtaining authorization from the District’s voters to issue up to $10,900,000 aggregate principal amount of the District’s general obligation bonds, pursuant to a 55% vote. In accordance with 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 ("Prop 39"). The Board of Trustees of the Rio Bravo-Greeley Union Elementary School District (the "Board") hereby establishes the Citizens’ Bond Oversight Committee (the "Committee") which shall have the duties and rights set forth in these Bylaws.