Agenda - Council - 08/13/2013 - Laserfiche WebLink

Home

OFFICIAL STATEMENT $11,180,000* CITY OF RAMSEY LEASE REVENUE REFUNDING BONDS (PACT CHARTER SCHOOL PROJECT) SERIES 2013A and S * CITY OF RAMSEY TAXABLE LEASE REVENUE REFUNDING BONDS (PACT CHARTER SCHOOL PROJECT) SERIES 2013B INTRODUCTORY STATEMENT The following is a brief introduction as to certain matters discussed elsewhere in this Official Statement and is qualified in its entirety as to such matters by such discussion and the text of the actual documents described or referenced. Any capitalized term not required to be capitalized is used with the meaning assigned in Appendix E or in the Indenture, the Loan. Agreement or other document with respect to which the term is used. Definitions contained in the text hereof are for ease of reference only and are qualified in their entirety by the definitions in Appendix E or the documents with respect to which such terms relate. The Appendices hereto are an integral part of this Official Statement and each potential investor should review the Appendices in their entirety. General This Official Statement provides information regarding the $11,180,000* Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2013A (the "Series 2013A Bonds") and the $ * Taxable Lease Revenue Refunding Bonds (PACT Charter School Project) Series 2013B (the "Series 2013B Bonds" and together with the Series 2013A Bonds, the "Series 2013 Bonds") to be issued by the City of Ramsey (the "Issuer") pursuant to an Indenture of Trust (the "Indenture") between the Issuer and Wells Fargo Bank, National Association in Minneapolis, Minnesota (the "Trustee"). See Appendix E: "THE INDENTURE." Pursuant to a Loan Agreement (the "Loan Agreement"), between the Issuer and City of Ramsey (the "Company"), a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Code, proceeds of the Series 2013 Bonds will fund a loan (the "Loan") to the Company. See Appendix E: "THE LOAN AGREEMENT." Proceeds of the Series 2013 Bonds will be used to: (i) refund the Issuer's Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2004 which previously financed the existing school facility at (the "Schoolhouse") in the City of Ramsey, Minnesota (the "City") operated by the PACT Charter School, a Minnesota nonprofit corporation (the "School"); (ii) fund a debt service reserve fund; and (iii) pay the costs of issuing the Bonds (the "Project"). The Schoolhouse will be owned by the Borrower and leased to and operated by the School. See "SOURCES AND USES OF FUNDS." See Appendix A: "THE COMPANY, THE SCHOOL AND THE PROJECT." * Prelfn inaty, sttbject to change 1