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

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renovation of existing, public schools or other public (charter) schools in the areas served by it. No assurance can be given that the enrollment of the School will not be adversely affected by the availability of other educational facilities in the service areas of the School and elsewhere. Educational Industry Factors Affecting the School. The educational industry is highly dependent on a number of factors which may limit the ability of the School to meet its obligations under the Lease, a number of which are beyond the control of the School. Among other things, participants in the educational industry are subject to significant regulatory requirements of federal, State and local governmental agencies and independent professional organizations and accrediting bodies, and various competitive factors. Discussed below arc certain of these factors which could have a significant impact on the future operations and financial condition of the School. Five -Year Financial Summary and Five -Year Budget Proiections. The School's Five - Year Financial Summary and Five -Year Budget Projections contained in Appendix C includes certain estimates and assumptions regarding the number of students attending the School, the revenues available to the School and the operating expenditures for the School. The Five -Year Financial Summary and Five -Year Budget Projections presents, to the best of the School's knowledge and belief, the School's anticipated income and expenses and the anticipated enrollment at the School. The information set forth in the Five -Year Budget Projections is based upon the School's assumptions reflecting conditions it expects to exist and the course of action it expects to take. The School's estimates and assumptions, including assumptions on enrollment, revenues and expenses, are subject to the uncertainties of future events beyond the control of the School. Actual results may differ materially and adversely from the Five -Year Budget Projections for a number of reasons, including, without limitation, increases in operating costs, demographic changes, competition from other public and private schools, the ability of the School to successfully implement its curriculum, changes in the State laws regarding funding for charter schools, changes in State or federal laws regarding education funding generally, and the risks inherent in the ownership of real property. THE FIVE-YEAR FINANCIAL SUMMARY AND FIVE-YEAR BUDGET PROJECTIONS HAVE BEEN INCLUDED IN APPENDIX C TO THIS OFFICIAL STATEMENT FOR PURPOSES OF ILLUSTRATION AND INFORMATION. NO ASSURANCE CAN BE GIVEN THAT THE ACTUAL RESULTS WILL CORRESPOND WITH THE RESULTS CONTEMPLATED IN THE FIVE-YEAR BUDGET PROJECTIONS. IF THEY DO NOT, THE ABILITY OF THE COMPANY TO MAKE PAYMENTS OF PRINCIPAL OF AND INTEREST AND PREMIUM, IF ANY, ON THE BONDS FROM THE PAYMENTS TO BE MADE BY THE SCHOOL UNDER THE LEASE MAY BE MATERIALLY AND ADVERSELY AFFECTED. IN ADDITION, NO WARRANTY OR REPRESENTATION IS OR CAN BE MADE AS TO RESULTS OF FUTURE OPERATIONS OR THE AMOUNT OF FUTURE FUNDING SOURCES, REVENUES OR CASH AVAILABLE TO THE SCHOOL OR THE COMPANY. Legislative and Regulatory Actions. The School and its operations are subject to regulation and certification by various federal, State and local government agencies. No assurance can be given as to the effect on future operations of existing laws, regulations and standards, including the School being subject to the renewal of its charter every three or five 34