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

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all amounts due and payable by the School pursuant to the Lease and the Pledge Agreement, which includes Lease Payments from the School in an amount sufficient to pay principal of and interest on the Series 2013 Bonds. Such transfers to the Trustee are to be made on the same Business Day for deposits received before 12:00 noon Minneapolis, Minnesota time, or if the deposits are received after 12:00 noon, before 12:00 noon on the next succeeding Business Day. In the event that the amount available from the first deposit in a month of State funds is insufficient to pay the amounts due under the Lease, the amount of any such insufficiency shall be transferred to the Trustee from the second monthly deposit (or from succeeding deposits thereafter) of State funds. After the amounts due under the Lease in any month have been fully paid to the Trustee, the balance available in the Sweep Account shall be available to the School to use for any authorized purposes. The Sweep Account shall not otherwise be available to pay any expenses or secure any obligations of the School. See Appendix E: "THE PLEDGE AGREEMENT." The Pledge Agreement also includes the requirements that, during the term of the Lease, the School shall: (A) Furnish to the Trustee and EMMA a copy of the audited financial statements required of the School under Minnesota law for the preceding fiscal year. (B) Prepare and submit to the Trustee and EMMA by no later than 30 of each year, a copy of the proposed budget for the School for the next succeeding fiscal year and projected long-range budget model forecasting the operations of the School for at least 5 years. (C) On or about the 15th day of each February, May, August and November, submit to the Trustee and EMMA, copies of quarterly student attendance, budget and financial reports required by Minnesota law and by the Charter Agreement between the School and its Authorizer, and certain additional financial and operating reports. (D) Make all applications or submissions and provide all supporting documentation to the Minnesota Depai anent of Education (or its successor) necessary to receive full funding from the State of Minnesota for all legally available general student aid funds, lease aids, or other funding sources included in the School's annual budgeted operating revenues. (E) Make all necessary applications or submissions, including all supporting documentation, on or before 30 of each year to the Minnesota Department of Education (or its successor) necessary to receive any Title I federal funding or other federal money included in the School's annual budgeted operating revenues. (F) Other than the obligation to make additional Lease Payments for the purpose of repaying Additional Bonds, not incur any additional Indebtedness without the prior written consent of the Majority Bondholder; provided that the foregoing requirements shall not apply to (i) loans or operating or capital leases for computers and/or technology and (ii) short-term (less than twelve months) working capital borrowings or sales of accounts receivable by the School for cash flow purposes in an amount not to exceed $1,000,000 annually. (G) Maintain unrestricted Cash on Hand in its operation fund such that on each testing date the amount on deposit in such fund shall be equal to or greater than 45 Days Cash on Hand. The School's Cash on Hand shall be tested each year 30 days after the end of the School's Fiscal 34