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

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Independent Consultant to review and analyze the reports required by the Pledge Agreement, to inspect the Project and the School's operation and administration and to make such recommendations as to the operation and administration of the School and the Schoolhouse as such Independent Consultant deems appropriate. Notwithstanding the immediately preceding sentence, regardless of whether the School has retained an Independent Consultant, if at the end of the Fiscal Year 2013 or any subsequent Fiscal Year, the Income Available for Debt Service as of the end of such Fiscal Year is less than 100% of the principal and interest due on the Bonds and any Additional Bonds (as evidenced by the School's audited financial statements for such Fiscal Year), then the Trustee will either (I) declare an Event of Default or (11) exercise one or more of the remedies permitted under the Loan Agreement and the Indenture. Defeasance Upon certain terms and conditions specified in the Indenture, including provision for the payment of such Series 2013 Bonds, the Series 2013 Bonds or portions thereof will be deemed to be paid and the security provided in the Indenture and the Mortgage may be discharged prior to maturity or redemption of the Series 2013 Bonds. In that case, the Series 2013 Bonds will be secured solely by the cash and securities deposited with the Trustee for such purpose. SOURCES AND USES OF FUNDS Following are the expected sources and uses for funds (excluding investment income associated with the Project: Sources of Funds Tax -Exempt Series 2013 Bonds Taxable Series 2013 Bonds Transfers from Prior Issues DS Funds Transfers from Prior Issues DSR Funds Accrued Interest on the Series 2013 Bonds Reoffering Premium Total Sourccs Uses of Funds Deposit to Net Cash Escrow Fund Debt Service Reserve Fund Costs of Issuance(1) Deposit to Project Fund Deposit to Bond Fund Original Issue Discount Total Uses S l)Includes title insurance, Underwriter's compensation, legal fees and expenses, printing, Trustee fees and Issuer tees. 34