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

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THE ISSUER [ISSUER DESCRIPTION] Pursuant to Minnesota Statutes, Section 469.154, et. seq., as amended (the "Act"), the Issuer is empowered to issue the Bonds. The Issuer is not pledging its credit to the Bonds. The Issuer does not and will not in the future monitor the financial condition of the Company, the operation of the Company's facilities, or otherwise monitor payment of the Bonds or compliance with the documents relating thereto. The responsibility for the operation of the Company's facilities will rest entirely with the Company. The: Bonds arc special, limited obligations of the Issuer. No recourse by any Holder of the Bonds will be had for the payment of the principal of, premium, if any, or interest on any of the Bonds or for any claim based thereon or upon any obligation, covenant, or agreement in the Indenture or the Loan Agreement, against any past, present, or future officer, member, counsel, advisor or agent of the issuer or any successor thereto, as such, directly or through the Issuer or any successor thereto, under any rule of law or equity, statute or constitution, or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officer, member, counsel, advisor or agent as such has been expressly waived as a condition of and in consideration of the execution of the Indenture, the Loan Agreement and the issuance of the Bonds. All payments made by the Company pursuant to the Loan Agreement will be made directly to the Trustee for disbursement to the Holders. None of the revenues to pay the Bonds will come from the Issuer and therefore the Issuer's financial information and status is irrelevant to any investment decision with respect to the Bonds. As a result, no information regarding the Issuer will be provided in respect of any continuing disclosure requirement relating to the Bonds. The Issuer has not assumed responsibility for any information in this Official Statement, except for the information under this caption and the caption, "LITIGATION — Issuer." THE COMPANY PCS Building Company, a Minnesota nonprofit corporation (the "Company"), is an organization exempt from federal income taxation pursuant to Section 501(a) of the Code as a result of the application of Section 501(c)(3) of the Code. The Company shall acquire, construct, equip and be the owner of the educational facility leased to the School. Additional information about the Company is located in "Appendix A: "THE COMPANY, THE SCHOOL AND THE PROJECT" in this Official Statement. THE SCHOOL PACT Charter School, a Minnesota nonprofit corporation (the "School"), is exempt from federal income taxation pursuant to Section 501(a) of the Code as a result of the application of Section 501(c)(3) of the Code. The Company will lease the Project to the School. The School is a charter school operating the Project under applicable laws of the State. Under the provisions of the Charter School Act (as defined in Appendix A), a college or university may sponsor a charter school. The sponsor's authorization for a charter school must 34