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

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be in the form of a written contract which must contain a description of the charter school program, the specific outcomes that the charter school pupils arc expected to achieve, admission policies and procedures, management and administration of the charter school, requirements and procedures for program and financial audits, insurance coverage, and certain additional information required by law. The Charter School's authorizer (formerly known as "sponsor" until July 1, 2010) is ("Condordia"). After State laws changed in 2010, all existing charter school sponsors were required to apply to the Minnesota Department of Education ("MDE") for approval to be "authorizers". Authorizer did so and its authority extends to 30, 2015. Authorizer authorizes six other charter schools. ]The School is in the year of the three-year term of the current Charter Agreement that runs through 30, 20 , and the School has submitted an application for a five-year renewal of the Charter Agreement. The School's renewal application was formally approved by Authorizer for a three-year term on 11, 2013, and the School expects that such renewal will be subsequently approved by the Minnesota Department of Education.] The School receives its funding from a combination of State aids under the following programs: General Education Aid, Compensatory Aid and Building Lease Aid, and Federal programs administered by the State including Title II of the Improving American Schools Act ("IASA"), Responsive Classroom Training and the International Baccalaureate's Primary Years Program in (PYP), Title IV of the IASA, Safe and Drug Free Schools and Title V of the IASA, innovative programs, implementing PYP. Additional information about the School is located in "Appendix A: "THE COMPANY, THE SCHOOL AND THE PROJECT" in this Official Statement. THE PROJECT Proceeds of the 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 Company and leased to and operated by the School. Additional information about the Project is located in "Appendix A: "THE COMPANY, THE SCHOOL AND THE PROJECT" in this Official Statement. DEBT SERVICE SCHEDULE The following table sets forth, for each year ended 1, the amounts required each year to be paid with respect to the Series 2013 Bonds, assuming no prepayment other than for mandatory sinking fund redemptions. Principal of the Series 2013 Bonds will be paid on 1 of each year and interest will be paid on 1 and 1, commencing 1, 2013. 34