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

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Debt Service Coverage Ratio Analysis Table 1 Table 2 Table 3 School Coverage Coverage Coverage Year Enrollment Ratio Enrollment Ratio Enrollment Ratio 2013-14 2014-15 2015-16 2016-17 2017-18 ENFORCEABILITY OF OBLIGATIONS On the date of delivery of the Series 2013 Bonds, Briggs and Morgan, Professional Association, Minneapolis, Minnesota, Bond Counsel, will deliver its opinion, dated the delivery date, that the Series 2013 Bonds, the Loan Agreement, the Tax Regulatory Agreement and the Indenture are valid and legally binding on the Issuer, enforceable against the Issuer in accordance with their respective terms. John Cairns Law, P.A., Minneapolis, Minnesota, as counsel to the Company and the School, will deliver its opinion that the Loan Agreement, the Tax Regulatory Agreement, the Mortgage, the Lease, the Lease Assignment and the Escrow Agreement are valid and legally binding agreements of the Company, each enforceable against the Company in accordance with its respective terms, and that the Lease and the Pledge Agreement are valid and legally binding agreements of the School, enforceable against the School in accordance with its terms. The foregoing opinions will be generally qualified to the extent that the enforceability of the respective instruments may be limited by laws, decisions and equitable principles affecting remedies and by bankruptcy or insolvency or other laws, decisions and equitable principles affecting creditors' rights generally. While the Series 2013 Bonds are secured or payable pursuant to the Indenture, the Loan Agreement, the Mortgage, the Lease and the Pledge Agreement, the practical realization of payment from any security will depend upon the exercise of various remedies specified in the respective instruments. These and other remedies are dependent in many respects upon judicial action, which is subject to discretion and delay. Accordingly, the remedies specified in the above documents may not be readily available or may be limited. LEGAL MATTERS Legal matters incident to the issuance and sale of the Bonds and with regard to the tax- exempt status of interest on the Series 2013A Bonds under existing laws are subject to the legal opinion of Briggs and Morgan, Professional Association, Minneapolis, Minnesota. as Bond Counsel. Certain legal matters will be passed on for the Company and the School by their counsel, John Cairns Law, P.A., in Minneapolis, Minnesota. Best & Flanagan LLP, Minneapolis, Minnesota, has represented the Underwriter in this transaction. 34