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

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"Code" means the Internal Revenue Code of 1986, as amended_ Each reference to a section of the Code herein is to be deemed to include the United States Treasury Regulations proposed or in effect thereunder and applicable to the Bonds or the use of proceeds thereof, unless the context clearly requires otherwise. "Company" or "Building Company" means PCS Building Company, a Minnesota nonprofit corporation, and any successor owner of the Schoolhouse_ "Company Certificate" means a certificate signed by the Company Representative_ "Company Representative" means the person or persons at the time designated to act on behalf of the Company by written certificate furnished to the Issuer and the Trustee containing the specimen signatures of such person or persons and signed on behalf of the Company by its President. Such certificate may designate an alternate or alternates. "Completion Date" means the date of completion of the Project, as certified by the Company in a Company Certificate. "Costs of Issuance Fund" means the fund established under the Indenture. "Counsel" means an attorney duly admitted to practice law before the highest court of any state and, without limitation, may include legal counsel for either the Issuer or the Company. "Days Cash on Hand" means (I) Cash on Hand of the School, as shown under the heading "Assets - Cash and Temporary Investments" on the financial statements for each Fiscal Year divided by (II) the quotient of "Expenditures", as shown on the financial statements for such Fiscal Year, divided by 365. "Date of Issuance" means the date the Bonds are issued. "Default" and "Event of Default" mean with respect to any Default or Event of Default under the Loan Agreement or the Indenture, any occurrence or event specified and defined by the Loan Agreement or by the Indenture. "Depository" means The Depository Trust Company, New York, New York, or its successors and assigns, or such substitute depository institution as designated by the Issuer in accordance with the Indenture. "Depository Bonds" means Bonds in the form of one certificate for each maturity and governed by the book entry provisions of the Indenture. "Determination of Taxability" means receipt by the Trustee of a written notification of the issuance, prior to the maturity date or redemption of all Outstanding Series 2013A Bonds, of a statutory notice of deficiency by the United States Department of the Treasury, Internal Revenue Service, or a decision by a court of competent jurisdiction, holding in effect that interest on any Series 2013A Bond is included for federal income tax purposes in the gross income of the registered owner thereof, which statutory notice or court decision is either (a) not contested by the Company in accordance with the Loan Agreement or (b) contested by the Company in accordance with the Loan Agreement and resolved adversely to the interests of, or abandoned by, the Company. E-8