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

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"EMMA" means the Electronic Municipal Market Access system operated by the Municipal Securities Rulemaking Board as the primary portal for complying with the continuing disclosure requirements of SEC Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934. "Escrow Agent" means Wells Fargo Bank, National Association, as escrow agent under the Escrow Agreement. "Escrow Agreement" means that certain Escrow Agreement between the Company and the Escrow Agent, dated the date hereof, and as it may be amended from time to time in accordance with its terms. "Escrow Fund" means the fund of such designation created under the Escrow Agreement. "Fiscal Year" means any period of 12 consecutive months adopted by the Company as its fiscal year for financial reporting purposes and initially means the period beginning July 1 of each year and ending on 30 of the next year. "Governmental Obligations" means direct general obligations of (including obligations issued or held in book entry form on the books of the Department of the Treasury) of the United States of America. "Income Available for Debt Service" means, for any period, the excess of revenues over operating and non -operating expenses of the School, as determined in accordance with generally accepted accounting principles (but excluding extraordinary items and excluding unrealized gains or losses on the valuation of investments) plus amounts that have been deducted for (a) payments under the Lease, (b) interest on other Indebtedness with a stated maturity of more than one year, (c) amortization and (d) depreciation. "Improvement" means any addition, enlargement, improvement, extension or alteration of or to the Schoolhouse as it then exists (other than the expansion to be financed from the proceeds of the Bonds as contemplated hereunder), and any fixtures, structures or other facilities acquired or constructed by the Company and located on the Project Site. "Indebtedness" means (i) all the indebtedness of the obligor for borrowed money which has been incurred in connection with the acquisition of assets and (ii) the capitalized value of the liability under any Iease of real or personal property which is properly capitalized on the statement of assets, liabilities and fund balances of the obligor in accordance with generally accepted accounting principles consistently applied. "Indenture" means the Indenture of Trust, dated as of 1, 2013, between the Issuer and thc Trustee, pursuant to which thc Bonds are authorized to be issued, including any indenture supplemental thereto and any amendments thereof. "Independent Consultant" means a management consultant, bookkeeper or certified public accountant experienced in the management, operation and/or financing of charter schools in Minnesota. "Independent Counsel" means an attorney duly admitted to practice law before the highest court of any state and who is not a full-time employee, director or shareholder of the Issuer, the Company or the School. E-8