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

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Financial Statements Commencing with the Fiscal Year ending 30, 2013, the Company agrees to furnish to the Trustee, the Original Purchaser and EMMA (and to the Issuer, upon request), by no later than 150 days after the close of each Fiscal Year during the Term of Agreement, a copy of the audited financial statements of the Company for the preceding Fiscal Year, including a balance sheet and operating statements audited by an independent certified public accountant. Additional Bonds and. Additional Indebtedness The Company will not incur any additional Indebtedness unless it can satisfy certain requirements, including amending the Lease to provide additional Lease Revenues sufficient to pay principal and interest on such proposed Additional Bonds, and any related fees and expenses, and either (1) establishing that (i) the Income Available for Debt Service for the preceding Fiscal Year was at least equal to 120% of maximum amount of payments due under the Lease, plus principal and interest payable in any Fiscal Year on the School's payable in any Fiscal Year and (ii) Income Available for Debt Service projected by the School for each of the School's two Fiscal Years beginning with the Fiscal Year in which any improvements being financed by such proposed Additional Bonds are to be placed in service, or, if no improvements are to be financed thereby, beginning with the first Fiscal Year after the Fiscal Year in which the proposed Additional Bonds are to be issued, will be at least 130% of the maximum amount of payments due under the Lease, plus principal and interest payable in any Fiscal Year on the School's Indebtedness (including such requirements for the proposed Additional Bonds but excluding such requirements for any Indebtedness to be refinanced thereby) or (2) receives the prior written consent of the Majority Bondholder to the issuance of such Additional Bonds. See "THE BONDS - Additional Bonds." The Company is prohibited under the Loan Agreement from incurring any Indebtedness which is subordinate to the payment of the Bonds. Covenants of the School The Company will cause the School in the Lease to agree and covenant, and pursuant to the Pledge Agreement the School agrees and covenants, that, for the duration of the Loan Agreement, it will: (a) Commencing for the fiscal year ending 30, 2013, furnish to the Trustee and EMMA (and to the Issuer, upon request). by no later than 150 days after the close of each fiscal year of the School during the term of the Lease, a copy of the audited financial statements. (b) Prepare and submit to the Trustee and EMMA (and to the Issuer, upon request) by no later than 30 of each year, a copy of the proposed budget for the School for the next succeeding fiscal year and projected long-range budget model forecasting the operations of the School for at least 5 years. (c) On or about the 15th day of each February, May, August, and November, commencing August 15, 2013, submit to the Trustee and EMMA (and to the Issuer, upon request), copies of quarterly student attendance and enrollment, budget and financial reports required by Minnesota law and by the Charter Agreement and, in addition, reports E-8