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

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prepared by the School's Chief Financial Officer or an independent consultant on an unaudited basis that would include at least the following: (i) year to date actual expenditures compared to year to date budgeted expenditures for such period; and (ii) actual revenues compared to budgeted revenues for such period; (iii) a current balance sheet; (iv) the current student waiting list; (v) projected long-range budget model forecasting the operations of the School for at least 5 years; and (vi) the balance of the Fund Balance Account (as defined below). (d) On or before 30th of each year, make all applications or submissions and provide all supporting documentation to the Minnesota Depai talent of Education (or its successor) necessary to receive full funding from the State of Minnesota for all legally available general student aid funds, lease aids, or other funding sources included in the School's annual budgeted operating revenues. (e) Make all necessary applications or submissions, including all supporting documentation, on or before 30 of each year to the Minnesota Department of Education (or its successor) necessary to receive any Title I federal funding or other federal moneys included in the School's annual budgeted operating revenues. (f) Other than the obligation to make additional Lease Payments for the purpose of repaying Additional Bonds, not incur any additional Indebtedness without the prior written consent of the Majority Bondholder; provided that the foregoing requirements shall not apply to (i) loans or operating or capital leases for computers and/or technology or (ii) short-term (less than 12 months) working capital borrowings or sales of accounts receivable by the School for cash flow purposes in an amount not to exceed $1,000,000 annually. (g) Maintain unrestricted Cash on Hand in its operation fund such that on each testing date the amount on deposit in such fund shall be equal to or greater than 45 Days Cash on Hand. The School's Cash on Hand shall be tested each year (on an unaudited basis) 30 days after the end of the School's Fiscal Year (i.e. on July 30 of each year), commencing the Fiscal Year ending 30, 2014. The School will also provide the Trustee with a certification no later than two weeks after the completion of the School's audit for each Fiscal Year that the Cash on Hand requirement above has been met (based upon such audit). The foregoing is subject to the qualification that if applicable state or federal laws or regulations, or the rules and regulations of agencies having jurisdiction (including, without limitation, changes in state or federal funding schedules), shall not permit or enable the School to maintain such level of Cash on Hand, then the School shall, in conformity with the then prevailing laws, rules or regulations, maintain its Cash on Hand equal to the maximum permissible level. If the School has less than 45 Days Cash on Hand on such testing date, it shall constitute an Event of Default if such non-compliance is not cured within 60 days, unless waived by the Majority Bondholder. (h) Maintain on its books, a separate, segregated fund balance to be funded on a best efforts basis from accumulated cash surpluses (the "Fund Balance Account") of the School, if E-8