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

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"Generally Accepted Accounting Principles" means those accounting principles applicable in the preparation of financial statements of the Company or the School, as applicable, as promulgated by the Financial Accounting Standards City Council or such other body recognized as authoritative by the American Institute of Certified Public Accountants. "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. "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. "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 with respect to interest on the Bonds ]and the Subordinate Loans], (b) interest on other Indebtedness with a stated maturity of more than one year, (c) amortization and (d) depreciation. "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 lease or 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 this Indenture of Trust between the Issuer and the Trustee, pursuant to which the Bonds are authorized to be issued, including any indenture supplemental hereto and any amendments hereof. "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. "Interest Payment Date" means 1 and 1 of each year, commencing 1, 201 . "issuer" means the City of Ramsey, Minnesota, a municipal corporation organized and existing under the laws o f the State of Minnesota, and any successor. "Issuer Fee" means the Issuer's fee for issuing the Bonds in the aggregate amount set forth in Section 4.2(b) of the Loan Agreement. "Issuer Representative" means the Mayor of the Issuer, and any other person or persons at the time designated to act on behalf of the Issuer by written certificate furnished to the Company and the Trustee containing the specimen signatures of such person or persons and signed on behalf of the Issuer by its duly authorized agent. Such certificate may designate an alternate or alternates. "Lease" means the Amended and Restated Lease Agreement, dated as of I, 2013, with respect to the Schoolhouse by and between the Company, as lessor, and the School, as lessee, and any amendment thereto. 5 5600197r1