|
redemption price upon a partial redemption of this Bond. Until termination of the book -entry only system
<br />pursuant to the Indenture, Bonds may only be registered in the name of DTC or its nominee.
<br />This bond is one of an authorized issue of the "Taxable Lease Revenue Refunding Bonds (PACT
<br />Charter School Project) Series 2013E" (the "Bonds"), limited in aggregate principal amount to
<br />$ . The Bonds are being issued simultaneously with the Issuer's Taxable Lease Revenue
<br />Refunding Bonds (PACT Charter School Project) Series 2013A, limited in aggregate principal amount to
<br />(the "Series A Bonds"). The Bonds and the Series A Bonds are being issued to (i) advance
<br />refund the Issuer's Lease Revenue Bonds (PACT Charter School Project) Series 2004A (the "Prior
<br />Bonds"), the proceeds of which were used to finance the acquisition, construction, and equipping of an
<br />approximately 72,000 square foot public elementary and secondary schoolhouse located at 7250 Ramsey
<br />Parkway East Northwest in the City of Ramsey, Minnesota (the "City") (the "Project"), all to be owned
<br />by the Company and leased to PACT Charter School (the "School"); (ii) fund a debt service reserve fund;
<br />and (iii) pay the costs of issuing the Bonds. The proceeds from the sale of the Bonds have been loaned by
<br />the Issuer to the Company, under the terms of a Loan Agreement, dated as of 1, 2013 (as from
<br />time to time amended and supplemented, the "Loan Agreement"), under which the Company is obligated
<br />to pay amounts which are sufficient to (a) pay the principal of, premium, if any, and interest on the Bonds
<br />as the same shall become due in accordance with their terms and provisions and the terms and provisions
<br />of the Indenture (as hereinafter defined), (b) pay the fees and expenses of the Trustee and any paying
<br />agents properly payable under the Indenture (as defined hereinafter), and (c) pay certain expenses of the
<br />Issuer related to the Project and the issuance of the Bonds. The Company has granted a lien on the
<br />Schoolhouse (as defined in the Indenture) to the Trustee, pursuant to the Amended and Restated
<br />Mortgage, Security Agreement and Assignment of Rents, dated as of 1, 2013 (the "Mortgage"), to
<br />secure the obligations under the Loan Agreement and the Indenture. Copies of the Loan Agreement and
<br />the Mortgage are on file at the designated corporate trust office of the Trustee, and reference is hereby
<br />made to the Loan Agreement and the Mortgage for the provisions thereof.
<br />THIS BOND SHALL NOT BE DEEMED TO CONSTITU I E A DEBT, LIABILITY, OR
<br />OBLIGATION OF THE ISSUER, THE CITY OR OF THE STATE OR ANY POLITICAL
<br />SUBDIVISION THEREOF, AND SHALL BE PAYABLE SOLELY FROM REVENUES DERIVED
<br />FROM THE SALE, OPERATION, OR LEASING OF THE SCHOOLHOUSE AND THE PAYMENTS
<br />RECEIVED UNDER THE LOAN AGREEMENT AND, UPON AN EVENT OF DEFAULT, THE
<br />MORTGAGE. NEITHER THE FAITH AND CREDIT NOR THE TAKING POWER OF THE ISSUER,
<br />THE CITY, THE STATE OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF 1S
<br />PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON
<br />THIS BOND.
<br />The Bonds and the Series A Bonds are all issued under and arc equally and ratably secured by
<br />and entitled to the protection of an Indenture of Trust, dated as of 1, 2013, between the Issuer and
<br />the Trustee (as from time to time amended and supplemented, the "Indenture"), duly executed and
<br />delivered by the Issuer to the Trustee and pursuant to which all payments due from the Company to the
<br />Issuer under the Loan Agreement are assigned to the Trustee to secure the payment of the principal of,
<br />premium, if any, and interest on the Bonds. Reference is hereby made to the Indenture for a description of
<br />the property pledged and assigned, the provisions, among others, with respect to the nature and extent of
<br />the security, the rights, duties and obligations of the Issuer, the Trustee and the Registered Owners of the
<br />Bonds and the terms upon which the Bonds arc issued and secured.
<br />The Bonds are issuable in fully registered form, in minimum denominations of $25,000 or any
<br />integral multiple of $5,000 in excess thereof. This bond is transferable by the Registered Owner hereof in
<br />person or by his attorney duly authorized in writing at the designated corporate trust office of the Trustee
<br />in Minneapolis, Minnesota, but only in the manner, subject to the limitations and upon payment of the
<br />B-2
<br />5600797v I
<br />
|