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

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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 1511' day of each February, May, August and November, commencing November 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 between the School and its Authorizer, and in addition, reports 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; (ii) actual revenues compared to budgeted revenues for such period; and (iii) a current balance sheet; (iv) the current student waiting list; (v) projected long range model forecasting the operations of the School for at least five years; and (vi) the balance of the Fund Balance Account (as defined below). (d) On or before June 30 of each year, make all applications or submissions and provide all supporting documentation to the Minnesota Department 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 and, further, provide the Trustee with copies or evidence of such applications or submission as and when they arc made or submitted. (e) Make all necessary applications or submissions, including all supporting documentation, on or before June 30 of each year to the Minnesota Department of Education (or its successor) necessary to receive any Title I federal funding or other federal money included in the School's annual budgeted operating revenues and provide the Trustee with copies or evidence of such applications or submission as and when they are made or submitted. (f) Other than the obligation to make additional Lease Payments for the purpose of repaying Additional Bonds, not incur any additional Indebtedness; provided that the foregoing requirements shall not apply to short-term (less than twelve months) working capital borrowings or sales of accounts receivable by the School for cash flow purposes in an amount not to exceed $600,000 annually_ 26 56O0861 v 1