Agenda - Council - 07/12/2022 - Laserfiche WebLink

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respect to the Series 2022 Bonds, or (b)Additional Bonds issued pursuant to Section 2.12 of the Indenture. [other leases?] Section 7.12 Covenants of the Charter School. As a condition to execution and delivery of the Lease, the Company shall cause the Charter School to enter into the Pledge Agreement and comply with the terms thereof. Section 7.13 Capital Assessment Plan. Commencing with the Fiscal Year ending June 30, 20[29] and by the end of each fifth year thereafter, the Company agrees to cause the Charter School to furnish to the Trustee and EMMA (and to the Issuer, upon request), within 30 days of completion a five (5) year comprehensive capital assessment plan approved by the governing body of the Company (which may be sent by Electronic Means, as defined in Section 9.1(t) of the Indenture) to be prepared by an independent engineer, building inspector or other qualified professional selected by the Company with a reputation for skill and expertise with respect to the design, maintenance or construction of educational facilities with respect to the Company's capital facilities, detailing the condition and projected sources of funding such needs. The Company shall budget for such capital needs beginning in the Fiscal Year following delivery of the capital assessment plan such that the capital needs can be met within the five (5)year period covered by the capital assessment plan. If funds on hand are not sufficient to meet the capital needs set forth in the capital assessment plan, the Monthly Deposit to the Capital Repair and Replacement Fund shall be increased as necessary to an amount sufficient to satisfy such needs in equal monthly installments over the five (5) year period covered by the capital assessment plan. The Company shall furnish a written certification as to the recalculated Monthly Deposit to the Trustee upon which the Trustee shall be entitled to fully rely. Section 7.14 Post-Issuance Compliance. The Internal Revenue Service requires that an Information Return for Tax-Exempt Private Activity Bond Issues, Form 8038 ("Form 8038"), be filed by the Issuer in connection with an issuance of the Tax-Exempt Bonds. Form 8038 requires statements as to whether the Issuer has established written procedures with respect to monitoring post-issuance compliance with requirements of the Code and the Regulations promulgated hereunder. The Issuer hereby requires the Company to be responsible for such monitoring of compliance and acknowledges that the Company will require the Charter School in the Pledge Agreement to agree and covenant to be responsible for such monitoring of post-issuance compliance. (The remainder of this page is intentionally left blank.) 30 730911770