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

Home

Counsel means an attorney duly admitted to practice law before the highest court of any state and, without limitation, may include legal counsel for either the Issuer or the Company. Date of Issuance means the date on which a series of the Bonds is issued. The Date of Issuance for the Series 2022 Bonds is September , 2022. Days Cash on Hand means (a) Cash on Hand of the Charter School, as shown on the financial statements for each Fiscal Year divided by (b) the quotient of Operating Expenses, plus principal payments payable during the Fiscal Year as shown on the financial statements of the Charter School for such Fiscal Year, divided by three hundred sixty-five (365). Depository or DTC means The Depository Trust Company, New York, New York, or its successors and assigns,or such substitute depository institution as shall be designated by the Issuer in accordance with Section 2.11 hereof. Depositor. Bank means [Bank], a [Minnesota banking corporation], and any successor depository bank for the Charter School selected by the Charter School in compliance with the provisions of the Pledge Agreement. Depository Bonds means Bonds in the form of one certificate for each maturity and governed by Section 2.11 hereof. Derivative means a financial instrument whose performance is derived, at least in part, from the performance of any underlying asset, including, without limitation, futures, options on securities, options on futures, swap agreements, forward purchase contracts, structured notes, and participations in pools of mortgages or other assets. Determination of Taxability means receipt by the Trustee or any Beneficial Owner of a written notification of the issuance, prior to the maturity date or redemption of all Outstanding Tax-Exempt Bonds, of a statutory notice of deficiency by the United States Department of the Treasury, Internal Revenue Service, or a decision by a court of competent jurisdiction, holding in effect that interest on any Tax-Exempt Bond is included for federal income tax purposes in the gross income of the Bondholder thereof, which statutory notice or court decision is (a) not contested by the Company in accordance with Section 6.8 of the Loan Agreement; or(b) contested by the Company in accordance with Section 7.8 of the Loan Agreement and resolved adversely to the interests of the Bondholders, or abandoned by, the Company. A change in federal tax law is not a determination of taxability. Disbursing Agreement means (i)with respect to the Series 2022 Bonds and the Series 2022 Project, the Disbursing Agreement, dated as of September 1, 2022, between the Company, the Charter School, the Trustee, and the Title Insurer, as disbursing agent, as it may be amended or supplemented from time to time, and(ii) with respect to any future issue of Additional Bonds and a future Project, the disbursing agreement entered into in connection with the issuance of such Additional Bonds. Disposition Proceeds Fund means the fund created pursuant to Article V of this Indenture 7 735810810