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

Home

Monthly Deposit means the monthly deposit into the Capital Repair and Replacement Fund, which shall initially be $ , commencing 20, 20 , as such amount may be increased pursuant to the Loan Agreement. Moody means Moody's Investors Service, its successors and assigns and, if such corporation shall be subsequently dissolved or liquidated or shall no longer perform the functions of a securities rating agency, "Moody's" shall be deemed to refer to any other nationally recognized securities rating agency designated by the Company by notice to the Trustee. Mortgage means the Mortgage, Security Agreement, and Assignment of Rents, dated as of September 1, 2022, between the Company, as mortgagor, and the Trustee, as mortgagee, and all amendments thereof and supplements thereto. Mortgaged Property shall have the meaning ascribed to such term in the Mortgage. Net Income Available for Debt Service means, for any period of determination thereof,the aggregate Pledged Revenues of the Charter School for such period minus the total Operating Expenses for such period but excluding from Operating Expenses for purposes of this calculation: (a) interest expense and (b) Lease Payments attributable to principal of and interest on the Bonds and deposits to the Capital Repair and Replacement Fund and the Expense Fund. Operating Accounts means individually or collectively the bank account or accounts maintained by the Charter School at the Depository Bank from which it pays its operating expenses in the ordinary course, which bank account or accounts shall all be subject to the Account Control Agreement. Operating Expenses means all fees and expenses incurred in the general operation of the Charter School as determined in accordance with Generally Accepted Accounting Principles, including but not limited to items such as (a) salaries, wages, benefits, payroll taxes, and other expenses for teachers and staff employed by the Charter School; (b) the cost of material and supplies used for current operations of the Charter School; (c)the cost of vehicles owned or leased by the Charter School; (d) the cost of equipment leases and service contracts; (e) taxes upon the operations of the Charter School not otherwise mentioned in the Loan Agreement; (f) Charter School administrative and legal expenses; (g) costs and expenses incurred by the Charter School with respect to the Project Buildings,including maintenance,repair expenses,and utility expenses; (h) miscellaneous operating expenses; (i) advertising costs; 0) interest expense and Lease Payments allocable to interest on any Long-Term Indebtedness of the Charter School; and (k) charges for the accumulation of appropriate reserves for current expenses not annually recurrent, but which are such as may reasonably be expected to be incurred in accordance with Generally Accepted Accounting Principles, all in such amounts as reasonably determined by the Charter School;provided however,Operating Expenses shall not include(1)depreciation and amortization expenses; (2) other non-cash expenses; (3) those expenses which are actually paid from any revenues of the Charter School which are not Pledged Revenues; (4) those expenses which are actually paid from any proceeds of Long-Term Indebtedness; and (5) expenditures for capitalized assets. 12 735810810