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books of the Trustee. The Special Record Date shall be a date for payment of interest, specified
<br /> by the Trustee in the event of a default on the payment of interest. Interest shall also be payable
<br /> by wire transfer to an account in a domestic financial institution designated in writing to the
<br /> Trustee, on or before the appropriate record date, upon request by, and at the expense of, a
<br /> Bondholder of at least$1,000,000 in an initial aggregate principal amount of the Series 2022 Bonds
<br /> (hereinafter defined). Capitalized terms used herein that are not otherwise defined shall have the
<br /> meanings provided in the Indenture.
<br /> So long as this Series 2022A Bond is registered in the name of a nominee of The Depository
<br /> Trust Company("DTC"),payment of principal,premium, if any, and interest on this Series 2022A
<br /> Bond shall be made as provided in the Letter of Representations and surrender of this Series 2022A
<br /> Bond shall not be required for payment of the redemption price upon a partial redemption of this
<br /> Series 2022A Bond. Until termination of the book-entry only system pursuant to the Indenture,
<br /> Series 2022A Bonds may only be registered in the name of DTC or its nominee.
<br /> This Series 2022A Bond is one of an authorized issue of the "School Lease Revenue Bonds
<br /> (PACT Charter School Project), Series 2022A" (the "Series 2022A Bonds"), limited in aggregate
<br /> principal amount to $37,095,000. The Series 2022A Bonds are being issued simultaneously with
<br /> the Issuer's Taxable Charter School Lease Revenue Bonds (PACT Charter School Project), Series
<br /> 2022B (the "Series 2022B Bonds," and together with the Series 2022A Bonds, the "Series 2022
<br /> Bonds"), limited in aggregate principal amount to $315,000. The Series 2022 Bonds are being
<br /> used by PCS Building Company, a Minnesota nonprofit corporation (the "Company"), to (i) (a)
<br /> currently refund the Issuer's outstanding Lease Revenue Refunding Bonds (PACT Charter School
<br /> Project), Series 2013A (the "Series 2013A Bonds"), the proceeds of which were used to advance
<br /> refund the Issuer's Lease Revenue Bonds (PACT Charter School Project), Series 2004A (the
<br /> "Series 2004 Bonds"), the proceeds of which were used to finance the acquisition, construction,
<br /> and equipping of an approximately 74,000 square-foot school facility located at 7250 East Ramsey
<br /> Parkway (the "Original School Facility") in the City of Ramsey, Minnesota (the "City"), which is
<br /> currently leased to and operated by pact Charter School, a Minneoota nonprofit corporation and
<br /> 501(c)(3) organization (the "Charter School"), as a public charter school for students in grades
<br /> kindergarten through twelve, and (b) refinance a taxable note by the Company, the proceeds of
<br /> which were used for certain improvements to the Original School Facility; (ii) finance certain
<br /> renovations to the Elementary School Campus to equip it to serve grades Kindergarten through
<br /> five (the Original School Facility as improved, the "Lower School Campus"); (iii) finance the
<br /> acquisition of 18 acres of vacant land and the construction and equipping of an approximately
<br /> 115,000 square-foot school facility located at or about 7633 161 st Avenue NW(the "Upper School
<br /> Campus" and,with the Elementary School Campus,the "School Facilities")in the City,which will
<br /> be leased together and operated by the School as a public charter school for students in grades six
<br /> through twelve(the"School Facilities"); (iv)fund required reserves; (v)finance capitalized interest
<br /> on a portion of the Series 2022 Bonds; and (vi) pay the costs of issuing the Series 2022 Bonds
<br /> (collectively, (i)-(vi) above shall be referred to as the "2022 Project").
<br /> The proceeds from the sale of the Series 2022 Bonds have been loaned by the Issuer to the
<br /> Company, under the terms of a Loan Agreement, dated as of September 1, 2022 (as from time to
<br /> time amended and supplemented, the "Loan Agreement"), between the Issuer and the Company,
<br /> pursuant to which the Company is obligated to pay amounts which are sufficient to (i) pay the
<br /> principal of, premium, if any, and interest on the Series 2022 Bonds as the same shall become due
<br /> A-2
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