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for payment of interest, specified by the Trustee in the event of a default on the payment of interest.
<br /> Interest shall also be payable by wire transfer to an account in a domestic financial institution
<br /> designated in writing to the Trustee, on or before the appropriate record date,upon request by, and
<br /> at the expense of, a Bondholder of at least $1,000,000 in an initial aggregate principal amount of
<br /> the Series 2022 Bonds (hereinafter defined). Capitalized terms used herein that are otherwise not
<br /> defined shall have the meanings provided in the Indenture.
<br /> So long as this Series 2022B 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 2022B
<br /> Bond shall be made as provided in the Letter of Representations and surrender of this Series 2022B
<br /> Bond shall not be required for payment of the redemption price upon a partial redemption of this
<br /> Series 2022B Bond. Until termination of the book-entry only system pursuant to the Indenture,
<br /> Series 2022B Bonds may only be registered in the name of DTC or its nominee.
<br /> This Series 2022B Bond is one of an authorized issue of the "Taxable Charter School Lease
<br /> Revenue Bonds (PACT Charter School Project), Series 202213" (the "Series 2022B Bonds"),
<br /> limited in aggregate principal amount to $ The Series 2022B Bonds are being issued
<br /> simultaneously with the Issuer's Charter School Lease Revenue Bonds (PACT Charter School
<br /> Project), Series 2022A(the "Series 2022A Bonds," and together with the Series 2022B Bonds, the
<br /> "Series 2022 Bonds"), limited in aggregate principal amount to $ . The Series 2022 Bonds
<br /> are being used by PCS Building Company, a Minnesota nonprofit corporation (the "Company"),
<br /> to(i)(a)currently refund the Issuer's outstanding Lease Revenue Refunding Bonds(PACT Charter
<br /> School Project), Series 2013A (the "Series 2013A Bonds"), the proceeds of which were used to
<br /> advance refund the Issuer's Lease Revenue Bonds (PACT Charter School Project), Series 2004A
<br /> (the "Series 2004 Bonds"), the proceeds of which were used to finance the acquisition,
<br /> construction, and equipping of an approximately 74,000 square-foot school facility located at 7250
<br /> East Ramsey Parkway (the "Original School Facility") in the City of Ramsey, Minnesota (the
<br /> "City"), which is currently leased to and operated by pact Charter School, a Minnesota nonprofit
<br /> corporation and 501(c)(3) organization (the "Charter School"), as a public charter school for
<br /> students in grades kindergarten through twelve, and(b) refinance a taxable note by the Company,
<br /> the proceeds of which were used for certain improvements to the Original School Facility; (ii)
<br /> finance certain renovations to the Elementary School Campus to equip it to serve grades
<br /> Kindergarten through five (the Original School Facility as improved, the "Lower School
<br /> Campus"); (iii) finance the acquisition of 18 acres of vacant land and the construction and
<br /> equipping of an approximately 115,000 square-foot school facility located at or about 7633 161 st
<br /> Avenue NW (the "Upper School Campus" and, with the Elementary School Campus, the "School
<br /> Facilities")in the City,which will be leased together and operated by the School as a public charter
<br /> school for students in grades six through twelve (the "School Facilities"); (iv) fund required
<br /> reserves; (v) finance capitalized interest on a portion of the Series 2022 Bonds; and (vi) pay the
<br /> costs of issuing the Series 2022 Bonds (collectively, (i)-(vi) above shall be referred to as the "2022
<br /> 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 /> B-2
<br /> 735810810
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