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1. Purchase and Sale.
<br /> Subject to the satisfaction by the Issuer, the Company, and the Charter School of the terms and
<br /> conditions set forth in this Bond Purchase Agreement, subject also to the conditions precedent set forth in
<br /> this Bond Purchase Agreement, and in reliance upon the representations herein set forth or incorporated by
<br /> reference,the Issuer hereby agrees to sell to the Underwriter and the Underwriter hereby agrees to purchase
<br /> from the Issuer, upon the terms and conditions set forth herein, the Issuer's (i) Charter School Lease
<br /> Revenue Refunding Bonds (PACT Charter School Project), Series 2022A(the "Series 2022A Bonds"), in
<br /> the original aggregate principal amount of $[PAR-A], and (ii) Taxable Charter School Lease Revenue
<br /> Refunding Bonds (PACT Charter School Project), Series 2022B (the "Series 2022B Bonds" and, together
<br /> with the Series 2022A Bonds, the "Series 2022 Bonds"), in the original aggregate principal amount of
<br /> $[PAR-B]. The Series 2022 Bonds are more fully described in Schedule I hereto and in the Indenture and
<br /> the Official Statement each as hereinafter defined. The proceeds of the Series 2022 Bonds will be loaned
<br /> by the Issuer to the Company pursuant to a Loan Agreement, dated as of August 1, 2022 (the "Loan
<br /> Agreement"),by and between the Issuer and the Company. The expenses of selling the Series 2022 Bonds
<br /> shall be paid as provided in Section 8 of this Bond Purchase Agreement.
<br /> Upon completion of the Series 2022 Project (as defined in the Indenture), the Company will own
<br /> the School Facilities (as defined in the Indenture) and lease the School Facilities to the Charter School
<br /> pursuant to a [Lease Agreement, dated as of August 1, 2022 (the "Lease"),between the Company and the
<br /> Charter School.][[TO BE UPDATED GLOBALLY IF SEPARATE LEASES]]
<br /> The Series 2022 Bonds will be issued by the Issuer pursuant to the authority granted by the
<br /> Constitution and laws of the State of Minnesota (the "State"), including particularly Minnesota Statutes,
<br /> Sections 469.152 through 469.165, as amended (the "Act"), and the terms of (i) a resolution of the
<br /> governing body of the Issuer, adopted on[July 12],2022 (the"Resolution"), and(ii) an Indenture of Trust,
<br /> dated as of August 1, 2022 (the "Indenture"), between the Issuer and U.S. Bank Trust Company, National
<br /> Association, St. Paul, Minnesota (the "Trustee"), as trustee. In connection with the issuance of the Series
<br /> 2022 Bonds, the Charter School will enter into a Pledge and Covenant Agreement, dated as of August 1,
<br /> 2022 (the "Pledge Agreement"), from the Charter School for the benefit of the Trustee, pursuant to which
<br /> the Charter School will pledge certain of its revenues received from the State to the Trustee for payments
<br /> on the Series 2022 Bonds. The Series 2022 Bonds will also be secured by the Pledge Agreement, the
<br /> Mortgage, Security Agreement and Assignment of Rents, dated as of August 1, 2022 (the "Mortgage"),
<br /> from the Company in favor of the Trustee, and the Lease, as assigned by an Assignment of Lease
<br /> Agreement, dated as of August 1, 2022 (the "Assignment of Lease") [[TO BE UPDATED GLOBALLY
<br /> IF SEPARATE LEASES]], from the Company in favor of the Trustee and consented to by the Charter
<br /> School.
<br /> It is understood and agreed that the Series 2022 Bonds and the interest thereon are special, limited
<br /> obligations of the Issuer payable solely from revenues provided by the Company, amounts payable by the
<br /> Company pursuant to the Loan Agreement, amounts payable by the Charter School pursuant to the Lease
<br /> and the Pledge Agreement and amounts held in various funds and accounts as provided in the Indenture
<br /> and shall never constitute a general obligation indebtedness of the Issuer within the meaning of any state
<br /> constitutional or statutory provision and do not give rise to a general or moral obligation of the Issuer,the
<br /> State, or any of its political subdivisions, and do not constitute a charge against the Issuer's or the State's
<br /> property, general credit or taxing powers.
<br /> The Underwriter's purchase price for the Series 2022A Bonds is $[ ] which amount
<br /> represents the principal amount of the Series 2022A Bonds ($[PAR-A].00),plus original issue premium of
<br /> $[ ], and less the Underwriter's discount of$[ ]. The Underwriter's purchase price for the
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