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

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SUMMARY INFORMATION The following is a summary of certain information contained in this Official Statement. The summary is not comprehensive or complete and is qualified in its entirety by reference to the complete Official Statement.Undefined capitalized terms used below are defined in APPENDIX F hereto or elsewhere in this Official Statement. Issuer..............................................The City of Ramsey, Minnesota (the "Issuer") is authorized to issue the Series 2022 Bonds pursuant to (i) Minnesota Statutes, Sections 469.152 through 469.165, as amended (the "Act"); and (ii) a resolution of the governing body of the Issuer adopted on [July 12], 2022 (the "Issuer Resolution"). See "THE ISSUER"in this Official Statement. The Company and the Charter School........................PCS Building Company, a Minnesota nonprofit corporation(the"Company"),is a 501(c)(3)organization formed for the purpose of owning and leasing the School Facilities (defined below) to PACT Charter School, a Minnesota nonprofit corporation (the "Charter School"). The Charter School is a 501(c)(3) organization and a public charter school organized under Minnesota law and operated pursuant to a Charter Agreement between the Charter School and Bethel University (the "Authorizer"). [[TO BE CONFIRMED BY BORROWER AND UPON RECEIPT AND REVIEW OF VOA APPROVAL: Charter School is currently in the process of transferring to a new authorizer as the Authorizer has submitted a withdrawal letter which will be effective June 30, 2023. The new authorizer will be Volunteers of America which will begin oversight of the Charter School in July, 2022. Business will run as usual under the Authorizer until the transfer is completed by June 30, 2023.]] See "THE CHARTER SCHOOL" and "THE COMPANY" in this Official Statement. See also"APPENDIX A—THE COMPANY,THE CHARTER SCHOOL AND THE SERIES 2022 PROJECT" and "APPENDIX B — MINNESOTA LAWS RELATING TO CHARTER SCHOOLS"in this Official Statement. The Series 2022 Bonds..................The Issuer will issue its (i) Charter School Lease Revenue Refunding Bonds (PACT Charter School Project),Series 2022A(the"Series 2022A Bonds"),in the original aggregate principal amount of $[PAR-A]*, and (ii) Taxable Charter School Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2022B (the "Series 2022B Bonds," and together with the Series 2022A Bonds, the "Series 2022 Bonds"), in the original aggregate principal amount of$[PAR- B]*. The Series 2022 Bonds will be issued in authorized minimum denominations of$5,000 or any integral multiple of$5,000 in excess thereof,pursuant to (i)the Issuer Resolution, and(ii) an Indenture of Trust, dated as of August 1, 2022(the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, Saint Paul, Minnesota (the "Trustee"). See "THE SERIES 2022 BONDS"in this Official Statement. Use of Proceeds.............................Proceeds of the Series 2022 Bonds will be loaned to the Company pursuant to a Loan Agreement, dated as of August 1, 2022 (the "Loan Agreement"), between the Issuer and the Company, and, along with other available funds of the Company,will be applied by the Company to: (i)refund the Issuer's outstanding Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2013A (the "Series 2013 Bonds"), the proceeds of which were used to refinance the original acquisition, construction and equipping of an approximately 74,000 square foot school facility located at 7250 East Ramsey Parkway(the "Original School Facility") in the City of Ramsey, Minnesota (the "City"), which is currently leased to and operated by the Charter School as a public charter school for students in grades K through 12; (ii) refinance that certain Promissory Note dated June 30,2020(the"Prior Note")by the Company to Propel Nonprofits,the proceeds of which were used to finance certain improvements and renovations to *Preliminary,subject to change. ii