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

Home

between the Charter School and the Trustee, and(vi)investment earnings on the foregoing. The Series 2022 Bonds will also be secured under the terms of a Mortgage, Security Agreement and Assignment of Rents, dated as of August 1, 2022(the"Mortgage"),between the Company and the Trustee. See"APPENDIX F — DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS — THE LOAN AGREEMENT — Covenants of the School" and "—THE MORTGAGE" in this Official Statement. The Series 2022 Bonds are not secured by or payable from any taxes,revenues or assets of the Issuer,except for the Issuer's interest in the revenues derived from the Loan Agreement and amounts held pursuant to the Indenture as described herein. See "SECURITY FOR THE SERIES 2022 BONDS"in this Official Statement. Risk Factors..................................Purchase of the Series 2022 Bonds involves a degree of risk. A prospective purchaser of the Series 2022 Bonds is advised to read this entire Official Statement, including the Appendices attached hereto, in its entirety, particularly the section entitled"BONDHOLDERS' RISKS"in this Official Statement, for a discussion of certain risk factors,which should be considered in connection with an investment in the Series 2022 Bonds. Optional Redemption...................The Series 2022A Bonds are subject to optional redemption, in whole or in part, by the Company on June 1,2032*or any Business Day thereafter,at a redemption price equal to the principal amount of the Series 2022A Bonds to be redeemed plus accrued interest to the redemption date, without a premium. The Series 2022B Bonds are not subject to optional redemption. See "THE SERIES 2022 BONDS—Redemption of Series 2022 Bonds"in this Official Statement. Mandatory and Extraordinary Redemption...................................The Series 2022 Bonds are subject to special mandatory redemption (i) in the event of a Determination of Taxability with respect to the Series 2022A Bonds, in whole, at a redemption price equal to the sum of the principal amount of the Series 2022 Bonds,plus accrued interest on the Series 2022 Bonds plus, for the Series 2022A Bonds,a premium, (ii)upon certain events of damage,destruction, or condemnation of the School Facilities,(iii)as a result of or upon changes in the Constitution of the State or of the United States or of legislative or administrative action that render the Loan Agreement unenforceable,at a redemption price equal to the principal amount of the Series 2022 Bonds plus accrued interest to the date of redemption. The Series 2022 Bonds are also subject to mandatory sinking fund redemption as set forth herein. See "THE SERIES 2022 BONDS—Redemption of Series 2022 Bonds"in this Official Statement. Trustee and Paying Agent.................................U.S. Bank Trust Company,National Association in Saint Paul, Minnesota. See "THE TRUSTEE"in this Official Statement. Form..............................................The Series 2022 Bonds will be registered under a book-entry system in the name of The Depository Trust Company ("DTC") or its nominees. The Series 2022 Bonds will be issued in denominations of$5,000 or any integral multiples of $5,000 in excess thereof. See "THE SERIES 2022 BONDS" in this Official Statement. Exchange and Transfer................While the Series 2022 Bonds remain in book-entry only form, transfer of ownership by Beneficial Owners may be made as described in "THE SERIES 2022 BONDS" and"APPENDIX I—BOOK-ENTRY ONLY SYSTEM" in this Official Statement. Tax Status......................................In the opinion of Taft Stettinius & Hollister LLP Minneapolis, Minnesota, as Bond Counsel to the Issuer, under existing laws, regulations, rulings, and decisions, and assuming compliance by the Issuer, the Charter School, and the Company with all requirements of the Internal Revenue Code of 1986, as amended, interest on the Series 2022A Bonds is not included in gross income of iv