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

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the owners thereof for federal income tax purposes or, to the same extent, in taxable net income of individuals,estates or trusts for State income tax purposes, and is not an item of tax preference for purposes of the computation of federal alternative minimum tax imposed on individuals and the State alternative minimum tax applicable to individuals, estates, and trusts. Interest on the Series 2022A Bonds is subject to the State franchise tax measured by income and imposed on corporations and financial institutions. Interest on the Series 2022B Bonds is taxable as ordinary income for federal and State income tax purposes. No opinion will be expressed by Bond Counsel regarding other State or federal tax consequences caused by the receipt or accrual of interest on the Series 2022A Bonds or arising with respect to the ownership of the Series 2022A Bonds. See "TAX MATTERS" and "APPENDIX G — FORM OF BOND COUNSEL OPINION"in this Official Statement. Continuing Disclosure Agreement.....................................Pursuant to the requirements of Securities and Exchange Commission Rule 15c2- 12(17 CFR Part 240, § 240.15c2-12),the Company and the Charter School have agreed for the benefit of the Registered Owners and Beneficial Owners of the Series 2022 Bonds to provide certain financial information, other operating data and notices of material events. See "CONTINUING DISCLOSURE," and "APPENDIX H—FORM OF CONTINUING DISCLOSURE AGREEMENT"in this Official Statement. Bond Rating..................................The Series 2022 Bonds will be rated by S&P Global Ratings. See "BONDHOLDERS' RISKS — Maintenance of Credit Rating" and "BOND RATING"in this Official Statement. Delivery Information....................The Series 2022 Bonds are offered when, as, and if issued by the Issuer and accepted by the Underwriter,subject to prior sale and the approving legal opinion of Bond Counsel and certain other conditions. It is expected that delivery of the Series 2022 Bonds will be made on or about [ ], 2022 through the facilities of DTC in New York,New York, against payment therefor. Financial Statements ....................................The Charter School's audited financial statements for the fiscal year ended June 30, 2021 are included in this Official Statement as APPENDIX D. These are the most recent audited financial statements available for the Charter School. The financial statements in APPENDIX D have been audited by Abdo, Minneapolis, Minnesota. See "AUDITED FINANCIAL STATEMENTS OF THE CHARTER SCHOOL" and "APPENDIX D — AUDITED FINANCIAL STATEMENTS OF THE CHARTER SCHOOL FOR THE FISCAL YEAR ENDED JUNE 30,2021"in this Official Statement. The unaudited interim financial statements for the eleven-month period ended May 31, 2022 are included in this Official Statement as APPENDIX E. The unaudited interim financial statements contained in APPENDIX E have been prepared by the Charter School's finance manager, BerganKDV (the "Finance Manager")and have not been audited,reviewed or examined by any independent accounting firm. See "APPENDIX E—UNAUDITED INTERIM FINANCIAL STATEMENTS OF THE CHARTER SCHOOL FOR THE ELEVEN-MONTH PERIOD ENDED MAY 31,2022"in this Official Statement. Budget Projection.........................The Budget Projection (the "Budget Projection") attached hereto in APPENDIX C is a projection of the future financial performance of the Charter School based upon certain assumptions made by the Charter School and contained therein. No assurances can be given that the operations of the Charter School will equal or exceed the projected future financial performance set forth in the Budget Projection. The Budget Projection has not been updated to reflect pricing of the v