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

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OFFICIAL STATEMENT CITY OF RAMSEY,MINNESOTA CHARTER SCHOOL LEASE REVENUE REFUNDING BONDS (PACT CHARTER SCHOOL PROJECT) $[PAR-A]* SERIES 2022A $[PAR-B]* TAXABLE SERIES 2022B INTRODUCTORY STATEMENT The following is a brief introduction as to certain matters discussed elsewhere in this Official Statement and is qualified in its entirety as to such matters by such discussion and the text of the actual documents described or referenced. Any capitalized term not required to be capitalized is used with the meaning assigned in APPENDIX F or in the Indenture or other document with respect to which the term is used.Definitions contained in the text hereof are for ease of reference only and are qualified in their entirety by the definitions in APPENDIX F or the documents with respect to which such terms relate. The Appendices hereto are an integral part of this Official Statement and each potential investor should review the Appendices in their entirety. General This Official Statement provides information regarding the Issuer's (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 by the City of Ramsey, Minnesota (the "Issuer") pursuant to (i) a resolution of the governing body of the Issuer adopted on [July 12], 2022, 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"). The Issuer will loan the proceeds of the Series 2022 Bonds(the"Loan")to the Company pursuant to a Loan Agreement,dated as of August 1, 2022 (the "Loan Agreement"), between the Issuer and PCS Building Company (the "Company"), a Minnesota nonprofit corporation and an organization described in Section 501(c)(3)of the Internal Revenue Code of 1986, as amended (the "Code"). See "APPENDIX F — DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS"in this Official Statement. Proceeds of the Series 2022 Bonds, 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 PACT Charter School, a Minnesota nonprofit corporation and 501(c)(3) organization (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 the Original School Facility; (iii) finance certain improvements to the Original School Facility, which after renovation will be operated as a public charter school for grades K through 5 (the Original School Facility as improved, the "Elementary School Campus"); (iv) finance the acquisition of approximately 18 acres of vacant land and the construction and equipping of an approximately 115,000 square foot facility to be operated by the Charter School as a public charter school for grades 6 through 12 *Preliminary, subject to change. 1