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— DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS — THE LOAN
<br /> AGREEMENT—Additional Bonds and Additional Indebtedness"in this Official Statement.
<br /> The Company has also agreed in the Loan Agreement to cause the Charter School to make certain
<br /> covenants in the Leases or Pledge Agreement, to (a) limit Additional Indebtedness, (b) provide certain
<br /> periodic financial reports, (c) make all applications for applicable State and federal funds, (d) maintain
<br /> certain debt service coverage requirements and unrestricted Cash on Hand in the amounts required by the
<br /> Loan Agreement and Pledge Agreement, and (e) maintain a Capital Repair and Replacement Fund. See
<br /> "APPENDIX F—DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS—THE
<br /> LOAN AGREEMENT—Covenants of the School" and"—THE LEASES"in this Official Statement.
<br /> Miscellaneous
<br /> This Official Statement (including the Appendices hereto) contains descriptions of, among other
<br /> matters, the Indenture, the Loan Agreement, the Mortgage, the Leases, the Escrow Agreement, the
<br /> Assignment of Lease, the Pledge Agreement, the Continuing Disclosure Agreement, the Issuer, the
<br /> Company, the Charter School, the School Facilities, the Series 2022 Project, and the Series 2022 Bonds.
<br /> Such descriptions and information do not purport to be comprehensive or definitive. All references to
<br /> documents described herein are qualified in their entirety by reference to such documents, copies of which
<br /> are available for inspection at the principal corporate trust office of the Trustee.
<br /> Bondholders' Risks
<br /> Certain risks associated with an investment in the Series 2022 Bonds are discussed under
<br /> "BONDHOLDERS' RISKS" in this Official Statement.
<br /> THE ISSUER
<br /> The Issuer is a municipal corporation and a political subdivision of the State of Minnesota, duly
<br /> organized and existing under the laws and Constitution of the State of Minnesota. Pursuant to Minnesota
<br /> Statutes, Sections 469.152 through 469.165,as amended(the"Act").The Issuer is not pledging its revenue,
<br /> credit,or taxing power to the Series 2022 Bonds. The Issuer does not and will not in the future monitor the
<br /> financial condition of the Company or the Charter School, the operation of the School Facilities, or
<br /> otherwise monitor payment of the Series 2022 Bonds or compliance with the documents relating thereto.
<br /> The responsibility for the operation of the School Facilities will rest entirely with the Company and the
<br /> Charter School.
<br /> The Series 2022 Bonds are special, limited obligations of the Issuer. No recourse by any holder of
<br /> the Series 2022 Bonds(the"Bondholder")will be had for the payment of the principal of,premium, if any,
<br /> or interest on any of the Series 2022 Bonds or for any claim based thereon or upon any obligation,covenant,
<br /> or agreement in the Indenture or the Loan Agreement, against any past,present, or future officer,member,
<br /> counsel, advisor or agent of the Issuer or any successor thereto, as such, directly or through the Issuer or
<br /> any successor thereto,under any rule of law or equity, statute or constitution, or by the enforcement of any
<br /> assessment or penalty or otherwise, and all such liability of any such officer, member, counsel, advisor or
<br /> agent as such has been expressly waived as a condition of and in consideration of the execution of the
<br /> Indenture, the Loan Agreement and the issuance of the Series 2022 Bonds. The Series 2022 Bonds do not
<br /> constitute a debt, moral obligation, liability or loan of credit or apledge of the full faith and credit or taxing
<br /> powers of the Issuer, the State or any political subdivision thereof.
<br /> No information regarding the Issuer will be provided in respect of any continuing disclosure
<br /> requirement relating to the Series 2022 Bonds. The Issuer has not assumed responsibility for any
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