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

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THE SERIES 2022 PROJECT The Series 2022 Project consists of(i) refunding of the Series 2013 Bonds; (ii) refunding of the Prior Note; (iii) financing certain improvements to the Original School Facility,which after renovation will be operated as the Elementary School Campus for grades K through 5; (iv) financing the acquisition, construction and equipping of the Upper School Campus for grades 6 through 12; (v)funding a debt service reserve fund for the Series 2022 Bonds; (vi) funding capitalized interest on a portion of the Series 2022 Bonds; and (vii)payinf the costs of issuance of the Series 2022 Bonds. See "SOURCES AND USES OF FUNDS"and"APPENDIX A—THE COMPANY, THE CHARTER SCHOOL,AND THE SERIES 2022 PROJECT—THE SCHOOL FACILITIES AND THE SERIES 2022 PROJECT"in this Official Statement. Plan of Refunding A portion of the proceeds of the Series 2022A Bonds, together with other moneys held by Wells Fargo Bank, National Association in Minneapolis, Minnesota (the "Prior Trustee"), under that certain Indenture of Trust dated as of November 1, 2013 (the "2013 Indenture") between the Issuer and the Prior Trustee,will be used by the Company to refund the Series 2013 Bonds. See"—Refunding Fund"below in this Official Statement. The Series 2013 Bonds to be refunded with proceeds of the Series 2022A Bonds and additional funds held by the prior trustee for the Series 2013 Bonds on [ ],2022(the"Redemption Date"), are described in more detail below: Principal Maturity Date Interest Amount to be Redemption Redemption CUSIP (December 1) Rate Refunded Date Price (75181P) 2023 5.00% $ 91500 , 2022 100% AM9 2026 5.00 1154500 , 2022 100 AN7 2033 5.50 517151000 , 2022 100 AP2 Prior Note. On the date of issuance of the Series 2022 Bonds,a portion of the Series 2022A Bonds will be used to prepay the Prior Note issued by Propel Nonprofits in the original aggregate principal amount of$526,870, and currently outstanding in the amount of$[8,600,000]. Refunding Fund On the date of issuance of the Series 2022A Bonds, a portion of the proceeds of the Series 2022A Bonds will be deposited in the Refunding Fund created under the Indenture and held by the Trustee. Amounts on deposit in the Refunding Fund will be used, along with other funds held by the prior trustee for the Series 2013 Bonds,to pay the outstanding principal of, interest, and premium, if any, on the Series 2013 Bonds on the Redemption Date. See"APPENDIX F—DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS—THE INDENTURE—Refunding Fund"in this Official Statement. Upper School Campus Land Acquisition [[TO BE UPDATED UPON RECEIPT AND REVIEW OF PSA]][Pursuant to a[n Agreement of Purchase and Sale], dated [ , 20 ] (together with any other supplements and amendments, the "Purchase Agreement"),by and between ],as seller(the"Seller")and the Company, as buyer,the Company will use portion of the proceeds of the Series 2022 Bonds to purchase the approximately 18 acres of vacant land located at or about 7633 161 It Avenue NW in the City(the "Land"), for a purchase price of $[ ]. The Seller is unrelated to the Company and the Charter School and any of their employees 6