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

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State aid payments are distributed to all public schools according to a"holdback"system that allows adjustments to be made after the end of each fiscal year. See "CHARTER SCHOOL FUNDING IN MINNESOTA"'and"APPENDIX A—THE COMPANY,THE CHARTER SCHOOL,AND THE SERIES 2022 PROJECT— STATE AID PAYMENTS"in this Official Statement. Budget Projection The Budget Projection(the"Budget Projection")prepared by the Charter School and contained in "APPENDIX C—BUDGET PROJECTION" of this Official Statement, is based upon certain assumptions made by the Charter School. No assurance can be given that the results described in the Budget Projection will be achieved. The Charter School does not intend to update or to issue an additional Budget Projection and, accordingly, there are risks inherent in using the Budget Projection in the future as the Budget Projection becomes outdated. The Budget Projection is only for fiscal years ending June 30,2022 through June 30,2027,and does not cover the entire period during which the Series 2022 Bonds may be outstanding. The Budget Projection assumes that the Charter School will be able to renew its Charter Contract with the Authorizer after the term of the Charter Contract that ends on June 30, 2023. See "APPENDIX C — BUDGET PROJECTION"in this Official Statement. No guarantee can be made that the Budget Projection will correspond with the results actually achieved in the future by the Charter School because there is no assurance that actual events will correspond with the assumptions made by the Charter School. For example, the Budget Projection makes certain assumptions as to continued demand for educational facilities such as the School Facilities and future enrollment at the Charter School. Actual operating results of the Charter School may be affected by many factors, including, but not limited to, increased costs, lower than anticipated enrollment, reduced State funding, changes in demographic trends, and local and general economic conditions. The Budget Projection, which appears in "APPENDIX C—BUD GET PROJECTION"in this Official Statement,should be read in its entirety. See also " Impact of COVID-19 Pandemic" and "- No Taxing Authority; Dependence on State Payments" and "— Changes in Law; Annual Appropriation; Inadequate State Payments"in this BONDHOLDERS'RISKS section, "CHARTER SCHOOL FUNDING INMINNESOTA," and "APPENDIX B — MINNESOTA LAWS RELATING TO CHARTER SCHOOLS" in this Official Statement. Non-Renewal or Termination of Charter Contract by Authorizer Under the Charter School Act, a charter school sponsor(known as an"authorizer"under State law) may or may not renew the Charter Agreement at the end of any renewal term,or may unilaterally terminate the Charter Agreement(subject to certain reasonable notice and appeal procedures available to the Charter School) upon any of the following grounds: (1) failure to meet the requirements for pupil performance contained in the Charter Agreement;(2)failure to meet generally accepted standards of fiscal management; (3)violations of law; or(4) other good cause shown. Decisions made by the Charter School's Authorizer, will depend upon the policies and evaluations of future board members and staff of the Authorizer. Although the Charter School expects that the Charter Agreement will be renewed and extended for the term of the Series 2022 Bonds, no assurance can be given that future boards or administrative staffs of the Authorizer will continue to renew the Charter Agreement. [[TO BE UPDATED WITH VOA DETAILS]] The Charter School's current Charter Contract is for a three-year term from July 1, 2020 through June 30, 2023.] See"APPENDIX A—THE COMPANY, THE CHARTER SCHOOL, AND THE SERIES 2022 PROJECT—THE CHARTER CONTRACT AND AUTHORIZER"and APPENDIX B—MINNESOTA LAWS RELATING TO CHARTER SCHOOLS"in this Official Statement. 26