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

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The Series 2022B Bonds Interest to be paid on the Series 2022B Bonds is includable in gross income of the recipient for federal income tax purposes and in taxable net income of individuals, estates and trusts for Minnesota income tax purposes, and is subject to Minnesota franchise taxes imposed on corporations and financial institutions. Legislative Proposals Bond Counsel's opinion is given as of its date and Bond Counsel assumes no obligation to update, revise, or supplement such opinion to reflect any changes in facts or circumstances or any changes in law that may hereafter occur. Proposals are regularly introduced in both the United States House of Representatives and the United States Senate that, if enacted, could alter or affect the tax-exempt status of municipal bonds. For example, the recent federal tax reform legislation(formerly known as the Tax Cuts and Jobs Act) signed by President Trump as of December 22, 2017, significantly changed the income tax rates for individuals and corporations and modified the alternative minimum tax for tax years beginning after December 31, 2017, and altered other existing tax law in a manner that may affect the market price for,or marketability of,the Series 2022A Bonds. Prospective purchasers of the Series 2022A Bonds should consult their own tax advisors regarding the impact of any such change in law. The above is not a comprehensive list of all federal tax consequences which may arise from the receipt of interest on the Series 2022A Bonds. The receipt of interest on the Series 2022A Bonds may otherwise affect the federal or state income tax liability of the recipient based on the particular taxes to which the recipient is subject and the particular tax status of other items or deductions. Bond Counsel expresses no opinion regarding any such consequences. All prospective purchasers of the Series 2022 Bonds are encouraged to consult with their personal tax advisors as to the tax consequences of, or tax considerations for,purchasing or holding the Series 2022 Bonds. BOND RATING S&P has assigned a rating of"[ ]" ([_] outlook) to the Series 2022 Bonds. Such rating reflects only the views of S&P and any desired explanation of the significance of such, should be obtained from S&P at 55 Water Street,New York, New York 10041. Generally, rating agencies base their ratings on the information and materials furnished to them and on investigations, studies and assumptions of their own. There is no assurance that any such rating will continue for any given period of time or that such rating will not be revised downward or withdrawn entirely by the rating agency, if, in the judgment of such agency, circumstances so warrant. Any such downward revision or withdrawal may have an adverse effect on the market price of the Series 2022 Bonds. SEE "BONDHOLDER'S RISKS—Maintenance of Credit Rating"above in this Official Statement. UNDERWRITING The Series 2022 Bonds will be purchased by Robert W. Baird & Co. Incorporated, St. Paul, Minnesota (the "Underwriter"). The Underwriter has agreed to purchase the Series 2022A Bonds for a purchase price of $ , which amount represents the principal amount of the Series 2022A Bonds ($ ),less the Underwriter's discount of$ , [plus/less] an original issue [premium/discount] of $ . The Underwriter has agreed to purchase the Series 2022B Bonds for a purchase price of$ , which amount represents the principal amount of the Series 2022B Bonds($ ),less the Underwriter's discount of$ . The Underwriter is purchasing the Series 2022 Bonds pursuant to the terms of a Bond Purchase Agreement (the "Bond Purchase Agreement") between the Issuer, the Charter School, the 44