04-14-2021 Council Packet - Laserfiche WebLink

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iv Security for the Series 2021D Bonds Subject to the terms of the Subordination and Intercreditor Agreement, the Series 2021D Bonds will be secured by certain amounts held by the Trustee pursuant to the Indenture, including the Reserve Fund, the Guaranty Agreement executed by the Guarantor, the Subordinate Mortgage and assignments of architect and construction contracts relating to the Project. The Series 2021D Bonds are limited obligations of the Issuer and do not constitute general obligations or a debt, liability, or pledge of the full faith and credit of the Issuer, the City of Maplewood, Minnesota, the State of Minnesota or of any political subdivision or agency thereof. The Series 2021D Bonds are not secured by or payable from any taxes, revenues or assets of the Issuer except for the Issuer’s interest in the Loan Agreement and amounts held pursuant to the Indenture as described herein. See “SECURITY FOR THE SERIES 2021D BONDS.” Trustee and Paying Agent U.S. Bank National Association. Investment Risks An investment in the Series 2021D Bonds involves risks, including, but not limited to, those discussed under “BONDHOLDERS’ RISKS” herein. Financial Forecast The Financial Feasibility Study (the “Forecast”) attached hereto as Appendix C contains forecasts of the future financial performance of the Corporation based upon certain assumptions made by the Corporation described therein. The Financial Forecast has been examined by CliftonLarsonAllen LLP, an independent accounting firm. No assurances can be given that the operations of the Corporation will equal or exceed the Financial Forecasted future financial performance set forth in the Financial Forecast. The Financial Forecast is for the five fiscal years of the Corporation ending December 31, 2021 through December 31, 2025. Document Summaries Appendix D contains definitions of certain terms and summaries of documents to be entered into in connection with the issuance of the Series 2021D Bonds. These summaries and descriptions do not purport to be complete and are expressly made subject to the further provisions of this Official Statement as well as to the exact provisions of the complete documents, which may be obtained from the Trustee or, during the offering period for the Series 2021D Bonds, from the Underwriter. Continuing Disclosure In connection with the issuance of the Series 2021D Bonds, the Corporation is undertaking to provide certain continuing disclosures, all as further set forth in a Continuing Disclosure Agreement (the “Continuing Disclosure Agreement”) to be executed by the Corporation. The form of the Continuing Disclosure Agreement to be entered into by the Corporation is attached as Appendix E. ____________________________ * Preliminary; subject to change