04-14-2021 Council Packet - Laserfiche WebLink

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31 Corporation, the Trustee agrees not to accelerate the Trustee’s Claim or foreclose, seek appointment of a receiver or otherwise enforce or apply any security existing or to sue upon or collect or receive payment of, and the Corporation agrees not to pay the Trustee’s Claim. Notwithstanding the foregoing or anything to the contrary contained herein, the Guarantor may pay to Trustee and Trustee may collect from Guarantor, directly or through formal collection proceedings, payments then due and payable under the Trustee’s Claim provided that both before and after giving effect to any such payment by or collection from the Guarantor, Guarantor is not in default under any of its covenants or obligations to Lender or any other creditors of Guarantor. SOURCES AND USES OF FUNDS Following are the expected sources and uses of funds as presently estimated for the costs associated with the financing of the Project: Sources of Funds* Par Amount of Senior Notes $ Series 2021D Bond Proceeds Corporation Equity Total Sources of Funds $ Use of Funds* Project Costs $ Estimated Costs of Issuance (1) Capitalized Interest on Series 2021D Bonds Reserve Fund Total Uses of Funds $ ____________________________ * Preliminary; subject to change (1) Includes Senior Lender origination fee, Underwriter’s compensation, legal fees, real estate costs, printing costs and other similar costs. FINANCIAL STATEMENTS Attached in Appendix B to this Official Statement are consolidated financial statements of Cassia, for the fiscal years ended December 31, 2020 and 2019, audited by CliftonLarsonAllen LLP, Certified Public Accountants, Minneapolis, Minnesota. Financial information specific to the Corporation and the Guarantor is included in the supplementary consolidating schedules therein. THE ISSUER The Issuer is a duly organized and existing political subdivision of the State of Minnesota. The Issuer is authorized by the Act to issue the Series 2021D Bonds, and to loan the proceeds thereof to the Corporation pursuant to the Loan Agreement for the application described herein.