04-24-2024 Council Packet - Laserfiche WebLink

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132279668v2 A-1 EXHIBIT A FORM OF COMPLIANCE CERTIFICATE The undersigned, certifies as follows to Bremer Bank, National Association (the "Lender"), with reference to that certain Loan Agreement dated as of September 6, 2017 (the "Loan Agreement") between Saint Paul Academy and Summit School (the "Borrower") and the City of Little Canada, Minnesota (the "Issuer") (any capitalized terms used herein and not defined shall have its respective meaning as set forth in the Loan Agreement): 1. The undersigned has made a review of all activities of the Borrower during the preceding fiscal year ended June 30, 20__, for the purpose of determining whether or not the Borrower has complied with all of the terms, provisions and conditions of the Loan Agreement. 2. To the best of the undersigned's knowledge, the Borrower has kept, observed, performed and fulfilled each and every covenant, provision and condition in the Loan Agreement (including, without limitation, those financial covenants set forth in Article IV of the Loan Agreement as calculated below) on their part to be performed and no Event of Default or Default has occurred. 3. Calculation of Debt Service Coverage Ratio: Cash Available for Debt Service (the sum of): (a) Change in unrestricted net assets (excluding any revenues recognized from Borrower’s 2024 capital campaign contributions received with respect to improvements at the Borrower’s lower school campus), (i) less of unrealized gains or (ii) plus losses on investments _________ (b) Plus the sum of: (1) Interest expense (2) Plus depreciation expense (3) Plus amortization expense (4) Plus other non-cash expenses (5) Minus all dividends and distributions _________ _________ _________ _________ _________ Total Cash Available for Debt Service _________ Divided by Debt Service* (the sum of): (a) All obligations of the Borrower for interest on its indebtedness within such fiscal year _________ (b) Plus all obligations for payment of principal on indebtedness within such fiscal year _________ *“Debt Service” shall not include principal and interest due and payable on that certain $10,000,000 City of Little Canada, Minnesota Capital Campaign Revenue Note, Series 2024 (Saint Paul Academy and Summit School Project).