REIMBURSEMENT RESOLUTION<\/p>\n
OF<\/p>\n
21 st CENTURY PUBLIC ACADEMY
\nResolution 1-21-19-2<\/p>\n
SETTING FORTH \u201cOFFICIAL INTENT\u201d OF 21 ST CENTURY PUBLIC ACADEMY TO USE
\nA PORTION OF PROCEEDS OF BONDS OF AN ISSUING AUTHORITY AS IS DEEMED
\nAPPROPRIATE BY \u201c21 ST CENTURY PUBLIC ACADEMY\u201d, TO REIMBURSE 21 ST
\nCENTURY PUBLIC ACADEMY FOR CERTAIN PRIOR PROJECT EXPENDITURES. AND
\nFOR ANY ADDITIONAL EXPENDITURES RELATED TO CONSTRUCTION COSTS AND
\nANY EXPENDITURE RELATED TO THE \u201cSECOND AMENDMENT TO LEASE
\nPURCHASE AGREEMENT\u201d
\nWHEREAS, the Board (the \u201cBoard\u201d) of the Cutler Charitable Foundation (the
\n\u201cFoundation\u201d) Lessor has determined to undertake a project (the \u201cProject\u201d) consisting in whole
\nor in part of: (a) refinancing approximately $9.36 million in existing indebtedness; (b) making
\nadditional capital expenditures and other capital improvements to the Foundation\u2019s facility
\nlocated at 4300 Cutler Avenue; and (c) the payment of certain costs of issuance related to the
\nBonds, including but not limited to underwriter\u2019s discounts or fees, Council fees, and similar
\nexpenses.<\/p>\n
WHEREAS, the 21 st Century Public Academy has entered into with Lessor a \u201cSecond
\nAmendment to Lease Purchase Agreement\u201d and as a consequence thereof intends and reasonably
\nexpects to use a portion of the proceeds from the Bonds to reimburse itself for certain
\nexpenditures related to the Project and for any additional expenditures related to construction
\ncosts and any expenditure related to the \u201cSecond Amendment to Lease Purchase Agreement\u201d
\nwhich have been paid or incurred prior to the date of the issuance of the Bonds from other funds
\nof the 21 st Century Public Academy;
\nWHEREAS, the United States Treasury Department has issued regulations (the
\n\u201cTreasury Regulations\u201d) which provide rules which must be satisfied in order for the
\nreimbursement of capital expenditures with bond proceeds to qualify as an expenditure of bond
\nproceeds; and
\nWHEREAS, this Resolution is intended to confirm the intentions of the Lessor to
\nfinance the Project with the proceeds of the Bonds and to confirm the obligations of 21 st Century
\nunder the \u201cSecond Amendment to the Lease Purchase Agreement\u201d, and is further intended to
\nconstitute the \u201cOfficial Intent\u201d requirement prescribed in the Treasury Regulations for
\nexpenditures made after the July 1, 1993 effective date of such regulations.
\nNOW THEREFORE, be it resolved by the Governance Council follows:<\/p>\n
2<\/p>\n
1. Official Intent Requirement. In compliance with Section 1.150-2 of the Treasury
\nRegulations 21st Century Public Academy announces its intention to use a portion of the
\nproceeds from the Bonds to reimburse 21st Century Public Academy for any and all expenditures
\nrelated to any and all expenditures or expenses or financial obligations incurred by 21st Century
\nPublic Academy related to but not limited to expenses or expenditures related to "The Project",
\nrelated construction costs, expenses related to the Bond sale or related to additional expense
\nincurred by 21st Century Public Academy related in any manner to the adoption and execution of
\nthe "Second Amendment to Lease Purchase Agreement" approved by PED via correspondence
\ndated January 14, 2019, which have been paid within the ninety (90) days preceding the date of
\nthe adoption of these resolutions.
\n2. Future and Prior Actions. The Governance Council, or any other officer of the
\nGovernance Council, are each hereby authorized and directed to or cause to be done any and all
\nsuch acts and things and to execute and deliver any and all such further documents and papers as
\nthey may deem necessary or appropriate to carry into effect the full intent and purposes of the
\nforegoing resolutions. All acts of any officer, agent, employee, attorney, or others acting for or
\non behalf of the 21 st Century which are in accord with the intent, purpose and spirit of this
\nResolution, and whether heretofore or hereafter done or taken shall be, and the same hereby are,
\nratified, confirmed and adopted in all respects, and any party may rely upon the continuing
\nefficacy of this Resolution and the power of any person to act as aforesaid, until this Resolution
\nshall have been revoked in a further writing executed by the 21st Century. The Secretary of the
\nGovernance Council is hereby authorized and directed to insert this resolution into the minutes of
\nthe meetings of the Governance Council Board.
\n3. Effective Date. This Resolution shall take effect immediately.<\/p>\n
Motion to Approve: __________
\nVoting Against: ______________
\n2nd: ________________________
\nAction: _____________________
\nAdopted: ___________________
\nSignature: __________________<\/p>\n","protected":false},"excerpt":{"rendered":"
REIMBURSEMENT RESOLUTION OF 21 st CENTURY PUBLIC ACADEMY Resolution 1-21-19-2 SETTING FORTH \u201cOFFICIAL INTENT\u201d OF 21 ST CENTURY PUBLIC ACADEMY TO USE A PORTION OF PROCEEDS OF BONDS OF AN ISSUING AUTHORITY AS IS DEEMED APPROPRIATE BY \u201c21 ST CENTURY PUBLIC ACADEMY\u201d, TO REIMBURSE 21 ST CENTURY PUBLIC ACADEMY FOR CERTAIN PRIOR PROJECT EXPENDITURES. AND […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4973"}],"collection":[{"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4973"}],"version-history":[{"count":1,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4973\/revisions"}],"predecessor-version":[{"id":4974,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4973\/revisions\/4974"}],"wp:attachment":[{"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/21stcenturypa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}