Common use of Additional Terms of the Bonds Clause in Contracts

Additional Terms of the Bonds. The Bonds may, in the sole discretion and at the direction of the Developer, but in consultation with the City and subject to the approval of the City’s bond counsel, be issued in one or more series, on a taxable or tax-exempt basis (provided customary bond counsel opinions are provided), and may be structured as “draw bonds” with the principal amount being drawn incrementally as the Bonds are purchased by Developer. Moreover, principal amounts of the Bonds may be deemed purchased and disbursed to the Developer as Project Costs are incurred without actual cash transfers being implemented, all as specifically described and set forth in the Funding Agreement (as defined herein below). The Bonds will, in the sole discretion and at the direction of the Developer, be issued either at the time of Commencement of Construction or upon the completion and assessment of the Project.