Amount and Use of Bond Proceeds and Other Money. (a) Amount of Bond Proceeds. The total maximum proceeds to be received by the County from the sale of the Series 2021A Bonds will be $ , and the total maximum proceeds to be received by the County from the sale of the Series 2021B Bonds, including the Initial Advance and all subsequent Principal Advances, will be $ .
Amount and Use of Bond Proceeds and Other Money. (a) Draw-Down Loan. The Bonds are being issued as a “draw-down loan,” within the meaning of Regulations §1.150-1(c)(4)(i). In the Purchase Contract, dated , 2014, between the Purchaser and the Issuer, the Purchaser has committed to purchase the Bonds for an aggregate purchase price of $[principal amount] (which amount equals the par amount of the Bonds), and therefore the purchase price of the Bonds is $[principal amount]. On the Issue Date, the Purchaser will advance the Closing Advance, such amount exceeding the lesser of $50,000 or 5% of the purchase price of the Bonds. Thereafter, the Purchaser will make subsequent Principal Advances through , , so that the aggregate of all such Principal Advances, including the Closing Advance, equals $[principal amount]. Accordingly, the Bonds will be treated as a “single issue” under Regulations §1.150-1(c).
Amount and Use of Bond Proceeds and Other Money
