Common use of Bond Issuance Clause in Contracts

Bond Issuance. At the time financing is needed for the construction of a new station, the financing will be provided by the following method: Unless otherwise unanimously agreed upon, one of the Parties will provide financing for the cost to construct a station (the “Financer City”), including any costs associated with the financing, and each of the other Parties will annually reimburse t the Financer City for its portion of the debt service payment based on the cost formula. Should a station be constructed in the allotted timeline for reimbursement of the land acquisition costs, the Financer City will include the land acquisition costs in the financing and each Party will be repaid via the financing proceeds for their portion of the land acquisition. If the Station is not constructed in the time frame that is necessary to include the property acquisition costs as part of the financing, each Party will be responsible for their proportionate share of the property acquisition costs in accordance with the cost share formula in effect at the time.

Bond Issuance. At the time financing is needed for the construction of a new station, the financing will be provided by one of the two following methodmethods: Unless otherwise unanimously agreed upon, one of the Parties will provide financing for the cost to construct a station (the “Financer City”), including any costs associated with the financing, and each of the other Parties will annually reimburse t the Financer City for its portion of the debt service payment based on the cost formula. Should a station be constructed in the allotted timeline for reimbursement of the land acquisition costs, the Financer City will include the land acquisition costs in the financing and each Party will be repaid via the financing proceeds for their portion of the land acquisition. If the Station is not constructed in the time frame that is necessary to include the property acquisition costs as part of the financing, each Party will be responsible for their proportionate share of the property acquisition costs in accordance with the cost share formula in effect at the time.