Conditions for Issuance and Draws Sample Clauses

Conditions for Issuance and Draws. The Agreement provides specific conditions about issuing the First Issuance STAR Bonds in Section 3.1 and issuing the Second Issuance STAR Bonds in Section 3.3 and general conditions for STAR Bond issuance in Section 4.3. After issuance, there are also very specific conditions about draw and disbursement of STAR Bond Proceeds identified in Section 4.5. The draw conditions for the First Issuance include proof of financing, a guaranteed maximum price design-build contract for the Homefield Project, and budgets, building permits and proof of vertical construction for the portions of the Project that constitute private capital investment. The draw conditions for the Second Issuance are even more rigorous – requiring proof of vertical construction and evidence of expenditure of the $2.15 to $1.00 ratio described above.
Sample 1
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Related to Conditions for Issuance and Draws

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