Eighteen Month Exception. Estimated Investment Earnings for purposes of the Eighteen-Month Exception: $ If any proceeds are used to refund prior debt, please indicate: proceeds used to refund prior debt: $ issuance expense allocable to the refunding portion of the issue: $
Eighteen Month Exception. Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within eighteen (18) months of the date of issue and no other Gross Proceeds of the Local School Bond are anticipated for the remainder of the term of the issue, if Gross Proceeds of the Local School Bond become available after the end of the initial eighteen-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.
Eighteen Month Exception. Pursuant to Treasury Regulations Section 1.148-7(d), the gross proceeds of this Property Schedule will be expended for the governmental purposes for which this Property Schedule was entered into, as follows: at least 15% within six months after the Commencement Date, at least 60% within 12 months after the Commencement Date, and 100% within 18 months after the Commencement Date. If Lessee is unable to comply with Section 1.148-7(d) of the Treasury Regulations, Lessee shall compute rebatable arbitrage on this Agreement and pay rebatable arbitrage to the United States at least once every five years, and within 60 days after payment of the final Lease Payment due under this Agreement. Lessee: City of Laramie By: Name: Xxx Xxxxxxx Title: Mayor *Please be sure to select ONE option above. SECURED PARTY: U.S. Bancorp Government Leasing and Finance, Inc. DEBTOR: City of Laramie This financing statement covers all of Debtor's right, title and interest, whether now owned or hereafter acquired, in and to the equipment leased to Debtor under Property Schedule No. 4 dated July 3, 2019 to that certain Master Tax-Exempt Lease Purchase Agreement dated as of April 30, 2013, in each case between Debtor, as Lessee, and Secured Party, as Lessor, together with all accessions, substitutions and replacements thereto and therefore, and proceeds (cash and non- cash), including, without limitation, insurance proceeds, thereof, including without limiting, all equipment described on Exhibit A attached hereto and made a part hereof. Debtor has no right to dispose of the equipment.
Eighteen Month Exception. The Rebate Requirement described in Section 4(d) hereof shall not apply to the Gross Proceeds of the Bonds if the following percentages (the "QUALIFYING EXPENDITURES") of such Gross Proceeds are expended for the governmental purposes of the Bonds by the last day of each of the periods identified below (the "QUALIFYING DATES"). The governmental purposes of the Bonds includes (A) payments of interest on but no payments of principal of the Bonds, (B) payments of interest on other obligations of the Authority issued for the benefit of the Company, which interest either (i) accrues on such other obligations during a one-year period including the Delivery Date, (ii) is a capital expenditure as defined in Treasury Regulations Section 1.150-1(b), or (iii) is a de minimis Working Capital Expenditure, and (C) payments of costs of issuance made from earnings on Gross Proceeds. For this purpose, Gross Proceeds has the meaning set forth in Appendix One to this Certificate, except that it does not include (i) amounts held in a bona fide debt service fund, (ii) amounts held in a reasonably required reserve or replacement fund, and (iii) amounts that, as of the Delivery Date, are not reasonably expected to be Gross Proceeds, but that become Gross Proceeds after the end of the eighteen-month period. --------------------------------------------------------------------------------
Eighteen Month Exception. The obligation to pay arbitrage rebate to the United States will be treated as satisfied if
(1) the Gross Proceeds (as modified below) are allocated to expenditures for the governmental purpose of the Lease in accordance with the following schedule: Minimum 6 months 15 1 year 60 and; 18 months 100
(2) arbitrage rebate is paid in accordance with Section 148 of the Code on all other Gross Proceeds. For purposes of paragraph (1) above, Gross Proceeds do not include amounts in a Bona Fide Debt Service Fund or amounts that become Gross Proceeds after the end of the 18-month spending period, but were not expected to be Gross Proceeds as of the Issue Date (e.g., Gross Proceeds arising from a sale of the facilities financed with the Lease). The Lease meets the 18- month expenditure test even if, at the end of the 18-month period, Gross Proceeds not exceeding a Reasonable Retainage remain unspent, so long as such proceeds are spent within 30 months after the Issue Date. In addition, the failure to satisfy the final spending requirement at the end of the 18-month period is disregarded if the Lessee uses due diligence to complete the facilities financed with the Lease, and the amount of Gross Proceeds unspent does not exceed the lesser of 3% of the "issue price" of the Lease (i.e., the amount paid by the Lessor or the Lessor's assignee if the Lessor's assignee is funding the payment) or $250,000. However, the use of Gross Proceeds to pay the principal component of any Lease Payment will not be treated as an expenditure of such Gross Proceeds.
Eighteen Month Exception. The rebate requirement does not apply if all of the Gross Proceeds (other than certain types of Gross Proceeds described below) are spent for the Governmental Purpose in accordance with the following schedule: at least 15% within the 6 months from the Date of Issue, at least 60% within 12 months of the Date of Issue, and 100% within 18 months of the Date of Issue, except that a reasonable retainage (not to exceed 5% of such Gross Proceeds) to promote performance or to cover disputes need not be expended until 30 months after the Date of Issue. Also, failure to satisfy the third spending requirement is disregarded if the Company exercises due diligence to complete the Project and the amount of the failure does not exceed the lesser of 3% of the Issue Price or $250,000. To determine compliance with the first two spending periods, the amounts of Investment Proceeds included in Gross Proceeds is the amount estimated as of the Date of Issue. The Gross Proceeds not eligible for this exception and thus subject to the rebate requirement (unless another exception applies) are: amount in a Bona Fide Debt Service Fund, amount in a reasonably required reserve fund (including amounts in any collateral fund for a credit facility), Gross Proceeds arising more than 18 months after the Date of Issue that were not reasonably expected as of the Date of Issue; and payments on the Loan.
Eighteen Month Exception. (1) The obligation to pay rebate to the United States will be treated as satisfied if—
(A) the Gross Proceeds (as modified below) are allocated to expenditures for the governmental purpose of the Bonds in accordance with the following schedule: Time Period After the Issue Date 6 months 15% 12 months 60% 18 months 100% and
(B) rebate is paid in accordance with Code § 148 on all Gross Proceeds not required to be spent in accordance with the 18-month spending schedule (other than amounts in a Bona Fide Debt Service Fund). Normally, this will include only Gross Proceeds in a reasonably required reserve or replacement fund.
(2) For purposes of paragraph (1)(A) above, Gross Proceeds do not include amounts in a Bona Fide Debt Service Fund or a reasonably required reserve or replacement fund, or amounts that become Gross Proceeds after the end of the 18-month spending period, but were not anticipated as of the Issue Date. The Bonds meet the 18-month spending test even if, at the end of the 18-month period, Gross Proceeds not exceeding a Reasonable Retainage remain unspent, so long as such proceeds are allocated to expenditures within 30 months after the Issue Date. In addition, the failure to satisfy the final spending requirement at the end of the 18-month period is disregarded if the Borrower uses due diligence to complete the Project and the amount of the failure does not exceed the lesser of 3% of the aggregate issue price of the Bonds or $250,000. But the use of Gross Proceeds to pay principal of any Bond cannot be treated as an expenditure of Gross Proceeds for the purpose of the spending exception.
(3) Special Elections Made with Respect to Spending Exception Elections. No special elections are being made in connection with the application of the spending exceptions.
Eighteen Month Exception. The Lease is treated as meeting the Rebate Requirement under the eighteen-month exception if the following requirements are satisfied:
(i) Gross Proceeds of the Lease are allocated to Expenditures for the purposes for which the Lease is executed and delivered in accordance with the following schedule measured from the date hereof and none of the issue is treated as complying with the two-year exception:
(A) at least 15 percent within six months; (B) at least 60 percent within 12 months; and (C) 100 percent within 18 months, with an exception for reasonable retainage, not in excess of five percent of the Net Sale Proceeds of the obligations which must be allocated to Expenditures within 30 months of the date hereof; (ii) for purposes of determining compliance with the six-month and 12-month spending periods, the amount of Investment Proceeds is determined based on the City’s reasonable expectations on the Date of Execution and Delivery of the Lease; and (iii) all of the Gross Proceeds of the Lease (excluding amounts in a bona fide debt service fund, amounts in a reasonably required reserve or replacement fund, amounts that, as of the Date of Execution and Delivery of the Lease, are not reasonably expected to be Gross Proceeds but that become Gross Proceeds after the eighteen-month spending period, amounts representing Sale Proceeds or Investment Proceeds derived from Payments under any Purpose Investment financed with Proceeds of the Lease, and amounts representing repayments of grants financed by the Lease) must qualify for the general three-year temporary period for new money projects described in Section 1.148-2(e)(2) of the Regulations. Any failure to satisfy the final spending requirement of the eighteen-month exception may be disregarded if the City exercises due diligence to complete the project for which the Lease is executed and delivered and the amount of the failure does not exceed the lesser of three percent of the Issue Price of the Lease or $250,000. Note that the eighteen-month exception is not available for the portion of the Gross Proceeds of the Lease that is used directly or indirect to pay debt service on another issue of tax-exempt obligations (i.e., the eighteen-month exception is not available for any refunding portions of the Lease).
Eighteen Month Exception. The obligation to pay rebatable arbitrage to the United States will be treated as satisfied if-
Eighteen Month Exception. Pursuant to Treasury Regulations Section 1.148-7(d), the gross proceeds of this Property Schedule will be expended for the governmental purposes for which this Property Schedule was entered into, as follows: at least 15% within six months after the Commencement Date, at least 60% within 12 months after the Commencement Date, and 100% within 18 months after the Commencement Date. If Lessee is unable to comply with Section 1.148-7(d) of the Treasury Regulations, Lessee shall compute rebatable arbitrage on this Agreement and pay rebatable arbitrage to the United States at least once every five years, and within 60 days after payment of the final Lease Payment due under this Agreement.
