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: $ NAME OF LOCALITY:
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 Xxxxxx 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. Consult tax counsel if there is any chance that the Eighteen Month Exception will not be met. Lessee: Ouray County By: Name: Xxxxxxxx Xxxxx Title: BOCC, Chair *Please be sure to select ONE option above. Language for UCC Financing Statements Property Schedule No. 1 SECURED PARTY: U.S. Bancorp Government Leasing and Finance, Inc. DEBTOR: Ouray County 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. 1 dated April 30, 2024 to that certain Master Tax-Exempt Lease Purchase Agreement dated as of April 30, 2024, 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 Lease is treated as meeting the Rebate Requirement under the eighteen-month exception if the following requirements are satisfied:
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. Consult tax counsel if there is any chance that the Eighteen Month Exception will not be met.
Eighteen Month Exception. The obligation to pay arbitrage rebate to the United States will be treated as satisfied if
Eighteen Month Exception. The obligation to pay rebatable arbitrage to the United States will be treated as satisfied if-
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.
