Expenditure of Proceeds. The City will expend proceeds of the Bonds received from the County for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Xxxx proceeds may be expended to pay, or reimburse the City for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
Expenditure of Proceeds. The Bond Funded Portion of the Project Funds shall be used exclusively for the following purposes: (i) Reimbursement Expenditures (as defined in Section F.20 below), (ii) Preliminary Expenditures (as defined in Section F.20 below) in an aggregate amount not exceeding twenty percent (20%) of the Bond Funded Portion of the Project Funds, (iii) capital expenditures relating to the Project originally paid by the Recipient on or after the date hereof, (iv) interest on the Obligation through the later of three (3) years after the Applicable Date or one (1) year after the Project is placed in service, and (v) initial operating expenses directly associated with the Project in the aggregate amount not more than five percent (5%) of the Bond Funded Portion of the Project Funds.
Expenditure of Proceeds. Project Funds shall be used exclusively for the following purposes: (i) architectural, engineering, surveying, soil testing, and similar costs paid with respect to the Project incurred prior to the commencement of construction and in an aggregate amount not exceeding twenty percent (20%) of the Project Funds, (ii) capital expenditures relating to the Project originally paid by the Recipient on or after the date hereof, (iii) interest on the Obligation through the later of three (3) years after the Applicable Date or one (1) year after the Project is placed in service, and (iv) initial operating expenses directly associated with the Project in the aggregate amount not more than five percent (5%) of the Project Funds.
Expenditure of Proceeds. For purposes of this Tax Ccrti!icatc. Proceeds will be treated as spent when they are used to pay or reimburse disbursements by the Borrower that arc (a) capital expenditures relating to the Project. (b) costs of executing and delivering the Governmental Lender Note, (c) interest on the Funding Loan through the later of three years after the Closing Date or one year after the Project is placed in service. (d) initial operating expenses directly associated with the Project (in aggregate amount not exceeding 5% of the Sale Proceeds), or (e) other miscellaneous expenditures described in Treasury Regulations Section 1.148-6( d)(3 )(ii). Absent an Opinion of Counsel, all expenditures of Proceeds will be made in respect of (f) Preliminary Expenditures, (g) costs of executing and delivering the Governmental Lender Note, (h) other payments made by the Borrower on or alter the Closing Date, or (i) capital costs of the project paid on or after the date 60 days before the adoption of the Inducement Resolution. With respect to the expenditures described in (i) above, the Borrower acknowledges that any such expenditures must be reimbursed with proceeds of the Governmental Lender Note. if at aiL no later than three years after the date of the expenditure and no more than 18 months alter the portion of the Project to which such costs relate is placed in service. The Borrower expects to allocate $55J)()() of proceeds to reimburse itself for costs paid prior to the Closing Date, excluding the cost of prepayment of the Ground Lease. The Borrower represents that it will not make a payment of Proceeds to a Related Person.
Expenditure of Proceeds. In the event the City determines Property Owner is in default under the terms of this Agreement, the City may expend all or a portion of the Proceeds. The City may expend the Proceeds to restore the Property, complete or repair revegetation, stabilization, erosion control measures or warranty repairs and corrections. Prior to expending the Proceeds, the City shall notify Property Owner of the default and demand performance hereunder. If Property Owner has not cured its default within thirty (30) days of the notice (the “Notice Period”), or in the case of a default that cannot reasonably be cured within the Notice Period, if Property Owner has not diligently commenced to cure such default within the Notice Period and thereafter diligently pursued the cure of said default, the City shall have the right to expend the Proceeds and may cause the required restoration, revegetation, stabilization and erosion control measures to be installed, completed or repaired using such funds and to make warranty repairs and corrections. The Notice Period shall be thirty (30) days or, if the city reasonably determines that human safety will be threatened or irreparable property damage will occur, then such shorter period of time as the City may reasonably specify in its notice of default.
Expenditure of Proceeds. The District agrees that Project Funds shall be used exclusively for the following purposes: (i) architectural, engineering, surveying, soil testing, and similar costs paid with respect to the MST Project incurred prior to the commencement of construction and in an aggregate amount not exceeding 20% of the Project Funds, (ii) capital expenditures relating to the MST Project originally paid by the District or the County on or after the date hereof, (iii) interest on the Obligation (as defined in the SRF Loan Agreement) through the later of 3 years after the Applicable Date or 1 year after the MST Project is placed in service, and (iv) initial operating expenses directly associated with the MST Project in the aggregate amount not more than 5% of the Project Funds.
Expenditure of Proceeds. The Grant Recipient will expend the Grant Award (proceeds of the Bonds) for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Xxxx proceeds may be expended to pay, or reimburse the Grant Recipient for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
Expenditure of Proceeds. The Nonprofit will expend proceeds of the Bonds received from the County for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Bond proceeds may be expended to pay, or reimburse the Nonprofit for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
