Common use of General Requirements for Spending Exception Clause in Contracts

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion are spent in accordance with the following schedule: (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule: (5) For purposes of applying the 18-month and 2-year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date in the case of the 18-month exception or 3 years after the Issue Date in the case of the 2-year spending exception. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal the Principal Component of any Certificates is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, applicable are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6six-month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Available Construction Proceeds Spent (5) For purposes of applying the 18-month and 2-2 year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City Issuer uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-2 year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date (in the case of the 18-month exception exception) or 3 years after the Issue Date (in the case of the 2-2 year spending exceptiontest) after the Issue Date. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates Bonds is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Bonds are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Bonds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent 6 months 15% 12 months 60% 18 months (Final) 100% (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Available Construction Proceeds Spent 6 months 10% 12 months 45% 18 months 75% 24 months (Final) 100% (5) For purposes of applying the 18-month and 2-year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City Issuer uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Bonds or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-year spending exceptions only, the Certificates Bonds meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date in the case of the 18-month spending exception or 3 years after the Issue Date in the case of the 2-year spending exception. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Certificates are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Certificates are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent 6 months 15% 12 months 60% 18 months (Final) 100% (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Available Construction Proceeds Spent 6 months 10% 12 months 45% 18 months 75% 24 months (Final) 100% (5) For purposes of applying the 18-month and 2-2 year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility Facilities and the failure does not exceed the lesser of 3% of the aggregate issue price of the New Money Portion Certificates or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-2 year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date (in the case of the 18-month exception exception) or 3 years after the Issue Date (in the case of the 2-2 year spending exceptiontest) after the Issue Date. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates Bonds is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Bonds are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Bonds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent 6 months 15% 12 months 60% 18 months (Final) 100% (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Available Construction Proceeds Spent 6 months 10% 12 months 45% 18 months 75% 24 months (Final) 100% (5) For purposes of applying the 18-month and 2-year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City County uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Bonds or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-year spending exceptions only, the Certificates Bonds meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date in the case of the 18-month spending exception or 3 years after the Issue Date in the case of the 2-year spending exception. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Certificates are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6six-month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Certificates are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Available Construction Proceeds Spent (5) For purposes of applying the 18-month and 2-2 year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Certificates or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-2 year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date (in the case of the 18-month exception exception) or 3 years after the Issue Date (in the case of the 2-2 year spending exceptiontest) after the Issue Date. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates Bonds is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Bonds are spent within 6 six months following the Issue Dateissue date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-six month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion of the Bonds are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent 6 months 15% 12 months 60% 18 months (final) 100% (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule:[Reserved]. (5) For purposes of applying the 18-month and 2-2 year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility Facilities and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Bonds or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-2 year spending exceptions only, the Certificates Bonds meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date (in the case of the 18-month exception exception) or 3 years after the Issue Date (in the case of the 2-year spending exceptiontest) after the Issue Date. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal of any Certificates is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Certificates are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6six-month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Certificates are spent in accordance with the following schedule:: Time Period After the Issue Date Minimum Percentage of Adjusted Gross Proceeds Spent 6 months 15% 12 months 60% 18 months (Final) 100% (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule: (5) For purposes of applying the 18-month and 2-year spending exceptions exception only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility Property and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Certificates or $250,000. No such exception applies for any other spending period. (65) For purposes of applying the 18-month and 2-year spending exceptions exception only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date in the case of the 18-month exception or 3 years after the Issue Date in the case of the 2-year spending exceptionDate. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay the principal of any Certificates Certificate is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Certificates are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6six-month period, so long as this amount is spent within 1 one year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion Certificates are spent in accordance with the following schedule: (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule: (5) For purposes of applying the 18-month and 2-year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price of the New Money Portion Certificates or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date (in the case of the 18-month exception exception) or 3 years after the Issue Date (in the case of the 2-year spending exceptiontest) after the Issue Date. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds or Available Construction Proceeds to pay principal Principal Portions of any Certificates Basic Rent Payments is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion or the Refunding Portion, as applicable, Certificates are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date. (3) The 18-month spending exception generally is met if all Adjusted Gross Proceeds of the New Money Portion are spent in accordance with the following schedule: (4) The 2-year spending exception generally is met if all Available Construction Proceeds are spent in accordance with the following schedule: (5) For purposes of applying the 18-month and 2-year spending exceptions only, the failure to satisfy the final spending requirement is disregarded if the City uses due diligence to complete the Financed Facility and the failure does not exceed the lesser of 3% of the aggregate issue price the New Money Portion Certificates or $250,000. No such exception applies for any other spending period. (6) For purposes of applying the 18-month and 2-year spending exceptions only, the Certificates meet the applicable spending test even if, at the end of the final spending period, proceeds not exceeding a Reasonable Retainage remain unspent, so long as such Reasonable Retainage is spent within 30 months after the Issue Date in the case of the 18-month exception or 3 years after the Issue Date in the case of the 2-year spending exception. (7) Spending exceptions may be applied separately to the New Money Portion and the Refunding Portion of the Certificates.