Two-Year Exception Sample Clauses

Two-Year Exception. Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within twenty-four (24) 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 twenty-four-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Two-Year Exception. A Construction Issue is treated as meeting the Rebate Requirement for Available Construction Proceeds under this exception if those proceeds are allocated to expenditures for governmental purposes of the Series 2014 Bonds in accordance with the following schedule (the “two-year expenditure schedule”), measured from the issue date: (1) at least 10 percent within six months; (2) at least 45 percent within one year; (3) at least 75 percent within 18 months; and (4) 100 percent within two years. The Series 2014 Bonds do not fail to satisfy the spending requirement for the fourth spending period above as a result of unspent amounts for Reasonable Retainage if those amounts are allocated to expenditures within three years of the issue date.
Sample 1
Two-Year Exception. Gross Proceeds of the Lease are treated as meeting the Rebate Requirement under the two-year exception if the following requirements are met: (i) the Lease issue is a qualified “construction issue” because 75 percent of “available construction proceeds” of the Lease issue is expected by the City to be expended on construction expenditures; and (ii) such Gross Proceeds are allocated to Expenditures for the purposes of such Lease issue in accordance with the following two-year expenditure schedule measured from the Date of Execution and Delivery of the Lease: (A) at least 10 percent within six months; (B) at least 45 percent within one year; (C) at least 75 percent within 18 months; and (D) 100 percent within two years, with an exception for reasonable retainage expended within three years. Any failure to satisfy the final spending requirement of the two-year 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 two-year 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 two-year exception is not available for any refunding portions of the Lease). The two-year exception is further described in Section 1.148-7(e) of the Regulations. The City should seek the advice of Bond Counsel or the Rebate Analyst in determining whether the requirements of the two-year exception have been satisfied.
Sample 1

Related to Two-Year Exception

  • Removal After Your Tax Filing Deadline If you are correcting an excess contribution after your tax filing deadline, including extensions, remove only the amount of the excess contribution. The six percent excess contribution penalty tax will be imposed on the excess contribution for each year it remains in the IRA. An excess withdrawal under this method will only be taxable to you if the total contributions made in the year of the excess exceed the annual applicable contribution limit.

  • Qualifying Period If a regular employee is promoted or transferred to a position, then that employee shall be considered a qualifying employee in her new position for a period of ninety (90) calendar days. If a regular employee is promoted or transferred to a position either within or outside the certification and is found to be unsatisfactory, she shall be returned to her previously held position. If a regular employee is promoted to a position, either within or outside the certification, and finds the position to be unsatisfactory, she shall be returned to her previously held position.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Protection Period The term “Protection Period” for purposes of this Agreement shall (subject to § 1.11(f)) mean the two (2) year period which begins on a Change in Control Date.

  • Retention Period The Engineer shall maintain all books, documents, papers, accounting records and other evidence pertaining to costs incurred and services provided (hereinafter called the Records). The Engineer shall make the records available at its office during the contract period and for seven (7) years from the date of final payment under this contract, until completion of all audits, or until pending litigation has been completely and fully resolved, whichever occurs last.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!