Common use of Use of Proceeds; Weighted Average Maturity Clause in Contracts

Use of Proceeds; Weighted Average Maturity. Each of the Authority and the City hereby represents and covenants that it will apply the proceeds of the 2015-A Bonds in a manner so that the weighted average maturity of the 2015-A Bonds does not exceed 120% of the average reasonably expected remaining economic life of the facilities financed or refinanced therewith (all determined in accordance with the provisions of section 147(b) of the Code).

Use of Proceeds; Weighted Average Maturity. Each of the Authority and the City hereby represents and covenants that it will apply the proceeds of the 20152016-A Bonds in a manner so that the weighted average maturity of the 20152016-A Bonds does not exceed 120% of the average reasonably expected remaining economic life of the facilities financed or refinanced therewith (all determined in accordance with the provisions of section 147(b) of the Code).

Use of Proceeds; Weighted Average Maturity. Each of the Authority and the City hereby represents and covenants that it will apply the proceeds of the 20152020-A Bonds in a manner so that the weighted average maturity of the 20152020-A Bonds does not exceed 120% of the average reasonably expected remaining economic life of the facilities financed or refinanced therewith (all determined in accordance with the provisions of section 147(b) of the Code).