Volume Cap. The Authority and the Company represent that the Bond is subject to the private activity bond volume cap requirements of Section 146 of the Code. The Lieutenant Governor of the State of Washington has confirmed allocation of the 1997 private activity volume cap in the amount of $1,500,000.00 for the Project.
Volume Cap. The Issuer has carryforward of Arkansas state volume cap from the 2019 calendar year, plus Arkansas state volume cap from the 2020 calendar year in an amount equal to or greater than the aggregate principal amount of the portion of the Series 2020 Bonds for which an allocation of Arkansas state volume cap is required pursuant to the Code.
Volume Cap. For the volume cap sensitivity analysis, all GYPSY forecasts exceeding 600 m3/xx xxxxx merchantable volume (based on all species combined) were removed from the yield group average NSYTs. The intent of this sensitivity analysis was to eliminate the potential for unreasonably high volume projections.
Volume Cap. An allocation of volume cap is required concerning the Issue under Section 146 of the Code. The Issuer represents that $8,954,309 of the volume cap of the District of Columbia has been allocated to the Issue. This allocation is being made out of the carryforward volume cap allocations from 2010, which is shown on the Form 8328 (Carry Forward of Unused Election Private Activity Bond Volume Cap) filed for the Issuer. The Issuer has provided Bond Counsel with the certification by a District of Columbia official designated by District of Columbia law that the Issue satisfies Section 146 of the Code. The Issuer hereby elects to treat the entire amount of the Issue as being issued on the Issuance Date of the Issue for purposes of the Section 146 of the Code. The Issuer and the Borrower represent and covenant that all amounts available to be drawn down under the Bonds will be drawn down no later than December 31, 2016. To the best of the Issuer’s knowledge, such allocations have not been withdrawn, amended, revoked or suspended and remain in use full force and effect.
Volume Cap. In connection with any issuance of bonds, the Borrower will ensure that the Issuer has unexpired and unused allocation of private activity bond ceiling under section 146 of the Code in an amount sufficient to cover that bond issue.
Volume Cap. Pursuant to IRS Notice 2011 63, the Governmental Lender and the Borrower hereby elect to treat all of the Governmental Lender Note as issued on the Closing Date for purposes of Section 146 ofthe Code. Absent an Opinion of Counsel, no amount will be drawn on the Governmental Lender Note after December 31, 2014.
ARTICLE IV REPRESENTATIONS, CERTIFICATIONS, EXPECTATIONS AND COVENANTS OF THE GOVERNMENTAL LENDER AND THE BORROWER
Volume Cap. The Issuer represents that the Issuer has obtained an allocation of Arizona volume cap available under Section 146 of the Code, valid under applicable Arizona law, greater than or equal to the issue price of the Bonds, which the Issuer has irrevocably allocated to the Bonds. Evidence of this allocation is contained in item 2.1 of the transcript for the issuance of the Bonds.
