Construction Issue definition

Construction Issue means an issue at least 75% of the Available Construction Proceeds of which are to be used for Construction Expenditures with respect to property that is, or upon completion will be, owned by a Governmental Unit or a 501(c)(3) Organization. If an issue is a Multipurpose Issue that includes a New Money Portion, this definition shall be applied by substituting “New Money Portion” for “Construction Issue” each place the latter term appears. If an election under Section 148(f)(4)(C)(v) and Regulations §1.148-7(j) is made to bifurcate an issue or the New Money Portion of a Multipurpose Issue, this definition shall be applied by substituting “Construction Portion” for “Construction Issue” each place the latter term appears.
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Construction Issue means an issue at least 75 percent of the Available Construction Proceeds of which are to be used for Construction Expenditures with respect to property which is or is to be owned by a Governmental Unit or a 501(c)(3) Organization. If an election has been made in the Issuer’s Tax Compliance Certificate to bifurcate an issue or the New Money Portion, the Construction Portion (i.e., that portion of the issue or the New Money Portion which satisfies the 75 percent test stated in the preceding sentence and which finances 100% of the Construction Expenditures) is treated as the Construction Issue and the balance of the issue or the New Money Portion is treated as the Nonconstruction Portion.
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Construction Issue means, the portion (if any) of the Obligations determined to be a Construction Issue for purposes of the section 148(f)(4)(C) of the Code, Treasury Regulations §1.148-7(e) and Section 4 hereof. With respect to any issue refunded by the Obligations, or which is a part of a series of issues refunded by the Obligations,
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Examples of Construction Issue in a sentence

  • The Issuer (at the direction of the Concessionaire) of a Construction Issue may irrevocably elect on or before the issue date to pay a penalty (the “1-1/2 percent penalty”) to the United States of America in lieu of the obligation to pay the rebate amount on Available Construction Proceeds upon failure to satisfy the spending requirements of the two-year expenditure schedule.

  • This election does not apply for purposes of determining whether the Series 2014 Bonds is a Construction Issue if the 1-1/2 percent penalty in lieu of rebate election described in subsection (g)(4) of this Appendix is made.

  • 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.

  • Use of the spending exceptions is not mandatory, except that where the Concessionaire, on behalf of the Issuer, elect to apply the 1-1/2 percent penalty (as described below) the Concessionaire, on behalf of the Issuer, must apply that penalty to the Construction Issue.

  • Separate purposes include refunding a separate prior issue, financing a separate Purpose Investment (e.g., a separate loan), financing a Construction Issue, and any clearly discrete governmental purpose reasonably expected to be financed by the issue.

  • If none of the Spending Exceptions described above is satisfied (and if the 1 1/2% penalty election for a Construction Issue or the Construction Portion of a Bifurcated Issue has not been made), then within 45 days after each Computation Date, the Issuer shall compute, or cause to be computed, the Rebate Amount as of such Computation Date.

  • For example, a Construction Issue may qualify for the 6-Month Spending Exception or the 18-Month Spending Exception even though the Issuer makes one or more elections under the 2-Year Exception with respect to the Issue.

  • If the Construction Issue Dispute is not resolved by the process outlined above, then the Developers shall file a timely ”claim” pursuant to the provisions of Government Code section 910 et seq.

  • The Parties shall promptly and diligently cooperate with Referee, and shall perform such acts as may be necessary to obtain a prompt and expeditious resolution of the Construction Issue Dispute in accordance with the terms hereof.

  • Any dispute pursuant to this Section shall be subject to the Construction Issue Dispute process set forth in Article 14.


More Definitions of Construction Issue

Construction Issue means the portion (if any) of the original obligations issued to finance an expenditure (the “original obligations”) determined in the Tax Certificate with respect to original obligations to be a “Construction Issue” for purposes of the section 148(f)(4)(C) of the Code and Treasury Regulations §1.148-7(e).
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Construction Issue means any issue that is not a refunding issue if
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Construction Issue means for purposes of the Two -Year Construction Bond Exception to Rebate, any issue (or portion thereof) that is not a refunding issue in which all of the bonds are either (i) Governmental Bonds, (ii) Qualified 501(c)(3) Bonds, or (iii) Qualified Private Activity Bonds that finance property owned by a Governmental Unit or a Tax -Exempt Organization, if at least seventy-five percent (75 %) of the net proceeds of the issue are to be used, or are expected to be used if such an election has been made, for expenditures for construction, reconstruction and rehabilitation of property which is owned by a Governmental Unit or a Tax -Exempt Organization. A leased or managed facility will be considered owned by a Governmental Unit or a Tax -Exempt Organization if:
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Construction Issue means any issue that is not a refunding issue if (i) the Issuer reasonably expects, as of the issue date, that at least 75 percent of the Available Construction Proceeds of the issue will be allocated to Construction Expenditures for property owned by a governmental unit or a 501(c)(3) organization and (ii) any private activity bonds that are part of the issue are qualified 501(c)(3) bonds or private activity bonds issued to finance property to be owned by a governmental unit or a 501(c)(3) organization.
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Construction Issue means any issue if
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Construction Issue means the Note, so long as at least 75 percent of the Available Construction Proceeds of which are to be used for construction expenditures with respect to property which is or is to be owned by a Governmental Unit or a 501(c)(3) Organization.
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Related to Construction Issue

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Construction industry means the work activity designated in sector group 23 - construction of the North American classification system - United States Office of Management and Budget, 1997 edition.

  • Construction Work means any work in connection with⎯

  • construction site means a workplace where construction work is being performed;

  • Construction Completion means physical construction of a cleanup action component is complete.

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • Construction Manager means a competent person responsible for the management of the physical construction processes and the coordination, administration and management of resources on a construction site;

  • Construction means any physical change or change in the method of operation (including fabrication, erection, installation, demolition, or modification of an emissions unit) which would result in a change in actual emissions.

  • Constructional Plant means all appliances or things whatever nature required in or about the execution, completion or maintenance of the works or temporary works (as hereinafter defined) but does not include materials or other things intended to form or forming part of the permanent work or temporary housing, hutting, office, stores, etc.,

  • Construction activity means any clearing, grading or excavation associated with large construction activity or associated with small construction activity.

  • Construction Works means all works and things necessary to complete the Project in accordance with this Agreement;

  • Construction Contractor means a person who undertakes to or offers to undertake to, or purports to have the capacity to undertake to, or submits a bid to, or does himself or by or through others, construct, alter, repair, add to, subtract from, improve, move, wreck, or demolish any building, highway, road, railroad, excavation, or other structure, project, development, or improvement to real property, or to do any part thereof. "Construction contractor" includes subcontractors, specialty contractors, prime contractors, and any person receiving consideration for the general supervision and/or coordination of such a construction project except for remediation contracting. This definition shall govern without regard to whether or not the construction contractor is acting in fulfillment of a contract.

  • Construction Change Directive means a written order prepared by Owner Parties and signed by Owner directing Contractor to perform a change in the Work prior to agreeing to a change, if any, to the Contract Time, schedule of performance of the Work, Contract Sum, or Contractor’s compensation.

  • Construction Plans means plans, drawings, specifications and related documents, and construction schedules for the construction of the Project, together with all supplements, amendments or corrections, submitted by the Developer and approved by the City in accordance with this Agreement.

  • Construction Contract or “contract” means a written agreement between a contractor and a public agency for the construction, alteration, demolition, or repair of a facility, other than a contract having a dollar value of less than $30,000.00 or a contract that provides for 3 or fewer payments.

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.