Examples of Financed Facilities in a sentence
On September 17, 2007, the City adopted Resolution No. 3620 (the “Resolution”) wherein the City expressed its official intent to issue a maximum principal amount of $19,300,000 of bonds to finance or refinance costs of the Financed Facilities, and to reimburse the City for expenditures made for the Financed Facilities prior to the issuance of such obligations.
The components of the Financed Facilities are generally described as: ITEM DESCRIPTION 4 5 6 7 8 9 10 11 12 13 14 15 18 The above referenced items generally include grading, demolition, paving, curbs, gutters, signage, storm drainage and landscaping, signalization, and improvements related to all of the foregoing.
At least 85% of the net sale proceeds of the Bonds will be allocated to expenditures on the Financed Facilities within three years after the Issue Date.
More than 10% of the proceeds of the Bonds, and more than 10% of the Financed Facilities, will be used in a Non-Qualified Use.
The completion of the Financed Facilities and the allocation of the net sale proceeds of the Bonds to expenditures will proceed with due diligence.