Examples of New Money Project in a sentence
Please complete the attached worksheets for the New Money Project so that every asset to be financed is included in the worksheets, either individually or together with similar assets.
Please provide the dates of actual or expected commencement and completion of construction of the New Money Project.
NAME OF SCHOOL DISTRICT: WORKSHEET: New money ASSETS #1Allocation of Proceeds to New Money Assets (1) Total Cost of New Money Project: $______________.
Other TOTAL _______________1 Note that this figure may be the same as the total cost of New Money Project in question (1) above.2 Pursuant to I.R.C. Section 147(b)(3)(B), land is not taken into account in determining economic life, unless 25% or more of net proceeds is to be used to finance land.
The Rental Payments related to the New Money Project and any amounts issued to pay costs of issuance shall have a true interest cost not to exceed 5.5% per annum (exclusive of "Supplemental Interest" as provided in the Financing Lease and taking into account any original issue discount or premium).
The Rental Payments shall be composed of principal and interest components reflecting (1) for the New Money Project, an original aggregate principal amount not to exceed $7,235,000 (exclusive of amounts needed to finance costs of issuance), (2) for the Refunding Project, an amount necessary to refund the Refunded Bonds, and (3) amount sufficient to pay costs of issuance.
The Rental Payments related to the New Money Project shall have a final payment not later than the end of the fiscal year that is 21 years after the date of the Financing Lease.
The Borrowers will obtain when needed all other Consents required for the performance of its obligations under the Financing Instruments, and for the operation of the Facilities and the undertaking of the New Money Project and has no reason to believe that all such Consents cannot be promptly obtained when needed.
The property for which the original expenditure may be fully or partially reimbursed from bond proceeds consists of the New Money Project described in Section 2 of the Ordinance.
The Authority hereby finds that the refunding of the Series 2017A Bond and the Series 2017B Bond and the financing of the New Money Project, are advisable and in furtherance of the purposes for which the Authority was organized and will serve the purposes of the Act.