Bond Proceeds. As of the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds; and (ii) demonstrated that such Bonds shall be issued within 30 days after Closing and the proceeds available to Developer within seven (7) days of the Bonds being issued; and, as of the Closing Date, Developer, exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceeds and available for Developer for the purposes set forth in this Agreement.
Bond Proceeds. On or before the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary to authorize the Bonds; and
Bond Proceeds. The Authority will apply the proceeds of the Bonds in accordance with the Indenture and as described in the Preliminary Official Statement and Official Statement
Bond Proceeds. As of the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds and have commenced the approval process for the MFB Project Bonds; (ii) demonstrated that such Bonds shall be issued and the Retail Bonds Proceeds shall be made available to Developer within fifteen (15) days after the Closing Date; and (iii) demonstrated that MFB Project Bonds are anticipated to be issued and the MFB Bond Proceeds are anticipated to be available within sixty (60) days of the Closing Date.”
Bond Proceeds. If and to the extent that funds are deposited into the Construction Fund under and as defined in the Tax-Exempt Bond Documents, the Borrower shall requisition funds from time to time in accordance with the provisions of the Tax-Exempt Bond Documents and shall cause such funds to be deposited into the Tax-Exempt Bond Proceeds Sub-Account and shall thereafter apply such amounts solely to the payment of Project Costs (subject to the conditions to disbursement set forth in Section 3.1 of the Depositary Agreement).
Bond Proceeds. The Issuer will cause the Trustee to deposit into the Owner Project Account the Initial Allocated Proceeds Amount less the Owner’s Proportionate Share of the costs of issuance of the Series [ ] Bonds.
Bond Proceeds. As of the Bond Proceeds Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds; and (ii) demonstrated that the Bond Proceeds shall be made available to Developer on or before the Bond Proceeds Date; and, as of the Bond Proceeds Date, Developer, exercising commercially reasonably discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceeds and available to Developer for the purposes set forth in this Agreement.
Bond Proceeds. On or before the Phase One Bond Proceeds Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Phase One Bond Proceed Portion; and (ii) demonstrated that such Phase One Bond Proceed Portion shall be issued and the proceeds available to Developer on or before the Phase One Bond Proceeds Date; and, as of the Phase One Bond Proceeds Date, Developer, exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceed Portion applicable to Phase One and available for Developer for the purposes set forth in this Agreement. Upon (x) receipt of a Bond Proceeds Notice for a subsequent Project Phase; (y) approval of Final Documents and Drawings for such subsequent Project Phase; and (z) demonstration that Developer has adequate funds to construct such subsequent Project Phase, City shall make available additional Bond Proceed Portions on or before the applicable Bond Proceeds Date consistent with the Funding Agreement
Bond Proceeds. In the event that the CFD and the Improvement Areas therein are formed and Bonds are issued on behalf of an Improvement Area, Romoland, or the CFD (as may be applicable), and Property Owner shall determine the amount of Bond Proceeds to be deposited into the PUHSD Facilities Account for the applicable Improvement Area. Property Owner shall be reimbursed by Perris for CFD 91-1 Special Tax Prepayments made to Perris prior to Bond issuance for 91-1 Lots in the applicable Improvement Area, up to the amount deposited into the PUHSD Facilities Account for the applicable Improvement Area and made available to Perris to finance PUHSD Facilities. To the extent amounts deposited into the PUHSD Facilities Account for the applicable Improvement Area exceed CFD 91-1 Special Tax Prepayments made by Property Owner to Perris prior to Bond issuance for 91-1 Lots in the applicable Improvement Area, Property Owner shall receive a credit for CFD 91-1 Special Tax Prepayments equal to the amount deposited into the PUHSD Facilities Account for the applicable Improvement Area that exceeds CFD 91-1 Special Tax Prepayments made by Property Owner to Perris prior to Bond issuance for 91-1 Lots in the applicable Improvement Area. The purpose of this Agreement is to provide a mechanism by which the CFD may levy Special Taxes within the Improvement Areas and issue Bonds on behalf of the Improvement Areas to provide a source of funds to finance PUHSD Facilities in lieu of CFD No. 91-1 Prepayments, or upon receipt of a credit for such CFD No. 91-1 Prepayments, such CFD No. 91-1 Prepayments agreed upon in lieu of School Fees. In the event that Bond Proceeds, including investment earnings thereon, are not available or sufficient to satisfy the obligation to make the CFD No. 91-1 Prepayments with respect to 91-1 Lot(s), then Property Owner shall remain obligated to make such CFD No. 91-1 Prepayments with respect to such 91-1 Lot(s) in order to receive Certificates of Compliance for such CFD No. 91-1 Lot(s).
Bond Proceeds. The Parties agree that, subject to the provisions of the City-URA Agreement, the net proceeds from the bond issuance described in Section 1 above shall be distributed as follows:
