Construction issue Sample Clauses

Construction issue. At least 75 percent of the Available Construction Proceeds are to be used for Construction Expenditures with respect to property that is to be owned by a governmental unit. “Available Construction Proceeds” with respect to the Lease means the amount equal to the Issue Price of the Improvement Portion of the Lease plus Investment Proceeds thereof and less Costs of Issuance allocable to the Improvement Portion of the Lease. “Construction Expenditures” means Capital Expenditures that are allocable to the cost of real property or constructed personal property and do not include expenditures for acquisitions of interests in land or other existing real property.

Construction issue. The portion, if any, of the Bonds allocable to Construction Expenditures is referred to herein as the “Construction Issue.” “Construction Expenditures” means Capital Expenditures that are allocable to the cost of real property or constructed personal property and do not include expenditures for acquisitions of interests in land or other existing real property. The Borrower reasonably expects that least 75 percent of the Available Construction Proceeds of the Construction Issue are to be used for Construction Expenditures with respect to property that is to be owned by a governmental unit or entity described in Section 501(c)(3) of the Code. “Available Construction Proceeds” with respect to the Construction Issue means the amount equal to the Issue Price of the Construction Issue plus Investment Proceeds thereof (except Investment Proceeds allocable to the Proceeds deposited to the Debt Service Reserve Fund) and less Costs of Issuance allocable to the Construction Issue and paid from Proceeds of the Construction Issue.

Construction issue. For purposes of this Section 14.1, disputes arising from the following shall be considered “Construction Issue Disputes”: 14.1.1.1 Change Order Requests;