PID Bond Operations. The aggregate principal amount of PID Bonds to be issued shall not exceed $11,800,000, which shall be used to fund: (i) the actual costs of the Authorized Improvements, (ii) to the extent permitted by law, required reserves and capitalized interest during the period of construction and not more than twelve (12) months after the completion of construction of all Authorized Improvements covered by the PID Bond issue in question and in no event for a period greater than twenty-four (24) months from the date of the initial delivery of the PID Bonds, (iii) a PID reserve fund and administrative fund, and (iv) any costs of issuance for the PID Bonds; provided, however, that to the extent the law(s) which limit the period of capitalized interest to twelve (12) months after completion of construction change, the foregoing limitation may, with the agreement of the Parties, be adjusted to reflect the law(s) in effect at the time of future PID Bond issuances.
PID Bond Operations. The PID BONDS may be used to fund: (i) the actual costs of the AUTHORIZED IMPROVEMENTS, (ii) to the extent permitted by law, required reserves, additional interest, and capitalized interest during the period of construction and not more than twelve (12) months after the completion of construction of all AUTHORIZED IMPROVEMENTS covered by the PID BOND issue in question and in no event for a period greater than thirty-six (36) months from the date of the initial delivery of the PID BONDS, (iii) a PID reserve fund and administrative fund, and (iv) any costs of issuance for the PID BONDS; provided, however, that to the extent the law(s) which limit the period of capitalized interest to twelve (12) months after completion of construction change, the foregoing limitation may, with the agreement of the PARTIES, be adjusted to reflect the law(s) in effect at the time of future PID BOND issuances.
