Construction Issue definition

Construction Issue means an issue at least 75% of the Available Construction Proceeds of which are to be used for Construction Expenditures with respect to property that is, or upon completion will be, owned by a Governmental Unit or a 501(c)(3) Organization. If an issue is a Multipurpose Issue that includes a New Money Portion, this definition shall be applied by substituting “New Money Portion” for “Construction Issue” each place the latter term appears. If an election under Section 148(f)(4)(C)(v) and Regulations §1.148-7(j) is made to bifurcate an issue or the New Money Portion of a Multipurpose Issue, this definition shall be applied by substituting “Construction Portion” for “Construction Issue” each place the latter term appears.

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Construction Issue means an issue at least 75 percent of the Available Construction Proceeds of which are to be used for Construction Expenditures with respect to property which is or is to be owned by a Governmental Unit or a 501(c)(3) Organization. If an election has been made in the Issuer’s Tax Compliance Certificate to bifurcate an issue or the New Money Portion, the Construction Portion (i.e., that portion of the issue or the New Money Portion which satisfies the 75 percent test stated in the preceding sentence and which finances 100% of the Construction Expenditures) is treated as the Construction Issue and the balance of the issue or the New Money Portion is treated as the Nonconstruction Portion.

Construction Issue means, the portion (if any) of the Obligations determined to be a Construction Issue for purposes of the section 148(f)(4)(C) of the Code, Treasury Regulations §1.148-7(e) and Section 4 hereof. With respect to any issue refunded by the Obligations, or which is a part of a series of issues refunded by the Obligations,

Examples of Construction Issue in a sentence

• For example, a Construction Issue may qualify for the 6-Month Spending Exception or the 18-Month Spending Exception even though the Issuer makes one or more elections under the 2-Year Exception with respect to the Issue.

• 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.

• Provide progress and cost information to support monthly progress reports under Task 3.5. Prepare weekly updated Construction Issue Log for distribution to the City and Design- Builder.

• This election does not apply for purposes of determining whether the Series 2014 Bonds is a Construction Issue if the 1-1/2 percent penalty in lieu of rebate election described in subsection (g)(4) of this Appendix is made.

• The Parties shall promptly and diligently cooperate with Referee, and shall perform such acts as may be necessary to obtain a prompt and expeditious resolution of the Construction Issue Dispute in accordance with the terms hereof.

• If a Construction Issue Dispute arises, the Parties’ will make all reasonable efforts to resolve it through informal discussions.

• If the Construction Issue Dispute is not resolved by the process outlined above, then the Developers shall file a timely ”claim” pursuant to the provisions of Government Code section 910 et seq.

• Any dispute regarding this Section shall be subject to the Construction Issue Dispute Resolution Process under Section 14.1.

• Upon the failure of a resolution under Section 14.1.2, said unresolved Construction Issue Dispute shall be submitted to the Referee.

• Use of the spending exceptions is not mandatory, except that where the Concessionaire, on behalf of the Issuer, elect to apply the 1-1/2 percent penalty (as described below) the Concessionaire, on behalf of the Issuer, must apply that penalty to the Construction Issue.

More Definitions of Construction Issue

Construction Issue means any issue that is not a refunding issue if

Construction Issue means the portion (if any) of the original obligations issued to finance an expenditure (the “original obligations”) determined in the Tax Certificate with respect to original obligations to be a “Construction Issue” for purposes of the section 148(f)(4)(C) of the Code and Treasury Regulations §1.148-7(e).

Construction Issue means the Note, so long as at least 75 percent of the Available Construction Proceeds of which are to be used for construction expenditures with respect to property which is or is to be owned by a Governmental Unit or a 501(c)(3) Organization.

Construction Issue means an issue at least 75 percent of the Available Construction Proceeds of which are to be used for Construction Expenditures with respect to property which is or is to be owned by a Governmental Unit or a 501(c)(3)

Construction Issue means for purposes of the Two -Year Construction Bond Exception to Rebate, any issue (or portion thereof) that is not a refunding issue in which all of the bonds are either (i) Governmental Bonds, (ii) Qualified 501(c)(3) Bonds, or (iii) Qualified Private Activity Bonds that finance property owned by a Governmental Unit or a Tax -Exempt Organization, if at least seventy-five percent (75 %) of the net proceeds of the issue are to be used, or are expected to be used if such an election has been made, for expenditures for construction, reconstruction and rehabilitation of property which is owned by a Governmental Unit or a Tax -Exempt Organization. A leased or managed facility will be considered owned by a Governmental Unit or a Tax -Exempt Organization if:

Construction Issue means any issue that is not a refunding issue if (i) the Issuer reasonably expects, as of the issue date, that at least 75 percent of the Available Construction Proceeds of the issue will be allocated to Construction Expenditures for property owned by a governmental unit or a 501(c)(3) organization and (ii) any private activity bonds that are part of the issue are qualified 501(c)(3) bonds or private activity bonds issued to finance property to be owned by a governmental unit or a 501(c)(3) organization.