Laserfiche WebLink
A Reimbursement Allocation satisfies clause (c) if the Reimbursement Allocation was <br />made from Proceeds of a series of obligations issued after June 30, 1993 and either <br />subclause (i) or (ii) is satisfied. <br />Subclause (i) is satisfied if: <br />The Capital Expenditure reimbursed was paid after September 8, 1989 and before March <br />2, 1992; <br />There is objective evidence that, at the time the Capital Expenditure was paid by the City <br />(except Preliminary Expenditures), the City expected to reimburse such Capital <br />Expenditure with Proceeds of a borrowing (whether taxable or tax - exempt); <br />The expectation stated in subclause (i)(2) was reasonable by being consistent with the <br />budgetary and financial circumstances of the City; and <br />The Reimbursement Allocation occurred or will occur within 18 months after the later of <br />the date the original expenditure was paid or the date the project financed by such <br />expenditure was placed in service or abandoned, but in no event more than 3 years after <br />the original expenditure was paid. <br />Subclause (ii) is satisfied if: <br />The Capital Expenditure was paid after March 1, 1992; <br />Within 60 days after payment of the original expenditure (except Preliminary <br />Expenditures), the City adopted an official intent for the original expenditure that <br />satisfies Regulations § 1.150 -2(e); and <br />The Reimbursement Allocation occurred or will occur within 18 months after the later of <br />the date the original expenditure was paid or the date the project financed by such <br />expenditure was placed in service or abandoned, but in no event more than 3 years after <br />the original expenditure was paid. <br />"Replacement Proceeds" means with respect to a series of obligations amounts (including <br />any investment income but excluding any Proceeds of that issue) replaced by Proceeds of that <br />issue tinder Section 148(x)(2). Replacement Proceeds include amounts, other than Proceeds, held <br />in a sinking fund, pledged fund or reserve or replacement fund for the series of obligations. <br />"Rule 15c2 -12" means Rule 15c2 -12 promulgated by the Securities and Exchange <br />Commission pursuant to the Securities Exchange Act of 1934, as amended. <br />"Sale Date" means with respect to a series of obligations (or a portion of a series of <br />obligations) the first date upon which there is a binding contract in writing with the City for the <br />sale and purchase of the series of obligations (or of respective obligations of the series of <br />obligations if sold by the City on different dates) on specific terms that are not later modified or <br />adjusted in any material respect. <br />WWA <br />