Common use of Applicable Spending Exceptions Clause in Contracts

Applicable Spending Exceptions. (1) The City expects that at least 75% of the Available Construction Proceeds will be used for construction or rehabilitation expenditures for property owned by the City. (2) The following optional rebate spending exceptions can apply to the New Money Portion and the Refunding Portion: • 6-month spending exception (Code § 148(f)(4)(B) and Regulations § 1.148-7(c)). • 18-month spending exception (Regulations § 1.148-7(d)). • 2-year spending exception (Code § 148(f)(4)(C) and Regulations § 1.148-7(e)). R efunding Portion: • 6-month spending exception (Code § 148(f)(4)(B) and Regulations § 1.148-7(c)). (3) The City expects to earn approximately $ in investment earnings on proceeds of the New Money Portion in the Project Fund.