Common use of Applicable Spending Exceptions Clause in Contracts

Applicable Spending Exceptions. (1) The City expect 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 Certificates: (a) 6-month Exception (Code § 148(f)(4)(B) and Regulations § 1.148-7(c)) (b) 18-month Exception (Regulations § 1.148-7(d)). (c) 2-year Exception (Code § 148(f)(4)(C) and Regulations § 1.148-7(e)).

Applicable Spending Exceptions. (1) The 2-year spending exception is unavailable for the Certificates because the City does not expect 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 Certificates: (aA) 6-month Exception (Section 148(f)(2)(B) of the Code § 148(f)(4)(Band Section 1.148- 7(c) and Regulations § 1.148-7(c)of the Regulations) (bB) 18-month Exception (Regulations § 1.148Section 148-7(d)) of the Code). (c) 2-year Exception (Code § 148(f)(4)(C) and Regulations § 1.148-7(e)).