Commencement of Project. Prior to the adoption of the Inducement Resolution, no properties included in the Project, that are to be financed with the proceeds of the Bonds, had been acquired by the Company or any Related Person (as defined in the Code), and no physical work on the Project had been commenced by the Company or any Related Person, except to the extent permitted in such Inducement Resolution.
Appears in 3 contracts
Sources: Loan Agreement (York Water Co), Loan Agreement (York Water Co), Loan Agreement (York Water Co)