Laserfiche WebLink
150 of the Code, or in Treasury Regulations (including temporary regulations) applicable to <br /> Section 148 of the Code, are used herein with the same meanings as applicable in such Sections <br /> of the Code or such Treasury Regulations. <br /> 1.4. Bond Year. The bond year for all Bonds means the 12 month period <br /> beginning on November 1 in any calendar year and ending on October 31 of the next succeeding <br /> calendar year; provided that the first bond year shall commence on the issue date described <br /> below. <br /> II. THE BONDS AND THE ISSUE <br /> 2.1 The Issue. The Bonds and the Series 2001B Bonds constitute the entirety <br /> of the issue of which they are a part. No other tax-exempt bonds that are reasonably expected <br /> to be paid from substantially the same source of funds as the Bonds, determined without regard <br /> to guarantees from unrelated parties, are being sold at substantially the same time as the sale of <br /> the Bonds (within 15 days of each other) pursuant to the same plan of financing. <br /> 2.2. Governmental Purposes of the Bonds. The governmental purpose for <br /> which the Bonds are being issued is to finance a portion of the costs of developing, acquiring, <br /> constructing and equipping a housing facility for the elderly composed of 62 independent senior <br /> rental units (the "Project"). Proceeds of the Bonds also will be used (i) to fund a Debt Service <br /> Reserve Fund, (ii)to pay the interest accruing on the Bonds during construction and lease-up of <br /> the Project, and (iii) to pay a portion of the costs of issuing the Bonds. <br /> 2.3. Private Activity Bond Status. The Bonds are being issued as "qualified <br /> 501(c)(3)bonds" in compliance with the requirements of Section 145 of the Code and thus will <br /> be qualified private activity bonds under Section 141(e)(G) the Code. <br /> 2.4. No Multipurpose Issue. No proceeds of the Bonds will be used to pay the <br /> principal, interest or redemption price of any other obligation of a state or political subdivision <br /> of a state within the meaning of Section 103(c)(1) of the Code or for any other purpose except <br /> as described in Section 2.2 hereof. Therefore,none of the Bonds will be part of a multipurpose <br /> issue. <br /> III. Yield On Bonds and Purpose Investment; Related Matters <br /> 3.1. Sale Date, Issue Date and Issue Price. <br /> (a) Sale Date. The sale date of all Bonds was , 2001, the first <br /> date on which there was a binding contract in writing for the sale of the Bonds. <br /> (b) Offering. All Bonds were sold by the Original Purchaser pursuant to <br /> a bona fide public offering within the meaning of the Code. <br /> -2- <br />