Under the 2025 IFA, the County and the Purchaser will agree to a not to exceed amount of $703,647,000. However, under the terms of the 2025 IFA, the County is willing to limit the amount outstanding at any one time to a lesser, stated amount (the “Commitment Amount”). The County would then draw-down the Commitment Amount as needed pursuant to written disbursement requests completed by the County and provided to the Purchaser (“Advances”). At regular intervals, the County would issue limited obligation bonds to pay off all or a portion of the Advances at which point it would request a new Commitment Amount. Based on the estimated construction needs and timing for the School System projects as well as the County’s projected limited obligation bond issues, an estimated draw schedule is provided in Exhibit A. ..
