Laserfiche WebLink
(ii) the denominator of which is the aggregate total actual hours of work for the Principal <br />User of all employees during the same taxable year. <br />(e) For purposes of these requirements, the Principal User may not rely on the <br />initial Employee Certification of any employee who is actually known by the Principal <br />User not to be a resident of the Qualified Empowerment Zone at the time of execution of <br />the certification. <br />(f) For purposes of these requirements, any employee who at the time of their <br />initial Employee Certification was a bona fide resident of the Qualified Empowerment <br />Zone and who later moves out of the Qualified Empowerment Zone is treated. as still <br />residing in the Qualified Empowerment Zone if. <br />(i) the employee continues to perform Substantially All of the <br />employee's services for the Principal User in the Qualified Empowerment Zone; <br />and <br />(ii) a resident of the Qualified Empowerment Zone is hired by the <br />Principal User for the next comparable (or lesser) position. <br />"Startup Period' means, with respect to any property being provided for any business, <br />the period before the first taxable year beginning more than 2 years after the later of (a) the Date <br />of Issuance or (b) the date such property is first placed in service (or if earlier, the date which is 3 <br />years after the Date of Issuance). <br />"Secretary" means the Secretary of the Treasury. <br />"Substantially All" means 85% or such other percentage as may later be specified in <br />§ 1.1394-1(1) of the Treasury Regulations. <br />"Substantial Portion" means (a) 85%, (b) such other percentage as may later be specified <br />in § 1397B of the Code or the related Treasury Regulations, or (c) such other percentage as.may <br />be approved by a written opinion of Bond Counsel. <br />"Tax Regulatory Agreement" means the Tax Regulatory Agreement for the Bonds, dated <br />as of the date hereof by and between the Owner, the Issuer and U.S. Bank Trust, National <br />Association. <br />"Testing Period' means the first 3 taxable years beginning after the Startup Period. <br />"Transfer" means any conveyance, transfer, assignment or any other disposition of the <br />Project. <br />06-4514.05 19 <br />