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BSPII Project Phase 2 ePAConstruction Phase <br /> Includes expenditures from Financial Close to <br /> Commercial Operation Date ( COD ) <br /> Engineering <br /> Procurement <br /> Construction <br /> With the all permits " in - hand ", CMMPA will <br /> secure permanent financing <br /> Projects such as BSPII have the ability to finance the <br /> interest During Construction (IDC) <br /> In other words, borrow with no orincinal or interest pa ments <br /> until commercial operation <br /> The projected interest cost during construction will be projected <br /> and the amount of bonds issued will be grossed-up such that <br /> bond proceeds are used to make interest payments <br /> During the construction phase, participants <br /> will not have to be assessed costs until after <br /> the Commercial Operation Date (COD ) <br /> Unless they elect to pay for Interest During Construction (IDC) <br /> 10 <br />