Define the project.
Close the gaps.

A cap must survive the difficult cases

Define the deliverable

Require mature scope, independent estimates, schedule, contingencies, eligible uses and acceptance. Separate new investment from existing duties. Tie each draw to work certification, matching contributions and sufficient remaining funds. Allocate every overrun and change category explicitly.

Sources: August 12 City term sheet

The clocks do not all end together

SB 1501 §5 conditions issuance and specified tax transfers on the executed lease and sufficient local commitments. Local commitments therefore cannot simply be conditioned on bonds already existing in a way that defeats the statute. Use a legally coordinated closing with separately defined construction and disbursement gates.

SB 1501 §4 tax capture runs through the statutory period based on the later of lease expiration and debt payoff. A contract cannot alone end capture at payoff while a longer lease continues. The statutory quarterly reporting provision sunsets January 2, 2032, so permanent reporting must be contractual.

The law requires expert comparables work; it does not expressly require a separate published final-deal-terms report in the form the former Register demanded. That can be a new public approval requirement. December is a consequential local negotiating/administrative target, not a signing cliff written into SB 1501. State tranche authorizations and practical issuance lead time still constrain delay.

Sources: Enrolled SB 1501 · Enrolled SB 5701 · August 12 City term sheet

The public cap test

Specify maximum exposure by government, account, year and use, including financing, enabling work, utilities and administration. Preserve receipt-conditioned continuing support. A scope change or accounting label must not silently turn a ceiling into a guarantee.