51% yours.
$5B local.

After Labor Day, banks compete to manage all construction escrow and SWF accounts. The county participates directly in the selection process. The winning OCIO bank operates under independent fiduciary duty to stewards and cannot be directed by URBAL. The bank retains interest income if construction milestones are met on time and budget; missed milestones redirect that interest to URBAL.

The $100M 529 allocation is divided equally across every child currently enrolled in county public schools on Labor Day. Lawrence County example: 4,200 children × $285,714/child = $1.2B (larger raise scale). Accounts are custodial — children and families control them on majority. Any county government interference triggers a public 14-day clawback with no cure after the first warning.

The county receives $150M as a development fee at raise certification — before construction begins. This is not contingent on construction completion. It is paid from the 10% raise surcharge (3% of $5B = $150M). The fee goes to the county's general fund, a dedicated county escrow account, or as designated by the county at qualification.

The full $5B raise goes into construction escrow managed by the locally-selected OCIO bank. Construction draws are released against verified milestones to contractors operating within the county. The county's 51% stake means the county effectively directs the majority of the economic benefit from the entire construction cycle. This is a $5B injection into the local economy.

URBAL pays fair market value for all land at raise certification. The county contributes no capital, takes no land risk, and incurs no legal liability from the construction or operational phases. If the raise does not reach the threshold, every pledger receives a full refund and the county agreement terminates without penalty. There is no downside scenario that costs the county money.

The county receives a dedicated escrow account managed by the OCIO bank. The $150M development fee, the county's share of SPV distributions, and the 529 allocation flow into this account separately from construction funds. The county designates the account beneficiary at qualification. URBAL has no access to the county escrow.

The escrow is structured as a Section 115 sovereign instrumentality under the Internal Revenue Code — because the county holds 51% and the entity qualifies as an exercise of governmental function. Interest income on the $5B escrow is exempt from federal income tax. At 4.5% annual yield over a 12-month raise cycle, that is approximately $225M in tax-free interest. The county votes to route this yield across three options: (1) construction acceleration, (2) pro-rata credit to steward Sovereign Wealth Funds, or (3) supplemental county infrastructure. This yield is structurally unavailable to private developers. It exists only because the county is involved.

URBAL stewards hold Proprietary Lease Covenants — not deeds. There is no assessed value to tax with ad valorem property tax. In its place, PILOT activates in Year 8 of the town's operation. The rate is calculated once: county average property tax at the year of the raise, divided by 4. It is written to the immutable ledger at raise close and never recalculates. For a county with an $800/year average: PILOT = $0.0185/sqft/month. At 10M sqft of residential and commercial space, that is ~$5.5M/year to the county — automatic, perpetual, and requiring zero administrative overhead.

A full Bunch builds across 12 consecutive monthly raises. September through April: 8 human-settlement raises (7 towns, 1 city). May through August: 4 Terreno infrastructure raises (SMR energy, healthcare buildings, data, transport). Each raise independently must cross the $5B construction escrow threshold. All 12 escrows release simultaneously on Labor Day when the winning county is announced. If any single raise does not close, all 12 refund in full. The structure means the county receives nothing until everything is funded — and receives everything at once when it is.