Examples of Pledged Funds in a sentence
The City does hereby irrevocably pledge the Pledged Funds to the payment of the principal of and interest on the Note.
Neither the Board nor any third party over whom the Board or the City have control, will make any use of the proceeds of the Note or the Pledged Funds at any time during the term thereof which would cause the Note to be a "private activity bond" within the meaning of Section 103(b)(1) of the Code or "arbitrage bond" within the meaning of Section 103(b)(2) of the Code.
This Note shall not constitute a lien upon the Project (as defined in the Agreement), or upon any property of or in the City, but shall be payable solely from the Pledged Funds in the manner provided in the Agreement.
If, at any time the City shall have paid the principal and interest with respect to the Note and all costs and expenses of the Lender payable under this Agreement, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the Lender shall be no longer in effect and the City shall have no further obligation to comply with the covenants contained in Section 10 hereof, other than the covenant contained in paragraph (A) of Section 10.
The payment of the principal of and interest on the Note shall be secured forthwith, by a lien upon and a pledge of the Pledged Funds.