General Obligation Bonds. General obligation bonds are typically secured by the issuer's pledge of faith, credit and taxing power for the repayment of principal and the payment of interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity's creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state's industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state's or entity's control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base.
General Obligation Bonds. The basic security behind general obligation bonds is the issuer's pledge of its full faith and credit and taxing, if any, power for the repayment of principal and the payment of interest. Issuers of general obligation bonds include states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The rate of taxes that can be levied for the payment of debt service on these bonds may be limited or unlimited. Additionally, there may be limits as to the rate or amount of special assessments that can be levied to meet these obligations.
General Obligation Bonds. General obligation bonds are typically secured by the issuer’s pledge of its faith, credit and taxing power for the repayment of principal and the payment of interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer’s maintenance of its tax base. Revenue Bonds. Revenue or special obligation bonds are typically payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue sources such as payments from the user of the facility being financed. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source. Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds.
General Obligation Bonds. Each party shall be responsible for any general obligation bonds it issues or has issued for acquisition of equipment, real property, and improvements for the benefit of emergency services.
General Obligation Bonds. All Bond Proceeds disbursed to LIP pursuant to this Agreement (including both the Eligible Share and the Administrative Share) are derived from the sale of voter-approved general obligation bonds that are to be repaid using ad valorem property taxes exempt from the limitations of Article XI, sections 11 and 11b of the Oregon Constitution. LIP covenants and agrees that it will take no actions that would adversely affect the validity of the Bonds or cause Metro not to be able to levy and collect the real property taxes imposed to repay these bonds, which are exempt from Oregon’s constitutional property tax limitations. LIP further covenants and agrees that (a) all Bond Proceeds disbursed hereunder will be used only to pay for or reimburse costs that are of a type that are properly chargeable to a Capital Costs (or would be so chargeable with a proper election) to comply with the Oregon Constitution and other applicable laws with respect to the permitted expenditure of general obligation bond proceeds; and (b) within ten (10) days of the event, LIP will disclose to Metro any events that are required to be included in Metro’s continuing disclosure obligations as the issuer of the general obligation bonds. If LIP breaches the foregoing covenants, LIP will immediately undertake whatever remedies or other action may be necessary to cure the default and to compensate Metro for any loss it may suffer as a result thereof, including, without limitation, repayment to Metro of Project Funds.
General Obligation Bonds. (One of the following two boxes should be marked. If the second box is marked, then the blanks should be completed.) Either: □ General Obligation Bonds have not been issued. □ General Obligation Bonds have been issued, and the following information relates to those Bonds: The amount of general obligation bonds that that are outstanding is ($ ) The amount of annual debt service on outstanding general obligation bonds is ($ ). The maximum rate and amount of property taxes that may be imposed upon the property in the district are limited only by the amount of of debt outstanding. The estimated or projected annual mill levy or special levy per one thousand dollars ($1,000) of assessed value as of the date of this disclosure statement is $ . This estimated levy or rate may be increased by the Public Improvement District board when necessary to meet debt obligations.
General Obligation Bonds. (Dedicated Unlimited Ad Valorem Property Tax Bonds) (Election of 2012, Series G) (Supplementing the Paying Agent Agreement dated as of August 1, 2010) TABLE OF CONTENTS ARTICLE XLVI DEFINITIONS; EQUAL SECURITY Page Section 46.01. Definitions 2 Section 46.02. Rules of Construction 4 ARTICLE XLVII THE BONDS Section 47.01. Authorization of Bonds 4 Section 47.02. Terms of Bonds 4 Section 47.03. Execution of Bonds 6 Section 47.04. Authentication of Bonds 6 Section 47.05. Registration Books 7 Section 47.06. Transfer and Exchange of Bonds 7 Section 47.07. Book-Entry System 7 Section 47.08. Bonds Mutilated, Lost, Destroyed or Stolen 9 Section 47.09. Temporary Bonds 9 ARTICLE XLVIII ISSUANCE OF BONDS; APPLICATION OF PROCEEDS Section 48.01. Issuance of Bonds 10 Section 48.02. Application of Proceeds 10 ARTICLE XLIX REDEMPTION OF BONDS Section 49.01. Redemption of Bonds 10 Section 49.02. Notice of Redemption 10 Section 49.03. Rescission of Notice of Redemption 11 Section 49.04. Selection of Bonds for Redemption 11 Section 49.05. Partial Redemption of Bonds 11 Section 49.06. Effect of Notice of Redemption 11 ARTICLE L FLOW OF FUNDS; INVESTMENTS Section 50.01. Interest and Sinking Fund Accounts 12 Section 50.02. Bond Payment Fund 12 Section 50.03. Rebate Fund 12 Section 50.04. Investment of Moneys 12 TABLE OF CONTENTS Page ARTICLE LI COVENANTS Section 51.01. Payment of Principal and Interest 12 Section 51.02. Levy of Taxes for Payment of Bonds; Sinking Fund Deposits 13 Section 51.03. Tax Covenants 13 ARTICLE LII MISCELLANEOUS Section 52.01. Consent of Bondholders 13 Section 52.02. Terms of the Bonds Subject to the Paying Agent Agreement 14 Section 52.03. Effective Date of [Sixth] Supplemental Paying Agent Agreement 14 Section 52.04. Execution in Counterparts 14 EXHIBIT A FORM OF BOND EXHIBIT B FEE SCHEDULE [SIXTH] SUPPLEMENTAL PAYING AGENT AGREEMENT THIS [SIXTH] SUPPLEMENTAL PAYING AGENT AGREEMENT (this “[Sixth] Supplemental Paying Agent Agreement”), dated as of [October] 1, 2015, is by and between the SAN DIEGO UNIFIED SCHOOL DISTRICT, a school district organized and existing under the laws of the State of California (the “District”) and the COUNTY OF SAN DIEGO through the Office of the TREASURER-TAX COLLECTOR of the County, as paying agent (the “Paying Agent”).
General Obligation Bonds. Under Division III of Chapter 384 and Chapter 403 of the Code of Iowa, the City has the authority to issue and sell general obligation bonds for specified essential and general corporate purposes, including the acquisition and construction of certain public improvements within the Area and for other urban renewal projects or incentives for development consistent with this Plan. Such bonds are payable from the levy of unlimited ad valorem taxes on all the taxable property within the City of Riverdale. It may be, the City will elect to xxxxx some or all of the debt service on these bonds with incremental taxes from this Area. The City may also determine to use tax increment financing to provide incentives such as cash grants, loans, tax rebates, or other incentives to developers or private entities in connection with the urban renewal projects identified in this Plan. In addition, the City may determine to issue general obligation bonds, tax increment revenue bonds or such other obligations, or loan agreements for the purpose of making loans or grants of public funds to private businesses located in the Area for urban renewal projects. Alternatively, the City may determine to use available funds for making such loans or grants or other incentives related to urban renewal projects. In any event, the City may determine to use tax increment financing to reimburse the City for any obligations or advances.
General Obligation Bonds. This PAYING AGENT AGREEMENT (this “Agreement”), dated as of July 1, 2022 is between OXNARD SCHOOL DISTRICT, a school district (the “District”) of Ventura County (the “County”) organized and existing under the laws of the State of California (the “State”) and U.S. Bank Trust Company, National Association, as agent for the County, the paying agent for the bonds described herein (the “Paying Agent”).
General Obligation Bonds. The Design-Builder may withdraw retainage monies in whole or in part by providing a general obligation bond of the State or its political subdivisions suitable to the Department. The Design-Builder shall endorse over to the Department and deposit with the Department any general obligation bond suitable to the Department, but in no case with a face value less than the value established by law, of the amount to be withdrawn. The Department may sell the bond and use the proceeds in the same way as it may use monies directly retained from progress payments or the final payment.
