Common use of Rate Stabilization Fund Clause in Contracts

Rate Stabilization Fund. (i) The District has created the Sewer Rate Stabilization Fund, which funds the District agrees and covenants to maintain and to hold separate and apart from other funds so long as any Installment Payments remain unpaid. If and when the District creates the Water Stabilization Fund, the District agrees and covenants to maintain and to hold it separate and apart from other funds so long as any Installment Payments remain unpaid. Money transferred by the District from the Revenue Fund to the respective Rate Stabilization Fund in accordance with this section shall be held in such Rate Stabilization Fund and applied in accordance with this Installment Purchase Agreement. (ii) The District may withdraw all or any portion of the amounts on deposit in the Rate Stabilization Fund and transfer such amounts to the related Revenue Fund for application in accordance with clause (iii) below. Amounts transferred from the Rate Stabilization Fund to the related Revenue Fund pursuant to this section during or within 270 days after a Fiscal Year may be taken into account as Revenues for purposes of the calculations in Sections 4.07 and 4.08 in such Fiscal Year. (iii) All Revenues not required to be withdrawn pursuant to the provisions 4.06(c) above shall be used for expenditure for any lawful purpose of the District. From time to time the District may deposit in the related Rate Stabilization Fund, from remaining Net Revenues described in this subsection (d) or other available funds of the District, such amounts as the District shall determine. The District may withdraw amounts from the Rate Stabilization Fund: (i) for transfer to the related Revenue Fund for inclusion in related Revenues for any Fiscal Year; or (ii) for any other lawful use of the District. All interest or other earnings upon deposits in the Rate Stabilization Fund shall be withdrawn therefrom and accounted for as related Revenues.

Rate Stabilization Fund. (i) The District has created shall maintain and hold a separate fund known as the Sewer “Rate Stabilization Fund, ,” which funds the District agrees and covenants to maintain and to hold separate and apart from other funds so long as any Installment Payments remain unpaidfund is hereby established. If and when the District creates the Water Stabilization Fund, the District agrees and covenants to maintain and to hold it separate and apart from other funds so long as any Installment Payments remain unpaid. Money transferred by the District from the Revenue Fund to the respective Rate Stabilization Fund in accordance with this section shall be held in such Rate Stabilization Fund and applied in accordance with this Installment Purchase Agreement. (ii) The District may withdraw all or any portion of the amounts on make an initial deposit in to the Rate Stabilization Fund concurrently with the execution and transfer such amounts to delivery of this Agreement in the related Revenue Fund for application in accordance with clause (iii) below. Amounts transferred from the Rate Stabilization Fund to the related Revenue Fund pursuant to this section during or within 270 days after a Fiscal Year may be taken into account as Revenues for purposes amount of the calculations in Sections 4.07 and 4.08 in such Fiscal Year. (iii) All Revenues not required to be withdrawn pursuant to the provisions 4.06(c) above shall be used for expenditure for any lawful purpose of the District$ . From time to time the District may deposit in the related Rate Stabilization Fund, Fund from remaining Net Current Revenues described in this subsection (d) or other available funds of the District, such amounts as the District and the Authority shall determine, provided that deposits for each Fiscal Year may be made until (but not after) one hundred fifty (150) days following the end of such Fiscal Year. The District may withdraw amounts from the Rate Stabilization Fund: (i) Fund for transfer to the related Revenue Operations Fund in accordance with Section 3.05 hereof, for inclusion in related Revenues for any Fiscal Year; or , such withdrawals to be made until (iibut not after) for any other lawful use one hundred fifty (150) days after the end of the Districtsuch Fiscal Year. All interest or other earnings upon on deposits in the Rate Stabilization Fund shall be withdrawn therefrom and accounted for as related Current Revenues. Notwithstanding the foregoing, no deposit of Current Revenues to the Rate Stabilization Fund may be made to the extent such Current Revenues were included in an engineer’s or accountant’s certificate submitted in accordance with Section 4.01 hereof and withdrawal of the Current Revenues to be deposited in the Rate Stabilization Fund from Revenues employed in rendering said engineer’s or accountant’s certificate would cause noncompliance with Section 4.01.