Excess Bond Proceeds definition

Excess Bond Proceeds means Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on an approved ROPS.

Excess Bond Proceeds means up to $800,000 of the proceeds derived from the sale of the Bond, but in no case an amount greater than the amount not disbursed under Section 7(b) of the Escrow Deposit Agreement because of the Borrower's inability to provide acceptable collateral pursuant to the terms of such Section 7(b). The Bond is subject to mandatory redemption, in whole but not in part, at its principal amount plus accrued interest to the date of redemption upon occurrence of any of the following events: (a) all or substantially all the Building (as defined in the Loan Agreement) shall have been damaged or destroyed to such extent that in the reasonable opinion of the Holder, the repair and restoration of the Building or use of a replacement building is economically not practicable or cannot be accomplished within twelve months, or (b) there occurs the condemnation of all or substantially all the Facility (as defined in the Loan Agreement) or the taking by eminent domain of such use or control of the Facility as to render it unsatisfactory to the Borrower for its intended use for a period of time longer than twelve months and the Borrower does not commence operations in a replacement Facility satisfactory to the Borrower within twelve months. Notice of redemption with respect to the Bond shall be mailed first-class, postage prepaid, not less than thirty days prior to the redemption date, to each holder of the Bond to be redeemed. If less than all the Bond is subject to redemption, the Borrower shall determine and designate the principal of the Bond to be redeemed.

Excess Bond Proceeds means Bond Proceeds that are not needed to satisfy Enforceable Obligations (other than this Agreement) approved on a ROPS. As of the date of this Agreement, the Remaining Bond Proceeds qualify as Excess Bond Proceeds.

Examples of Excess Bond Proceeds in a sentence

• The City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent (or allocated to expenditures) in accordance with all covenants of the 2008 Bonds and other applicable laws.

• The City shall retain any Excess Bond Proceeds that it receives, such as revenue generated from properties acquired or improved with Excess Bond Proceeds or payments on loans funded from Excess Bond Proceeds, without any obligation to return such funds to the Successor Agency, and shall use or allocate such funds for uses consistent with applicable covenants of the 2008 Bonds.

• Notwithstanding anything to the contrary in this Agreement, the City shall spend or allocate Excess Bond Proceeds consistent with all covenants of the 2008 Bonds applicable to the particular Excess Bond Proceeds.

• The City hereby assumes all contracts entered into or assumed by the Successor Agency post dissolution or entered into by the former Agency pre-dissolution related to the expenditure of Excess Bond Proceeds and any activities to be funded by Excess Bond Proceeds, with the exception of those contracts relating to Enforceable Obligations, which shall be retained by the Successor Agency.

• The City shall accept, hold, disburse and administer Excess Bond Proceeds transferred to the City by the Successor Agency under this Agreement, including current Excess Bond Proceeds and future Excess Bond Proceeds.

• The Successor Agency shall transfer to the City all future Excess Bond Proceeds held or received by the Successor Agency.

• The Successor Agency shall be responsible for ensuring that payments of future Excess Bond Proceeds to the City, as such funds become available, are included on the next possible ROPS.

• The transfer of future Excess Bond Proceeds to the City shall be made pursuant to an approved ROPS within 30 days of the commencement of the relevant ROPS period.

• The parties intend that payments of future Excess Bond Proceeds be made to the City as soon as possible after such Excess Bond Proceeds become available.

• The City may spend or allocate Excess Bond Proceeds (including the Base Amount and the Trustee Amount) received or retained under this Agreement on any project, program, or activity authorized under the 2008 Indenture and the 2008 Tax Certificate.

More Definitions of Excess Bond Proceeds

Excess Bond Proceeds means Bond Proceeds that are not needed to satisfy Enforceable Obligations approved on a ROPS.

Excess Bond Proceeds means proceeds of a Series of Bonds, and all investment earnings thereon, transferred from the Facility Fund to the Principal Account or the Purchase Account of the Bond Fund pursuant to Section 5.5(a), Section 5.10 or Section 5.11 of this Indenture.