Facility Fund definition
Examples of Facility Fund in a sentence
The Trustee shall apply amounts as and when required available therefor in the Bond Fund or Credit Facility Fund to pay principal of, and premium, if any, and interest on, the Bonds.
All funds drawn or claimed under any Credit Facility (other than a Credit Facility in the form of a policy of financial guaranty or municipal bond insurance) by the Trustee shall be credited to the applicable account of the Credit Facility Fund and applied in accordance with Section5.10.
The Annual Facility Fund Cap will be that amount determined pursuant to Section 5.11.4(b).
Notwithstanding the above, the City may also use the DPAC Facility Fund to pay for other costs the City may incur in the future that are directly and solely related to the DPAC that are designed to cause a financial benefit to the DPAC that exceeds the cost to the DPAC.
The County has established a specific capital fund, the New Health, Safety & Justice Facility Fund 345, that will allow for accountability of all funds relating to TOTAL CAPITAL COST, including the sales tax payments received from the Cities, bond revenue (including all interest earned), and other capital project financing revenue such as grant funds received for the project.
Contributions for JATC, ECT, Labor-Management Marketing Fund, Apprentice Training Facility Fund and Union dues deductions shall remain in effect.
Whenever the Trustee is not a federal depository institution or state-chartered depository institution subject to regulations regarding fiduciary funds similar to Section 9.10(b), Title 1, U.S. Code of Federal Regulations, then the Tender Agent shall maintain the Credit Facility Fund at such a depository institution subject to such regulations, or at a depository institution the short-term obligations of which are rated by each Rating Agency no lower than the short-term rating assigned by it to the Bonds.
Any banking account (other than an Investment Security) to which money credited to the Interest Fund, the Principal Fund, the Redemption Fund, the Credit Facility Fund, or the Purchase Fund is credited shall be maintained (1) in the name of the Trustee and (2) with a federal or state-chartered depository institution or trust company that has an S&P short-term debt rating of at least “A-2” or, if no short-term debt rating, a long-term debt rating of “BBB+”.
The Trustee may commingle any of the funds or accounts established pursuant to this Bond Indenture (other than the Credit Facility Fund, the Rebate Fund and the Purchase Fund) into a separate fund or funds for investment purposes only, provided that all funds or accounts held by the Trustee hereunder shall be accounted for separately as required by this Bond Indenture.
The funds in the DPAC Facility Fund shall remain in the DPAC Facility Fund until the funds are used as permitted by this Section 5.11 or until the termination or expiration of this Agreement.