Funded Interest definition
Funded Interest means amounts irrevocably deposited in an escrow or other trust account to pay interest on Funded Indebtedness or Related Bonds and interest earned on amounts irrevocably deposited in an escrow or other trust account, to the extent such amounts so deposited are required to be applied to pay interest on Funded Indebtedness or Related Bonds.
Funded Interest means amounts irrevocably deposited in escrow to pay interest on Bonds and interest earned on amounts irrevocably deposited in escrow to the extent such interest earned is required to be applied to pay interest on Bonds, including funds held in connection with an advance refunding or cross-over refunding of Bonds.
Examples of Funded Interest in a sentence
Bond proceeds deposited in the Project Fund, Funded Interest Fund and Issuance Costs Fund and investment earnings on such proceeds may be invested without Yield restriction for up to 3 years following the Issue Date.
Bond proceeds advanced hereunder from time to time for funded interest on the Bonds shall be deposited in the Funded Interest Fund by the Bond Trustee.
The Funded Interest Fund shall be closed after the payment made on the Bonds on , 2023.
On each Interest Payment Date, the Bond Trustee shall from the Funded Interest Fund transfer moneys to the Debt Service Fund in an amount equal to the interest on the Bonds coming due on that Interest Payment Date, until moneys on deposit in the Funded Interest Fund are depleted.