Future Bonds definition
Examples of Future Bonds in a sentence
Notwithstanding the foregoing, the Borrower may at its discretion pledge amounts attributable to any increase of the Sales Tax rate above the then applicable Sales Tax Rate and any increase in the Rental Car Tax above the then applicable Rental Car Tax Rate to any other obligations or to other Borrower purposes; provided that any such obligations shall be issued in accordance with Section 16(b) (Issuance of Future Bonds).
The unpaid Reimbursement Amount shall bear simple interest per annum at the rate of 0% through August 31, 2022 and at the rate of 4.59% commencing on September 1, 2022; provided that, in the event Future Bonds are issued, the per annum interest rate on the Reimbursement Amount shall not exceed, and shall be limited to, the per annum interest rate on such Future Bonds.
Until such time as Future Bonds are issued, the Phases 5, 6 and 7 Assessments shall accrue interest at the rates set forth in this Section 2.
If Future Bonds are issued, the City shall ▇▇▇▇, collect, and upon receipt, deposit all ▇▇▇▇▇▇ ▇, ▇ ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ relating to such bonds in the manner set forth in the indenture(s) authorizing such bonds.
The amount of the Reimbursement Amount that has not been paid, plus the interest accrued as described in Section 2(a)(iv) above, are collectively, the “Unpaid Balance.” The Unpaid Balance is secured by and payable solely from the Phases 5, 6 and 7 Assessment Revenue received and collected by the City and deposited into the Phases 5, 6 and 7 Assessment Fund or from the net proceeds of the Future Bonds.
The obligations of the City under this Reimbursement Agreement are non-recourse and payable only from the Phases 5, 6 and 7 Assessment Fund or the net proceeds of the Future Bonds and such obligations do not create a debt or other obligation payable from any other City revenues, taxes, income, or property.
The Indenture, the Loan Agreement, the Tax Agreement and the Project Certificate, together with the documents, agreements and certificates executed in connection therewith or delivered in connection therewith are collectively referred to as the "Bond Documents." Furthermore, FMC intends to finance certain additional PCDA by the use of additional bonds which will be issued after the Effective Date (the "Future Bonds").
If Future Bonds are issued, the net proceeds of such Future Bonds shall be used, from time to time, first to pay the Unpaid Balance due to the Developer under this Reimbursement Agreement for the costs of Phases 5, 6 and 7 Improvements that have already been paid and then to pay all or any portion of any Phases 5, 6 and 7 Improvements Cost.
The City will use reasonable and good faith efforts to issue PID Bonds after receiving a Bond Issuance Request from Owner, provided that Owner can reasonably demonstrate to the City and its financial advisors that (i) the applicable Future Bonds Test, if any, has been satisfied and (ii) there is sufficient security for the PID Bonds, based upon the bond market conditions existing at the time of such proposed sale.
Once the principal amount of all Future Bonds plus all payments paid to the Developer under this Reimbursement Agreement equal the Unpaid Balance, this Reimbursement Agreement shall terminate.