Examples of Future Tax in a sentence
Other Taxes includes amounts that are expected to be retained by the TFA for its funding requirements associated with TFA Future Tax Secured Bonds.
The Act was amended in 2001 to permit the issuance of Future Tax Secured Bonds and Notes (“Recovery Obligations”) to pay costs relating to or arising from the September 11 attack on the World Trade Center (“Recovery Costs”).
Pursuant to the Act, Sales Tax Revenues will be available for the payment of Future Tax Secured Bonds if Personal Income Tax Revenues are projected to be insufficient to provide at least 150% of the maximum annual debt service on the Authority’s Outstanding Bonds.
The Act provides that the Authority’s pledge of its Tax Revenues represents a perfected security interest on behalf of the holders of the Future Tax Secured Bonds.
Based on State and federal constitutional, statutory and case law and the terms of the Indenture and the Agreement, Bond Counsel is of the opinion that if the debts of the City were adjusted under the Bankruptcy Code and the City or its creditors were to assert a right to the Tax Revenues equal or prior to the rights of the holders of the Future Tax Secured Bonds, such assertion would not succeed.
Retention Procedures A quarterly retention mechanism has been adopted by the Authority to provide for payment of debt service on the Future Tax Secured Bonds.
Debt Service does not include debt service on TSASC bonds and, through fiscal year 2009, does not include the funding requirements associated with TFA Future Tax Secured Bonds.
The Fixed Rate Bonds, along with other series of bonds secured by Tax Revenues, are referred to herein as “Future Tax Secured Bonds.” Future Tax Secured Bonds, together with all other series of bonds heretofore or hereafter issued under the Indenture (defined herein), are collectively referred to as the “Bonds.” The Fixed Rate Bonds will be issued as Parity Debt subordinate to Senior Debt Service and operating expenses of the Authority.
Commonwealth of Australia (2010), Australia’s Future Tax System: Final ReportIf charges are increased after a developer has bought land from its original owner, they cannot be factored into the prices previously paid for the raw land.
Future Tax Secured Bonds issued after the date of issuance of the Series 2007 S-1 Bonds, operating expenses allocable thereto and ancillary and swap contracts related thereto (the “Post-07 S-1 Obligations”) are secured only by Tax Revenues and will have no claim on State Building Aid.