Maximum Annual Debt Service definition

Maximum Annual Debt Service means as of any date of calculation the highest principal and interest payment requirements with respect to all Outstanding Bonds for any succeeding Bond Year except the Bond Year in which the Bonds mature and the year in which any mandatory tender for purchase of the Bonds occurs.

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Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year, including the Bond Year the calculation is made.

Examples of Maximum Annual Debt Service in a sentence

Additional Revenue Obligations may be incurred but only if Excise Tax Revenues and State Shared Revenues, when combined mathematically for such purpose only, in the most recently completed Fiscal Year, shall have amounted to at least two (2) times the Maximum Annual Debt Service.
When calculating the Long-Term Debt Service Coverage Ratio, (i) capitalized interest shall not be counted as income unless it will be available and applied in the same year as the Maximum Annual Debt Service will occur, and (ii) payments to be made in respect of principal and interest on any revolving credit or similar agreement secured solely by a pledge of accounts receivable and inventory shall not be included in determining Maximum Annual Debt Service.
The City shall cause all applications of owners of property in the District to prepay and satisfy the Special Tax obligation for their property to be reviewed by the Special Tax Consultant and shall not accept any such prepayment unless such consultant certifies in writing that the maximum amount of the Special Taxes that may be levied on Taxable Property both prior to and after the proposed prepayment is and will be at least 1.1 times the amount of Maximum Annual Debt Service on the Outstanding Bond.
Only for purposes of this paragraph, the Maximum Annual Debt Service on Debt that bears an adjustable interest rate, the interest rate during the first fiscal year of Borrower during which the Debt is outstanding shall be deemed to be 110% of the initial interest rate, and for each fiscal year thereafter, 110% of the average interest rate on the Debt during the last preceding fiscal year.
If the City issues Additional Senior Obligations to refund one or more series of other Senior Obligations by providing for payment of the amounts due thereon in advance of their maturity or stated payment date then, for purposes of this Trust Agreement, such refunded Senior Obligations to the extent they will no longer be Outstanding after the refunding, will be treated as not Outstanding for the purpose of determining the Maximum Annual Debt Service.

More Definitions of Maximum Annual Debt Service

Maximum Annual Debt Service means the maximum sum obtained for any Bond Year prior to the final maturity of the Bonds and any Parity Bonds by adding the following for each Bond Year:

Maximum Annual Debt Service means the maximum amount of Debt Service due on System Obligations in a Fiscal Year during the period commencing with the Fiscal Year for which such calculation is made and within the next five years in which Debt Service for any System Obligations will become due. "Net Revenues" means, for any Fiscal Year, all Revenues received by the Recipient less the Operations and Maintenance Costs for such Fiscal Year.

Maximum Annual Debt Service means, for any Fiscal Year, the greatest Annual Debt Service for the then-current or any succeeding Fiscal Year.

Maximum Annual Debt Service means an amount of money equal to the highest future principal and interest requirement of all Outstanding Bonds required to be deposited into the Bond and Interest Account created by this Ordinance in any Fiscal Year, including and subsequent to the Fiscal Year in which the computation is made. Any Outstanding Bonds required to be redeemed pursuant to mandatory redemption from said Bond and Interest Account shall be treated as falling due on the date required to be redeemed (except in the case of failure to make any such mandatory redemption) and not on the stated maturity date of such Outstanding Bonds.

Maximum Annual Debt Service means Maximum Annual Debt Service as defined in Resolution No. 86R-490 of the City Council.

Maximum Annual Debt Service means, as of the date of calculation, the highest aggregate annual debt service requirements and debt service payable on the Bonds during the current or any succeeding Fiscal Year over the remaining term of the Bonds.