MUD Bonds definition

MUD Bonds means bonds issued by MUD 322 after the Effective Date to finance the construction of water, sewer, and related facilities in undeveloped areas in MUD 322, including within the Mortgaged Property, with all or a portion of the proceeds of the sales of such bonds being paid to Borrower, which proceeds have been pledged to Lender (the “MUD Bond Proceeds”).
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Examples of MUD Bonds in a sentence

  • The TCEQ will review the application and, if approved, the MUD Bonds shall be issued and sold and the MUD Bond Proceeds from such sale shall be paid to Borrower.