Obligatory Reserve Fund definition

Obligatory Reserve Fund means reserve funds that are required by legislation or agreement to be segregated from the Municipality’s general revenues for a special purpose or for works to be undertaken on behalf of the contributors. These funds are classified in the financial statements as “Deferred Revenue”. Development Charges and Cash-Lieu-of Parkland are examples of obligatory reserve funds.
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Obligatory Reserve Fund means reserve funds that are required by legislation or agreement to be segregated from the Municipality’s general revenues for a special purpose
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Obligatory Reserve Fund means a reserve fund created whenever a statute or legislation requires that funds received be segregated from the general funds of the Town through financial agreement or legislative direction. Obligatory reserve funds are created solely for the purpose prescribed for them.
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Examples of Obligatory Reserve Fund in a sentence

  • An Obligatory Reserve Fund is established through either terms of an agreement which is entered into by the Municipality or through legislation from a higher level of government.

  • If the cooperative chooses the separate ac- counting system, the following funds must be assigned to: a) The Obligatory Reserve Fund: 20% of cooperative returns and 50% of extra-cooperative and extraordinary returns; b) The Training and Promotion Fund: 5% of cooperative returns.

  • The function of The Obligatory Reserve Fund is to contribute to the con- solidation, development, and guarantee of the cooperative and cannot be distributed (Art.

  • The reserve equivalent to The Obligatory Reserve Fund is called Le- gal Reserve as in non cooperative firms, and the equivalent to The Training and Promotion Fund is The Mutual Fund.

  • The choice of how these returns are recorded has t- wo important implications: the amount of the returns transferred to reserves and the amount of taxes to pay in the corresponding period13.Spanish cooperatives have to create two obligatory reserves, The Obligatory Reserve Fund (Fondo de Reserva Oligatorio)14 and The Training and Promotion Fund (Fondo de Educación y la Promoción)15.

  • An Obligatory Reserve Fund is established through either terms of an agreement which is entered into by the Town or through legislation from a higher level of government.

  • Without limiting the generality of the foregoing, the Company shall continue, and is hereby authorized and empowered, to prepare, execute and deliver, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties.

  • Obligatory Reserve Funds are automatically established when Council passes a by-law for the collection of Obligatory Reserve Funds or approves an agreement specifying that funds be held in an Obligatory Reserve Fund.

  • Contribution policy.An Obligatory Reserve Fund is established through either terms of an agreement which is entered into by the Municipality or through legislation from a higher level of government.

  • Council amend Municipal Code Chapter 227 – Reserves and Reserve Funds – by adding the “Bloor Street Transformation Maintenance Reserve Fund” to Schedule No. 14 State of Good Repair Obligatory Reserve Fund.


More Definitions of Obligatory Reserve Fund

Obligatory Reserve Fund means Reserve funds that are required by legislation or agreement to be segregated from the Town's general revenues for a special purpose or for works to be undertaken on behalf of the contributor. These funds are classified in the financial statements as Deferred Revenue.d) "Reserve" means an allocation of accumulated net revenue that makes no reference to any specific asset and does not require the physical segregation of money. Established primarily for the purpose of providing working funds. A reserve cannot have a revenue or expense of itself, like a reserve fund.e) "Reserve Fund" means a fund that is segregated and restricted to meet a specified purpose and includes both an obligatory reserve fund and a discretionary reserve fund. ResponsibilitiesMunicipal CouncilMunicipal Council shall:
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Obligatory Reserve Fund means a reserve fund when a provincial or federal statute requires that the revenue received for specific purposes be segregated from the general revenues of the municipality. Obligatory reserve funds are to be used solely for the purpose prescribed for them by the statute.
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Obligatory Reserve Fund means Reserve funds that are required by legislation or agreement to be segregated from the Township’s general revenues for a special purpose or for the works to be undertaken on behalf of the contributor. These funds are classified in the financial statements as Deferred Revenue.
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Obligatory Reserve Fund means a Reserve Fund that is required by legislation which stipulates that certain revenue received for special purposes be segregated from the general revenues of the Town, and any Reserve Fund that is comprised of money received by the Town as a financial contribution for works to be undertaken by the Town on behalf of the contributor.
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Obligatory Reserve Fund means external sources of funds received but not yet spent or earned for the purpose it was received. Typically, these are funds are restricted to be spent in accordance with various funding agreements or legislation or acts such as the Federal Gas Tax funding agreement and Development Charges Act. Obligatory Reserve Funds are also known as deferred revenue on the annual financial statements.
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Obligatory Reserve Fund means reserve funds that are required by legislation or agreement to be segregated from the Municipality’s general revenues for a special purpose or for works to be undertaken on behalf of the contributors. These funds are classified in the financial statements as “Deferred Revenue”. Development Charges and Cash-Lieu-of Parkland are examples of obligatory reserve funds. d) “Reserve” means an allocation from net revenue at the discretion of council, after the provision for all known expenditures, as part of an overall strategy for funding programs and projects that are set out in the annual budgets or budget forecasts, and is authorized under the provisions set out in the Municipal Act. It has no reference to any specific assets and does not require the physical segregation of money or assets. Reserves are part of a revenue fund and therefore, do not earn interest on their own. Any earnings derived from the investment of reserves’ money are reported as revenue in the operating fund. Revenues set aside for working funds is an example of reserves. e) “Reserve Fund” means a fund with assets which are segregated and restricted to meet the purpose of the reserve fund. It is based on a statutory requirement or defined liability payable in the future and is usually prescriptive as to the basis for collection and used of monies in the fund. All interest earnings derived from such funds must form part of the reserve fund. There are two types of reserve funds: obligatory reserve funds and discretionary reserve funds.Roles & Responsibilities:
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Related to Obligatory Reserve Fund

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Carryover Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 4.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered holders of CWABS, Inc., Asset-Backed Certificates, Series 2001-3". Funds in the Carryover Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Reserve Funds means the Tax and Insurance Reserve Funds, the FF&E Reserve Funds, the Required Repair Funds, the PIP Reserve Funds, the Excess Cash Reserve Funds or any other escrow funds established by the Loan Documents.

  • Accumulation Reserve Funding Period shall not apply if the Calculation Agent on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur of:

  • Net WAC Rate Carryover Reserve Account The Net WAC Rate Carryover Reserve Account established and maintained pursuant to Section 4.10.

  • Excess Loss Account has the meaning set forth in Treas. Reg. Section 1.1502-19.

  • Replacement Reserve Agreement means any Replacement Reserve Agreement between the Borrower and the Funding Lender, as the same may be amended, restated or supplemented from time to time.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2022-2) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2022-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.