Utility Bonds definition

Utility Bonds means, initially, corporate debt obligations issued by state regulated public utility companies rated from BBB- to AAA by S&P and from Baa3 to Aaa by Moody's, which corporate debt obligations (a) provide for the periodic payment of interest thereon in cash in U.S. dollars, (b) do not provide for conversion or exchange into equity capital at any time over their respective lives, (c) have been registered under the Securities Act of 1933, as amended, and (d) have not had notice given in respect thereof that any such corporate debt obligations are the subject of an offer by the issuer thereof of exchange or tender for cash, securities or any other type of consideration. In addition, so long as the shares of RP are rate by S&P or Moody's, no corporate debt obligation held by the Corporation shall be deemed a Utility Bond (i) if it fails to meet the criteria in column (1) below or (ii) to the extent (but only to the proportionate extent) the acquisition or holding thereof by the Corporation causes the Corporation to exceed any applicable limitation set forth in column (2) below in the event the shares of RP are rated by S&P or column (2), (3) or (4) below in the event the shares to RP are rated by Moody's as of any relevant date of determination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in its sole discretion, the particular Utility Bond(s) and/or portions thereof which shall be deemed to have caused the Corporation to exceed such limitation):

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Utility Bonds means any guarantees of charges and fees payable for telephone services, water, heat, steam, electric power, gas and other utilities.

Utility Bonds means bonds (evidencing prepaid utility costs) posted by any Borrower to the utility company at any given Restaurant to ensure timely payments of utility fees and costs to such utility company.

Examples of Utility Bonds in a sentence

• Unpaid balance subject to installment payments will be credited with interest each month equal to one-twelfth of the average annual yield on Public Utility Bonds as reported by ▇▇▇▇▇’▇ Investors Service and published in the issue of “Moody’s Public Utility” that is published closest to the 15th day of the applicable month.

• Following the County’s reservation (through a WASD Stormwater Billing Agreement) of the proposed municipality’s pro-rata share of Stormwater Utility Bonds debt service due during any fiscal year, the balance of the Stormwater Utility Fees collected within the boundaries of the proposed municipality shall be remitted to the proposed municipality, unless such debt service is collected directly through an interlocal agreement or other County approved means.

• The City does not pledge its full faith and credit to any Utility Bonds authorized under this Agreement.

• The Authority shall not issue, or cause to be issued Utility Bonds: (i) in an amount that shall require payments from the Utility Revenues of the Financing Costs in excess of Twelve Million, Five Hundred Thousand Dollars, and Zero Cents ($12,500,000.00) in any single year; or (ii) in an aggregate principal amount that exceeds five percent (5%) of the total state equalized valuation of the property assessed in the City.

• The City shall not take any action that may impair the security of bondholders in repayment of the Utility Bonds, any Ancillary Facilities or other debt obligations authorized hereunder.

• For the avoidance of doubt, and notwithstanding anything to the contrary set forth in this Agreement, regardless of the pledge by the City of the Utility Taxes pursuant to Section 4.2, the amount payable to the Authority for repayment of the Utility Bonds in any one year shall be limited to the Utility Revenues for that year.

• The District agrees that it shall issue bonds only in the maximum amount of $213,039,000 for Utility Bonds; $244,995,000 for Utility Refunding Bonds; $48,863,000 for Road Bonds; $56,192,000 for Road Refunding Bonds for the purposes set out in Article III (B) of this Agreement (the “Facilities”), and in the manner provided by the relevant State of Texas regulatory body, if applicable, and as permitted herein.

• The City agrees that, to the extent Utility Bonds are issued on a “tax-exempt” basis, it will use reasonable efforts to cooperate with the Authority to maintain that status, including but not limited to, executing a non-arbitrage and tax compliance certificate(s) and any other documents determined necessary or advisable to the Authority’s counsel.

• The City hereby pledges the Utility Taxes to the Utility Bonds, provided that funds from the Utility Taxes transferred to the City Disbursement Fund pursuant to the Trust Agreement or the Amended and Restated Trust Agreement shall be free and clear of all liens as more particularly described in the Amended and Restated Trust Agreement.

• Such impairment includes, but is not limited to, a reduction of the tax authorized and in effect on the date of issuance of the first series of Utility Bonds pursuant to Act 100, or a reduction in category of taxpayers required to pay the Utility Taxes.

More Definitions of Utility Bonds

Utility Bonds means any bonds issued by the Authority pursuant to Act 392, Act 100 and the Amended and Restated Trust Agreement and secured by a pledge of Utility Taxes.

Utility Bonds means utility bonds required to be delivered by Mortgage Borrower to any utility company providing utility services to each respective Individual Property.

Utility Bonds or “Bonds” means any bond issued by the District secured by a lien on the ad valorem taxes levied by the District pursuant to Article XVI, Section 59 of the Texas Constitution and a lien on a pro rata portion of the Available TIRZ Utility Revenues, but only to the extent such Utility Bonds remain Outstanding.