VPSA definition
Examples of VPSA in a sentence
You will covenant not to sell, without VPSA's consent, any general obligation bonds which are part of the same common plan of financing (and payable from the same source of funds) as your local school bond, during the period beginning 15 days in advance of and ending 15 days after the VPSA Sale Date.
The local school bond will be subject to redemption at the option of your governing body, subject to the consent of VPSA or other registered owner.
The principal installments of your local school bond will bear interest at rates 5 basis points (0.05%) above the actual rates on the VPSA Bonds with corresponding principal payment dates.
VPSA will accept delivery of your local school bond only in the form of a single, typewritten, temporary bond, in registered form, payable to VPSA.
You will, however, be required to pay to VPSA at your actual closing an amount equal to the positive difference, if any, between (A) the amount of interest that would have accrued on your local school bond had VPSA been able to purchase your local school bond on the Closing Date and (B) the lesser of (i) the amount of interest income VPSA was able to earn, during such period, from the investment of its bond proceeds pending their use to purchase your bond and (ii) the arbitrage yield on the VPSA Bonds.
Subject to the satisfaction of the conditions in Section 5 of the Bond Sale Agreement, the Bond Sale Agreement shall constitute a binding commitment of the Locality to sell its local school bond to VPSA as of the later of the VPSA Sale Date and the date the Local Issuer executes the Bond Sale Agreement.
If VPSA does not purchase your local school bond on the Closing Date due to your fault, VPSA will invest, in demand or overnight investments, the amount of its bond proceeds to be used to purchase your local school bond.
On 20 days written notice from VPSA, you agree to deliver, at your expense, in exchange for the typewritten bond, on one or more occasions, one or more temporary bonds or definitive bonds in marketable form and, in any case, in fully registered form, in denominations of $5,000 and whole multiples 3 Not applicable to cities and towns.
VPSA has determined that in order to fulfill its representations respecting the maintenance of the excludability of the interest on the VPSA Bonds from gross income for federal income taxation under Section 103 of the Code, VPSA must establish a mechanism to provide accountability for the custody, investment and disbursement of the proceeds of the Local School Bonds, which for purposes of the Code continue to be proceeds of the VPSA Bonds.
Investment Reports and records of the determinations made hereunder shall be retained by the Investment Manager and by VPSA, respectively, until six (6) years after the retirement of the VPSA Bonds.