Operating Reserve Fund. In accordance with OIC 594, in fiscal year 2015/16, BC Transit established a Reserve Fund to record, for each local government, the contributions that BC Transit has received but has not yet earned.
Operating Reserve Fund. Contributions by the Municipality towards Eligible Operating Expenses that have been matched with a Provincial share Contribution but have not been used to fund incurred Eligible Operating Expenses.
Operating Reserve Fund. (a) In accordance with Section 5.02, beginning on the first Business Day of the month and after making the deposits required by Section 5.02(b)(i) through (vii), the Trustee shall transfer to the credit of the Operating Reserve Fund, an amount of Authority Revenues equal to that which is necessary to make the balance on deposit therein equal to the Operating Reserve Requirement and to pay interest on and reimbursement obligations due with respect to an Operating Reserve Facility. Earnings on moneys held in the Operating Reserve Fund shall be retained therein.
Operating Reserve Fund. As part of the Facility Budget, the Board shall create an operating reserve fund to at least maintain essential Facility operations, second to make any required debt or obligations payments to third parties, and third to make any debt or obligations payments required to Xxxxxx or Washington Counties. The Bylaws shall outline the scope and size of the operating reserve fund. Upon recommendation by the Board to the Counties, each County agrees to commit or hold sufficient funding for the operating reserve fund. The Counties’ respective contributions to establish the operating reserve fund shall be 73% from Ramsey County and 27% from Washington County. The Bylaws shall also provide a process to release the Counties from the obligation to hold funding for the operating reserve fund, and to pay back any operating reserve funds transferred to the Board, as an enterprise reserve fund is created and funded.
Operating Reserve Fund. As part of each Fiscal Year’s Annual Budget, the Operating Reserve Fund shall be adjusted to contain operating and maintenance expenses in an amount approximating the costs of operations for ninety (90) days, to provide cash flow during transitions, lag time between delivery of service and payment, or other operational shortfalls or unusual events. The ongoing Operating Reserve Fund shall also serve as a revenue stabilization fund during market changes during fiscal years.
Operating Reserve Fund. A. The purpose of the Operating Reserves policy for the CLUB is to ensure the stability of the mission, programs, employment and ongoing operation of the organization. The Operating Reserve is intended to provide an internal source of funds for situations such as sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The Reserve may also be used for one-time, nonrecurring expenses that will build long-term capacity, such as staff development or investment in infrastructure. Operating Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of the CLUB that the Operating Reserves be used and replenished in a reasonably short period of time. The Operating Reserve policy will be implemented in concert with the other governance and financial policies of the CLUB and is intended to support the goals and strategies contained in these related policies and in strategic and operational plans.
Operating Reserve Fund. On or prior to the commencement of payments of principal of and interest on the Loan (in connection with the conversion of the Loan from a construction loan to a permanent loan), Owner shall establish and maintain as provided in Owner’s partnership agreement an operating reserve account, with a depository approved by the Authority, in an amount equal to at least six months of operating expenses and debt service with respect to the Project.
Operating Reserve Fund. The fund to be established and maintained by NCPA pursuant to Section 21.3.
Operating Reserve Fund. NCPA shall establish and maintain so long as this Agreement remains in effect, as a fund separate and apart from all other funds and moneys of NCPA, a fund designated as the Lodi Energy Center Operating Reserve Fund. Moneys in the Operating Reserve Fund shall be applied by NCPA to the Operation and Maintenance Expenses of the Project in the event that the moneys in the Operating Fund are insufficient to make such payments. Not later than the last day of each month, after making the transfer required by Section 21.2, NCPA shall transfer from each Revenue Account to the Operating Reserve Fund the amount specified in the applicable Indenture Group Participants’ Billing Statements for the prior month which is attributable to the Operating Reserve Requirement. Not later than the last day of each month, after making the transfer required by Section 21.2, NCPA shall transfer to each Revenue Account from the Operating Reserve Fund the pro rata amount (based on the GES attributable to each Indenture Group) by which the amount on deposit in the Operating Reserve Fund exceeds the Operating Reserve Requirement.
Operating Reserve Fund. In addition to and after payment of the User Fee from the Operating Revenues, the Operator also agrees to utilize Operating Revenues to fund, in 48 equal monthly installments of $12,500, deposits into the Operating Reserve Fund until the balance on hand in such Fund is equal to $600,000. Thereafter, if and to the extent that the balance in the Operating Reserve Fund shall ever be less than $600,000, the Operator shall use Operating Revenues next available after payment of the User Fee then due, to make additional monthly deposits into such Operating Reserve Fund until the balance on hand therein is at least equal to $600,000. Such deficiency shall be cured by substantially equal monthly deposits by the Operator over (a) a twelve (12) month period if such deficiency results from a withdrawal or (b) over a four month period if such deficiency results from calculation of the value of investments on deposit in the Operating Reserve Funds. Pursuant to the provisions of the Indenture, the Operator shall have the ability to requisition amounts on deposit in the Operating Reserve Fund for the sole purpose of paying the actual costs of operation and maintenance of the Detention Facility to the extent that Operating Revenues available to the Operator for such purpose are insufficient, subject to the obligation to restore such amounts as set forth above.
