Bona Fide Debt Service Fund means a fund, which may include Bond proceeds, that (a) is used primarily to achieve a proper matching of revenues with principal and interest payments within each Bond Year; and (b) is depleted at least once each Bond Year, except for a reasonable carryover amount not to exceed the greater of (1) the earnings on the fund for the immediately preceding Bond Year, or (2) one- twelfth of the principal and interest payments on the Bonds for the immediately preceding Bond Year.
Bona Fide Debt Service Fund means a fund, which may include Certificate proceeds, that (a) is used primarily to achieve a proper matching of revenues with Basic Rent Payments within each Certificate Year and (b) is depleted at least once each Certificate Year, except for a reasonable carryover amount not to exceed the greater of (1) the earnings on the fund for the immediately preceding Certificate Year or (2) one- twelfth of the Basic Rent Payments for the immediately preceding Certificate Year.
Bona Fide Debt Service Fund means a fund, including a portion of or an account in that fund (or in the case of a fund established for two or more issues, the portion of that fund properly allocable to an issue), or a combination of such funds, accounts or portions that is used primarily to achieve a proper matching of revenues with Debt Service on an issue within each Bond Year and that is depleted at least once each year except for a reasonable carryover amount not to exceed the greater of the earnings thereon for the immediately preceding Bond Year or one-twelfth of the annual Debt Service on the issue for the immediately preceding Bond Year.
Examples of Bona Fide Debt Service Fund in a sentence
Amounts deposited in the Bona Fide Debt Service Fund may be invested without Yield Restriction for a period not to exceed thirteen (13) months from the date of deposit of such amounts to such funds.
An issue is treated as meeting the rebate requirement of Section 148 of the Code if the Gross Proceeds of the bond issue are allocated to expenditures for the governmental purposes of the issue within the six (6) month period beginning on the Date of Issue, and the rebate requirement is met with respect to amounts not required to be spent within six (6) months (excluding earnings on the Bona Fide Debt Service Fund).
As the Agreement is not a private activity bond and has an average maturity of greater than 5 years and a fixed rate of interest, amounts earned on moneys in the Bona Fide Debt Service Fund shall not be taken into account for a Bond Year in determining the Rebate Amount.
More Definitions of Bona Fide Debt Service Fund
Bona Fide Debt Service Fund means a fund, which may include Certificate proceeds, that
Bona Fide Debt Service Fund means a fund, which may include proceeds of an
Bona Fide Debt Service Fund means a bona fide debt service fund as defined in Treasury Regulations §1.148-1, i.e., one or more funds (including portions of funds, to the extent that amounts deposited therein are reasonably expected to be used to pay debt service on an issue of bonds) that are used primarily to achieve a proper matching of revenues and debt service within each Bond Year and that is depleted at least once a year except for a reasonable carryover amount (not to exceed the greater of (i) the earnings on the fund for the immediately preceding Bond Year or (ii) one-twelfth the principal and interest payments on the issue for the immediately preceding Bond Year).
Bona Fide Debt Service Fund shall have the meaning set forth in Income Tax Regulation Section 1 103-13(b) (12);
Bona Fide Debt Service Fund means a fund, which may include Certificate proceeds, that (a) is used primarily to achieve a proper matching of revenues with Basic Rent Payments within each Certificate Year; and (b) is depleted at least once each Certificate Year, except for a reasonable carryover amount not to exceed the greater of (1) the earnings on the fund for the immediately preceding Certificate Year, or (2) one-twelfth of the Basic Rent Payments on the Certificates for the immediately preceding Certificate Year.
Bona Fide Debt Service Fund means, under Treas. Reg. § 1.148-1(b), a fund that (1) is used primarily to achieve a proper matching of revenues with Lease Payments within each Lease Year, and (2) is depleted at least once each Lease Year, except for a reasonable carryover amount not to exceed the greater of (a) the investment earnings on the fund for the preceding Lease Year, or (b) 1/12 of the total Lease Payments on the Lease for the preceding Lease Year. For purposes of these Arbitrage Instructions, as of any date, all amounts in the Escrow Fund which are expected to be used to pay capitalized interest during the current Lease Year should be treated as amounts in a Bona Fide Debt Service Fund. It is not expected that any Gross Proceeds would be held in a Bona Fide Debt Service Fund.
Bona Fide Debt Service Fund means a fund, which may include Note proceeds, that is (a) used primarily to achieve a proper matching of revenues with principal and interest payments on the Note within each Note Year, and (b) depleted at least once each Note Year, except for a reasonable carryover amount not to exceed the greater of (1) the earnings on the fund for the immediately preceding Note Year, or (2) one-twelfth of the principal and interest payments on the Note for the immediately preceding Note Year.