Net Income Available for Debt Service means net income (prior to giving effect to any capital gains or losses and any extraordinary items) from the Property, determined in accordance with generally accepted accounting principles, for a fiscal period, plus (to the extent deducted in determining net income from the Property):
Net Income Available for Debt Service means Adjusted Increase (Decrease) in Unrestricted Net Assets plus interest payments on Funded Debt.
Net Income Available for Debt Service means, with respect to any period, the excess of revenues (including non-operating revenues) over expenses from operations of the Corporation for such period, determined in accordance with generally accepted accounting principles, to which shall be added interest, amortization, depreciation expense and other non- cash charges, each item determined in accordance with generally accepted accounting principles, and excluding
Examples of Net Income Available for Debt Service in a sentence
The Corporation shall fix, charge and collect, or cause to be fixed, charged and collected, subject to applicable requirements or restrictions imposed by law, such rates, fees and charges which, together with all other receipts and revenues of the Corporation and any other funds available therefor, are reasonably projected to be sufficient in each Fiscal Year to produce Net Income Available for Debt Service equal to at least 1.25 times Maximum Aggregate Annual Debt Service for such Fiscal Year.
In addition, in no event shall the ratio of Net Income Available for Debt Service to the Maximum Aggregate Annual Debt Service fall below 100%.
The Borrower shall produce Net Income Available for Debt Service of at least 120% of Maximum Aggregate Annual Debt Service for fiscal years of the Borrower ending 2016 and each fiscal year ending thereafter.
The Corporation shall fix, charge an d collect, or cause to be fixed, charged and collected, subject to applicable requirements or re strictions imposed by law, such rates, fees and charges which, together with all other receipts and revenues of the Corporation and any other funds available therefor, are reason ably projected to be sufficient in each Fiscal Year to produce Net Income Available for Debt Service equal to at least 1.25 times Maximum Aggregate Annual Debt Service for such Fiscal Year.
More Definitions of Net Income Available for Debt Service
Net Income Available for Debt Service means, as to any period of time, Net Revenues less all expenses but excluding from such expenses depreciation, amortization, interest on Indebtedness, impairments related to write-downs of fixed assets, equity investments and goodwill and expenses relating to gifts, donations, pledges, grants, legacies, bequests, devices and contributions heretofore or hereafter made to the extent designated or specified by the donor or maker thereof as being for a specific purpose, all as determined in accordance with generally accepted accounting principles.
Net Income Available for Debt Service means the Adjusted Increase (Decrease) in Unrestricted Net Assets (plus interest payments on Funded Debt, excluding capitalized interest, if any).
Net Income Available for Debt Service means, for any period, the net income (or the net deficit, if expenses and charges exceed revenues and other proper income credits) for such period from operation of the System, plus amounts which have been deducted for (i) depreciation, (ii) amortization and (iii) interest expense in determining net income for such period; provided, however, that any gain or loss from the disposition of assets and other extraordinary items of income or loss shall be excluded from the computation of net income Maintenance of Rates. So long as any warrants are outstanding under the Master Sewer Warrant Ordinance, Huntsville will make and maintain such rates and charges for sewer and other services supplied from the System and will make collections from the users thereof as shall be sufficient (i) to produce revenues sufficient to pay the reasonable and necessary expenses of maintaining and operating the System and (ii) to maintain a Debt Service Coverage Ratio for each Fiscal Year of not less than 1.10 to 1. Future Borrowings Huntsville expects to issue one or more series of warrants aggregating not more than $12,000,000 to finance the costs of certain additions and improvements to the Sewer System. Such indebtedness could be issued under the Master Sewer Warrant Ordinance or as general obligation warrants for which sewer revenues would be used to pay debt service. SEWER SYSTEM The Sewer System consists of approximately 1,400 miles of collector pipes, 63 pumping stations and 6 wastewater treatment plants. The wastewater treatment plants have a capacity of 80 million gallons per day. Sewer System Customers. The estimated number of water and sewer system customers served by Huntsville as of the end of the five most recent fiscal years are as shown below: Fiscal YearSelected Sewer System Statistics. Fiscal YearTotal Gallons TreatedEstimated Billable Flows200912,290,000,0006,826,791,58120089,333,000,0007,230,154,98520078,095,000,0007,417,190,45420068,781,000,0007,517,483,052200510,000,000,0007,242,827,350 Source: Huntsville. Sewer Rates. Huntsville currently charges $4.33 per 1,000 gallons for a single family home with one water meter and $5.09 per 1,000 gallons for single family homes with two water meters, commercial and multifamily users in addition to connection fees and certain other fees and charges. Largest Customers. The customers of the sewer system:followingtableECONOMIC AND DEMOGRAPHIC INFORMATION Population The following table sets forth population statistics for Hu...
Net Income Available for Debt Service means, with respect to any Fiscal Year: the excess of revenue over expense of the District and any Restricted Affiliate including investment income available to make principal and interest payments on the Debt, determined in accordance with generally accepted accounting principles including specifically any unrestricted gift, bequest, contribution, grant, or donation, to which shall be added depreciation, amortization, and interest expense, plus amounts that have been deducted for such period for or to make provision for any fees or premiums for any letter of credit, surety bond, policy of insurance, or any similar credit or liquidity support secured in connection therewith; or property retirement, depreciation, depletion, obsolescence, and other items not requiring an outlay of cash, but excluding: any gift, bequest, contribution, grant, or donation that is encumbered pursuant to Section 101 "Permitted Encumbrances", clause (j) as defined herein; any profits or losses on the sale or other disposition, not in the ordinary course of operations, of investments, or fixed or capital assets; revenues or expenses derived from the extinguishment of Debt; investment income that is not available to make payments of principal of and interest on the Debt; and any change in the fair market value of investments. For purposes of the District's rate covenants and other coverage-related tests herein, "Net Income Available for Debt Service" shall not include unrealized gains or unrealized losses on investments.
Net Income Available for Debt Service means audited net income from the Remaining Property, determined in accordance with generally accepted accounting principles, from the last full fiscal period plus the following:
Net Income Available for Debt Service means, for any period, the ------------------------------------- amount by which Inn Income exceeds Inn Operating Expenses.
Net Income Available for Debt Service means, for any period of determination thereof, the aggregate Adjusted Pledged Revenues (as defined in the Pledge Agreement) of the School for such period minus the total Operating Expenses for such period but excluding (i) any profits or losses which would be regarded as extraordinary items under Generally Accepted Accounting Principles, (ii) gain or loss in the extinguishment of Indebtedness, (iii) proceeds of the Bonds and any other Indebtedness permitted by the Loan Agreement, and (iv) proceeds of insurance policies, other than policies for business interruption insurance, maintained by or for the benefit of the School, the proceeds of any sale, transfer or other disposition of the Project or any other of the School’s assets by the School, and any condemnation or any other damage award received by or owing to the School, plus amounts that have been deducted for payments under the Lease.