Bond Anticipation Notes. Bond anticipation notes are issued to provide interim financing until long-term financing can be arranged. The long-term bonds that are issued typically also provide the money for the repayment of the notes.
Bond Anticipation Notes. Whenever the Trust shall authorize the issuance of a Series of Bonds, the Trust may by this Trust Agreement, to the extent authorized by the Act or any other law, issue notes (and renewals thereof) in anticipation of such Series. The principal of and interest on notes authorized hereunder and renewals thereof shall be payable from any moneys of the Trust lawfully available therefor, from the proceeds of such notes or from the proceeds of the sale of the Series of Bonds in anticipation of which such notes are issued. The proceeds of such Bonds may be pledged for the payment of the principal of and interest on such notes. Notes issued in anticipation of a Series of Senior Bonds may be paid from the proceeds of the sale of a Series of Subordinate Bonds, if the Trust so determines, and the proceeds of such Subordinate Bonds may be pledged for the payment of the principal of and interest on such notes. The Trust may also pledge the Trust Estate to the payment of bond anticipation notes to the extent and in the manner provided in Section 2.9(B), provided that prior to the issuance of any notes secured by such a pledge, the Trust shall (i) certify to the Master Trustee that it reasonably expects that all applicable requirements of this Article II pertaining to the issuance of the Series of Bonds in anticipation of which such notes are to be issued can be satisfied or (ii) deliver a Rating Confirmation to the Master Trustee. For purposes of satisfying the requirements of Section 2.6(B)(4) or (5) and determining the annual amount payable in respect of the Bonds intended to secure the bond anticipation notes, such Bonds shall be treated on the date of calculation as if
(i) from the date of issuance thereof, the Trust will be required to pay equal installments of Debt Service on such Bonds over a period extending from the due date thereof through the 30th anniversary of the issue date of such Bonds and (ii) interest will accrue at a rate equal to the rate as specified in the Supplemental Trust Agreement prepared for such bond anticipation notes, payable semi-annually.
Bond Anticipation Notes. Whenever the Authority shall authorize the issuance of a Series of Bonds, the Authority may, by Series Resolution, authorize the issuance of Notes and renewals thereof in anticipation of such Series of Bonds. The interest on such Notes and renewals thereof may be made payable from the proceeds of such Notes, from the Bond Account, from the Recovery Account, from the School Bond Account or from the proceeds of renewal notes or the Series of Bonds in anticipation of which such Notes are issued. The proceeds of such renewal notes or Bonds may be pledged for the payment of the principal of or interest on such Notes, and any such pledge shall have a priority over any other pledge of such proceeds created by this Indenture. The Authority may also pledge the Revenues and, subject to Article V, the Accounts to the payment of the principal of such Notes.
Bond Anticipation Notes. Whenever the Authority shall authorize the issuance of a Series of Bonds, the Authority may by this Trust Agreement, to the extent authorized by the Act or any other law, issue notes (and renewals thereof) in anticipation of such Series. The principal of and interest on notes authorized hereunder and renewals thereof shall be payable from any moneys of the Authority lawfully available therefor, from the proceeds of such notes or from the proceeds of the sale of the Series of Bonds in anticipation of which such notes are issued. The proceeds of such Bonds may be pledged for the payment of the principal of and interest on such notes. Notes issued in anticipation of a Series of Senior Bonds may be paid from the proceeds of the sale of a Series of Subordinated Bonds, if the Authority so determines, and the proceeds of such Subordinated Bonds may be pledged for the payment of the principal of and interest on such notes. The Authority may also pledge the Pledged Receipts to the payment of bond anticipation notes to the extent and in the manner provided in Section 209(b), provided that prior to the issuance of any notes secured by such a pledge, the Authority shall (i) certify to the Trustee that it reasonably expects that all applicable requirements of this Article II pertaining to the issuance of the Series of Bonds in anticipation of which such notes are to be issued can be satisfied and (ii) deliver a Rating Confirmation to the Trustee.
Bond Anticipation Notes. Bond anticipation notes are issued in anticipation of a later issuance of bonds and are usually payable from the proceeds of the sale of the bonds anticipated or of renewal notes.
Bond Anticipation Notes. The Authority may issue bond anticipation notes payable from proceeds of Bonds.
Bond Anticipation Notes. Whenever the Issuer shall authorize the issuance of a Series of Bonds, the Issuer may authorize the issuance of notes in anticipation of such Series. The principal of and interest on such notes shall be payable from the proceeds of such notes, or from the proceeds of the sale of the Series of Bonds in anticipation of which such notes are issued and as otherwise provided in the Supplemental Indenture. The provisions of the Indenture relating to Bonds shall apply equally to bond anticipation notes except as otherwise provided in a Supplemental Indenture.
