Bond Payment Fund Sample Clauses
The Bond Payment Fund clause establishes a dedicated account or fund specifically for the collection and disbursement of payments related to a bond issuance. Typically, this fund is managed by a trustee or paying agent, who ensures that all principal and interest payments from the issuer are deposited into the fund and then distributed to bondholders according to the payment schedule. By segregating these funds, the clause provides assurance to bondholders that payments will be made reliably and reduces the risk of missed or delayed payments, thereby enhancing the security of the bond.
Bond Payment Fund. The Paying Agent, if other than the County, shall establish and maintain a separate fund designated the “Bond Payment Fund.” When the Paying Agent is required to transfer amounts to pay debt service on the Bonds, the Paying Agent shall deposit such amounts in the Bond Payment Fund. On each Interest Payment Date or Bond maturity date, the Paying Agent shall withdraw from the Bond Payment Fund for payment to the Owners of the Bonds the principal of and interest on the Bonds then due and payable.
Bond Payment Fund. On or before each 2020 Installment Payment Date, the Agency shall, from the moneys in the Revenue Fund, transfer to the Trustee for deposit in the Bond Payment Fund a sum equal to the 2020 Installment Payment coming due on such 2020 Installment Payment Date. The Agency shall also, from the moneys in the Revenue Fund, transfer to the applicable trustee or payee for deposit in the applicable payment fund, without preference or priority, and in the event of any insufficiency of such moneys ratably without any discrimination or preference, any other Debt Service in accordance with the provisions of the Contract, resolution or indenture relating thereto, including but not limited to the 2018A Installment Purchase Agreement to the extent not paid from 1% Property Tax Receipts. No deposit need be made in the Bond Payment Fund as 2020 Installment Payments if the amount in the Bond Payment Fund is at least equal to the amount of the 2020 Installment Payment due and payable on the next succeeding 2020 Installment Payment Date. All money in the Bond Payment Fund shall be used and withdrawn by the Trustee in accordance with the Indenture.
Bond Payment Fund. On or before each Series 2025 Installment Payment Date, the City shall, from remaining moneys in the Revenue Fund, transfer to the Trustee for deposit in the 2025A Bond Payment Fund an amount that is equal to the interest and principal payable and coming due on the next succeeding Series 2025 Installment Payment Date. The City shall also, from the moneys in the Revenue Fund, transfer to the applicable trustee for deposit in the applicable payment fund, without preference or priority, and in the event of any insufficiency of such moneys ratably without any discrimination or preference, any other Debt Service in accordance with the provisions of the Contract, Bond, resolution or indenture relating thereto. Any moneys which are on deposit in the 2025A Bond Payment Fund on each Series 2025 Installment Payment Date (other than amounts required for the payment of past due principal or interest with respect to any 2025A Bonds not presented for payment) shall be credited to the payment of the Series 2025 Installment Payments due and payable on such date. No deposit need be made in the 2025A Bond Payment Fund as Series 2025 Installment Payments if the amount in the 2025A Bond Payment Fund is at least equal to the amount of the Series 2025 Installment Payment that is due and payable on the next succeeding Series 2025 Installment Payment Date.
Bond Payment Fund. On or before each Series 2018A Installment Payment Date, the Agency shall, from the moneys in the Revenue Fund, transfer to the Trustee for deposit in the Bond Payment Fund a sum equal to the Series 2018A Installment Payment coming due on such Series 2018A Installment Payment Date. The Agency shall also, from the moneys in the Revenue Fund, transfer to the applicable trustee or payee for deposit in the applicable payment fund, without preference or priority, and in the event of any insufficiency of such moneys ratably without any discrimination or preference, any other Debt Service in accordance with the provisions of the Contract, resolution or indenture relating thereto. No deposit need be made in the Bond Payment Fund as Series 2018A Installment Payments if the amount in the Bond Payment Fund is at least equal to the amount of the Series 2018A Installment Payment due and payable on the next succeeding Series 2018A Installment Payment Date. All money in the Bond Payment Fund shall be used and withdrawn by the Trustee in accordance with the Indenture.