Current Refunding Clause Samples
The Current Refunding clause allows an issuer to refinance outstanding bonds by issuing new bonds, with the proceeds used to pay off the existing debt within 90 days. In practice, this means that the issuer can take advantage of lower interest rates or more favorable terms by replacing old bonds with new ones before the original maturity date, but only if the repayment occurs within the specified short timeframe. This clause primarily serves to provide financial flexibility and potential cost savings for the issuer, while ensuring that the refinancing process is conducted promptly and transparently.
Current Refunding. Proceeds of the Refunding Portion will be used to pay the principal portion and interest portion of basic rent payments on the Refunded Obligations. All of these proceeds will be spent on December 1, 2020, which is not later than 90 days after the Issue Date.
Current Refunding. (a) Proceeds Used For Current Refunding. Proceeds of the Certificates will be used to pay the Principal Components of and Interest Components on the Refunded Obligations on March 15, 2017, which is not later than 90 days after the Delivery Date.
Current Refunding. Proceeds of the Bonds will be used to pay the outstanding principal of and interest on the Refunded Bonds. All such proceeds shall be spent not later than 90 days after the Issue Date.
Current Refunding. Bond proceeds deposited in the Refunding Account of the Project Fund allocable to a current refunding of the Refunded Bonds (see Section 3.8) may be invested without Yield restriction for up to 90 days after the Issue Date.
Current Refunding. The Bonds are a current refunding of the Refunded Bonds in that the Refunded Bonds will be paid or redeemed within 90 days of the date of the delivery of the Bonds.
Current Refunding. Bond Counsel has advised that the Series 2016B Bond constitutes a current refunding issue because the Series 2007 Bonds will be redeemed on the Closing Date, a date that is not more than 90 days from the date hereof. There will be no unspent proceeds of the Series 2007 Bonds. Therefore there will be no transferred proceeds. [Reserved].
Current Refunding. (a) Proceeds Used for Current Refunding. Proceeds of the Bonds in the amount of $[ ] will be transferred to BOKF, N.A. (f/k/a Bank of Kansas City, N.A.), as paying agent for the refunded bonds, and used to pay the principal of and accrued interest on the Refunded Obligations on April 7, 2021. All such proceeds of the Bonds will be spent not later than 90 days after the issue date of the Bonds.
(b) Transferred Proceeds. There are no unspent proceeds (sale proceeds, Investment proceeds or transferred proceeds) of the Refunded Obligations. Therefore, there are no transferred proceeds of the Bonds.
Current Refunding