General Operating Account Sample Clauses
General Operating Account. (1) The State shall maintain a General Operating Account to provide the moneys needed to pay obligations incurred by the State of the types described in Water Code sections 12937(b)(1) and (2) in the event of emergency or cash flow shortages.
(2) An initial deposit of $15 million shall be made available from revenue bond reserves that are no longer required by revenue bond covenants and that would otherwise be credited to the contractors including the Agency. In 1998 or when the funds become available an additional $7.7 million will be deposited in the General Operating Account from revenue bond reserves that are no longer required by revenue bond covenants and that would otherwise be credited to the contractors including the Agency, bringing the deposits to that account under this article to $22.7 million.
(3) The balance in the General Operating Account will increase pursuant to subdivision (e)(3)(v) of this article to an amount determined by the State but not in excess of $32 million. However, after the year 2001, the maximum amount of the fund may increase or decrease annually by not more than the same percentage as the increase or decrease in the charges, other than power charges for pumping water, to all the contractors for the previous year from the charges for the year before that for obligations under subdivisions (c)(2)(ii) and (iii) of this article.
General Operating Account. (1) The State shall maintain a General Operating Account to provide the moneys needed for the following purposes:
(i) To pay or provide for the payment of System costs which are reimbursable by one or more Contractors under their respective Water Supply Contracts in the event System revenues available for such payment are insufficient for such purpose; or
(ii) To pay or provide for the payment of System costs for any System purpose in the event of a System emergency as defined in Article 61(a)(1)(iii).
(iii) A System Emergency, as used in this Article 61(a)(1)(ii) shall mean an immediate, urgent, critical, unexpected, or impending situation that, in the judgment of the Director may cause or pose a risk of causing injury, loss of life, damage to the property, impairment of the financial condition, and/or interference with the normal activities of the System which requires immediate attention and remedial action.
(2) The maximum amount in the General Operating Account shall be set, adjusted and funded as follows:
(i) Upon the Contract Extension Amendment Effective Date, the maximum amount shall be $150 million.
(ii) On or before the first September 1 occurring five (5) years after the Contract Extension Amendment Effective Date and every five (5) years thereafter, the State shall present a business case analysis of the maximum amount reasonably necessary or appropriate to be maintained in the General Operating Account, including an evaluation of the maximum amount and its relationship to the business risks associated with the System cash flow, to the SWRDS Finance Committee for recommendation to the Director regarding a General Operating Account maximum amount adjustment, provided that the maximum amount shall not be less than $150 million.
(iii) To fund the General Operating Account to its maximum amount, the Director may, in his or her discretion, transfer to the General Operating Account (1) amounts determined to be available pursuant to Article 51(e); (2) earnings from the investment of amounts in the General Operating Account; (3) amounts in the SWRDS Reinvestment Account; and (4) amounts in the SWRDS Support Account.
(iv) If the Director determines to decrease the maximum amount pursuant to Article 61(a)(2)(ii), or the maximum amount is otherwise exceeded, the excess amount in the General Operating Account shall be transferred to the SWRDS Reinvestment Account.
(v) The State shall replenish the amounts used from the General Operating Account (1) throug...
General Operating Account.
(1) The State shall maintain a General Operating Account to provide the moneys needed to pay obligations incurred by the State of the types described in Water Code sections 12937(b)(1) and (2) in the event of emergency or cash flow shortages.
(2) An initial deposit of $15 million shall be made available from revenue bond reserves that are no longer required by revenue bond covenants and that would otherwise be credited to the contractors including the District. In 1998 or when the funds become available an additional $7.7 million will be deposited in the General Operating Account from revenue bond reserves that are no longer required by revenue bond covenants and 72 Amended: Amendment No. 18 73 Amended: Amendment No. 18 that would otherwise be credited to the contractors including the District, bringing the deposits to that account under this article to $22.7 million.
(3) The balance in the General Operating Account will increase pursuant to subdivision (e)(3)(v) of this article to an amount determined by the State but not in excess of $32 million. However, after the year 2001, the maximum amount of the fund may increase or decrease annually by not more than the same percentage as the increase or decrease in the charges, other than power charges for pumping water, to all the contractors for the previous year from the charges for the year before that for obligations under subdivisions (c)(2)(ii) and (iii) of this article.
General Operating Account. By the time the Government loan is closed or interim funds are obtained, whichever occurs first, the Partnership shall deposit cash from the Borrower's own funds in an amount totaling $ . Use of deposited cash will be in accordance with 7 CFR part 3560 or any successor regulation.
General Operating Account. By the time the Government loan is closed or interim construction funds are obtained, whichever occurs first, the Borrower shall provide cash from the Borrower's own funds in an amount totaling $ in the General Operating Account.
General Operating Account.
(1) The State shall maintain a General Operating Account to provide the moneys needed to pay obligations incurred by the State of the types described in Water Code sections 12937 (b)(1) and (2) in the event of emergency or cash flow shortages.
(2) An initial deposit of $15 million shall be made available from revenue bond reserves that are no longer required by revenue bond covenants and that would otherwise be credited to the contractors including the Agency. In 1998 or when the funds become available an additional $7.7 million will be deposited in the General Operating 59 Added: Amendment 16
General Operating Account. Tenant will credit to a separate [interest-bearing] account (the “General Operating Account”) all Project Income, other than the security deposit payments to be deposited into the Security Deposit Account described below. The General Operating Account must be reconciled quarterly and submitted to the City along with a rent roll as described in Section 5.8.1.2.
General Operating Account. The General Operating Account shall contain the gross operating receipts received by the Agent or Sponsor and/or its representatives pursuant to Paragraphs 9 and 26 of this contract. These funds shall be deposited promptly in the Trust Account.
General Operating Account. The Borrower shall from the Borrower's own funds deposit in the General Operating Account the total amount of $ consisting of the individual amounts listed in the loan agreements being consolidated.
General Operating Account. Disbursements may be made from this account in accordance with the budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available:
(1) salaries, wages, and any other compensation due and payable to the employees or agents of the Sponsor employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees;
(2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance;
(3) payments of required interest, principal, ground lease, rent payments as required by the lease and approved by HCD, and impounds, fees, and charges, if any to lien holders on the property approved by HCD including the HCD loan;
(4) all other expenses incurred to cover operating costs, including the fee of the Agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by HCD;
(5) deposits to the required reserve accounts;
(6) distributions in accordance with the Regulatory Agreement;
(7) HCD loan principal prepayments and incentive payments to the Sponsor, in accordance with the promissory note evidencing the HCD loan; and
(8) residual receipts payment pursuant to the Regulatory Agreement. The Sponsor may depart from the foregoing priorities of payment only upon the express written approval of HCD.