Operating Reserve Fund. Contributions by the Municipality towards Eligible Operating Expenses that have been matched with a Provincial share Contribution but have not been used to fund incurred Eligible Operating Expenses.
i. Any expenditure of monies from the Operating Reserve Fund will only be credited towards shareable Eligible Operating Expenses for the transit system for which it was collected.
ii. The Operating Reserve Fund excludes amounts collected from the Municipality on Lease Fees and will not be used toward Lease Fees.
iii. The Authority will provide a quarterly statement of account of the reserve balance including contributions, amounts utilized and any interest earned for the Operating Reserve.
Operating Reserve Fund. In accordance with OIC 594, in fiscal year 2015/16, BC Transit established a Reserve Fund to record, for each local government, the contributions that BC Transit has received but has not yet earned.
a) BC Transit will invoice and collect on monthly Municipal invoices based on budgeted Eligible Expenses.
b) Any expenditure of monies from the Reserve Fund will only be credited towards Eligible Expenses for the location for which it was collected.
c) Eligible Expenses are comprised of the following costs of providing Public Passenger Transportation Systems:
Operating Reserve Fund. In accordance with OIC 594, in fiscal year 2015/16, BC Transit established a Reserve Fund to record, for each local government, the contributions that BC Transit has received but has not yet earned.
a) BC Transit will invoice and collect on monthly Municipal invoices based on budgeted Eligible Expenses, as set out in Schedule C of the AOA.
b) Any expenditure of monies from the Reserve Fund will only be credited towards Eligible Expenses for the location for which it was collected. These Eligible Expenses are comprised of the following costs of providing Public Passenger Transportation Systems, but exclude the costs of providing third-party 100%- funded services:
Operating Reserve Fund. (a) In accordance with Section 5.02, beginning on the first Business Day of the month and after making the deposits required by Section 5.02(b)(i) through (vii), the Trustee shall transfer to the credit of the Operating Reserve Fund, an amount of Authority Revenues equal to that which is necessary to make the balance on deposit therein equal to the Operating Reserve Requirement and to pay interest on and reimbursement obligations due with respect to an Operating Reserve Facility. Earnings on moneys held in the Operating Reserve Fund shall be retained therein.
(b) Amounts on deposit in the Operating Reserve Fund shall be available (i) to be requisitioned by the Authority to pay Current Expenses, (ii) to pay any termination payment due under a Qualified Swap or Hedge Agreement, (iii) to pay interest or any reimbursement obligation due with respect to an Operating Reserve Facility, and (iv) subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments, prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund. In accordance with the provisions of Section 10.02 hereof, in the event that (i) there is no deposit required to be made to the Commonwealth Payments Fund and
Operating Reserve Fund. As part of the Facility Budget, the Board shall create an operating reserve fund to at least maintain essential Facility operations, second to make any required debt or obligations payments to third parties, and third to make any debt or obligations payments required to Xxxxxx or Washington Counties. The Bylaws shall outline the scope and size of the operating reserve fund. Upon recommendation by the Board to the Counties, each County agrees to commit or hold sufficient funding for the operating reserve fund. The Counties’ respective contributions to establish the operating reserve fund shall be 73% from Ramsey County and 27% from Washington County. The Bylaws shall also provide a process to release the Counties from the obligation to hold funding for the operating reserve fund, and to pay back any operating reserve funds transferred to the Board, as an enterprise reserve fund is created and funded.
Operating Reserve Fund. As part of each Fiscal Year’s Annual Budget, the Operating Reserve Fund shall be adjusted to contain operating and maintenance expenses in an amount approximating the costs of operations for ninety (90) days, to provide cash flow during transitions, lag time between delivery of service and payment, or other {00445492.DOCX } 8 operational shortfalls or unusual events. The ongoing Operating Reserve Fund shall also serve as a revenue stabilization fund during market changes during fiscal years.
Operating Reserve Fund. There is hereby created and ordered established with the Trustee a special trust fund designated as “The Industrial Development Corporation of Xxxxxxx County, Idaho, Solid Waste Disposal Revenue Bonds (Intrepid Technology and Resources Biogas, LLC Project) Series 2006, Operating Reserve Fund.” Moneys shall be deposited into the Operating Reserve Fund as and when received from the sources specified in Section 5.27 of the Agreement so that, no later than July 1, 2007, the amount on deposit in the Operating Reserve Fund shall be $725,000. Provided that no “event of default” under the Indenture exists and is continuing, or would exist but for the giving of notice, the passage of time or both, moneys in the Operating Reserve Fund shall be disbursed to the Company or the Corporation on the written request of the Authorized Company Representative for the purpose of paying non-capitalized operating expenses of the Company or the Corporation relating directly to the Project. Any such written request shall be accompanied by copies of bills, invoices or statements for the operating expenses of the Company or the Corporation, as applicable, to be paid, and by a certification of the Authorized Company Representative that payment of such operating expenses with moneys from the Operating Reserve Fund is necessary for the continued operations of the Project. Provided that no “event of default” under the Indenture exists and is continuing, or would exist but for the giving of notice, the passage of time, or both, under the Indenture, all moneys in the Operating Reserve Fund will be released to the Company within thirty (30) days after presentation to the Trustee and the Bondholders of the certifications, each dated within thirty (30) days of the other of: (i) the Company’s certified public accountants that the Company’s Debt Service Coverage Ratio (as such term is defined in Section 5.16 of the Loan Agreement) for the two most recently completed fiscal years of the Company equals or exceeds
:1. Upon the occurrence of an event of default under the Indenture, all moneys in the Operating Reserve Fund shall be transferred to the Bond Fund.
Operating Reserve Fund. In addition to and after payment of the User Fee from the Operating Revenues, the Operator also agrees to utilize Operating Revenues to fund, in 48 equal monthly installments of $12,500, deposits into the Operating Reserve Fund until the balance on hand in such Fund is equal to $600,000. Thereafter, if and to the extent that the balance in the Operating Reserve Fund shall ever be less than $600,000, the Operator shall use Operating Revenues next available after payment of the User Fee then due, to make additional monthly deposits into such Operating Reserve Fund until the balance on hand therein is at least equal to $600,000. Such deficiency shall be cured by substantially equal monthly deposits by the Operator over (a) a twelve (12) month period if such deficiency results from a withdrawal or (b) over a four month period if such deficiency results from calculation of the value of investments on deposit in the Operating Reserve Funds. Pursuant to the provisions of the Indenture, the Operator shall have the ability to requisition amounts on deposit in the Operating Reserve Fund for the sole purpose of paying the actual costs of operation and maintenance of the Detention Facility to the extent that Operating Revenues available to the Operator for such purpose are insufficient, subject to the obligation to restore such amounts as set forth above.
Operating Reserve Fund. On or prior to the commencement of payments of principal of and interest on the Loan (in connection with the conversion of the Loan from a construction loan to a permanent loan), Owner shall establish and maintain as provided in Owner’s partnership agreement an operating reserve account, with a depository approved by the Authority, in an amount equal to at least six months of operating expenses and debt service with respect to the Project.
Operating Reserve Fund. A. The purpose of the Operating Reserves policy for the CLUB is to ensure the stability of the mission, programs, employment and ongoing operation of the organization. The Operating Reserve is intended to provide an internal source of funds for situations such as sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The Reserve may also be used for one-time, nonrecurring expenses that will build long-term capacity, such as staff development or investment in infrastructure. Operating Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of the CLUB that the Operating Reserves be used and replenished in a reasonably short period of time. The Operating Reserve policy will be implemented in concert with the other governance and financial policies of the CLUB and is intended to support the goals and strategies contained in these related policies and in strategic and operational plans.
B. The Operating Reserve Fund is defined as the designated fund set aside by the action of the Board of Directors. The minimum amount to be designated as Operating Reserve will be established in an amount sufficient to maintain ongoing operations of the CLUB for a set period of time measured in months. The Operating Reserve serves a dynamic role and will be reviewed and adjusted in response to internal and external changes. The target minimum Operating Reserve Fund is equal to three months of average operating costs. The calculation of average monthly operating costs includes all recurring, predictable expenses such as salaries and benefits, facilities fees and meet entry fees. Depreciation, in-kind, and other non-cash expenses are not included in the calculation. The amount of Operating Reserve Fund target minimum will be calculated each year after approval of the annual budget agreed upon by the Board of Directors and included in the regular financial reports.
C. The Operating Reserve Fund will be recorded in the financial records as Board- Designated Operating Reserve. The fund will be funded and available in cash or cash equivalent funds. Operating Reserves will be maintained in a segregated bank account or investment fund, in accordance with the established investment policies.
D. The Operating Reserve Fund will be funded with surplus unrestricted operating funds. The Board of Directors may from time to time direct that a specific source of revenue be set ...
