Examples of Compound Interest Bond in a sentence
If any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or if the Maturity Amounts of Premium Compound Interest Bond become due, if moneys sufficient to pay such Bond shall have been deposited with the Paying Agent/Registrar, it shall be the duty of the Paying Agent/Registrar to hold such moneys, without liability to the County, any Owner, or any other person for interest thereon, for the benefit of the Owner of such Bond.
On each Interest Payment Date prior to the Initial Interest Payment Date for a Compound Interest Bond, Accrued Bond Interest on such Bond during the related Interest Accrual Period shall be added to the Current Principal Amount of such Bond and shall thereafter accrue interest.
We noted that the Compound Interest Bond Reserve Fund is not currently serving the purpose for which it was created and appears to operate more as a trust account rather than a trust fund, as it is currently classified.
Compound Interest Bond Reserve Fund, Section 39-151, HRS Financial Data for Fiscal Years 2004-2008 (in thousands) FY2004FY2005FY2006FY2007FY2008 Beginning Fund Balance $0 $0 $0 $0 $0 Revenues 0 0 0 0 0Interest00000Expenditures00000Transfers00000 Ending Fund Balance $0 $0 $0 $0 $0 Encumbrances $0 $0 $0 $0 $0 This fund was created in 1990 to pay for the principal and interest on compound interest bonds.
The Developer shall notify the Issuer and the Trustee of its intent to purchase a TAD Series Compound Interest Bond at least ( ) Business Days prior to the date when such funds will be deemed Advanced by the Developer, with a copy of such Funding Notice and Requisition being delivered currently to the Issuer and the Trustee.
The Issuer will be required to value all or a portion of the GPM Collateral securing such Series on a level debt service basis if it is determined that the payments of principal and interest on the Mortgage Collateral securing such Series may be insufficient to meet debt service requirements on each Class of Bonds of such Series which is not a Compound Interest Bond in accordance with Section 3.07.
Each Advance shall constitute a corresponding payment of the purchase price of a portion of the applicable TAD Series Compound Interest Bond.
The unpaid principal amount of a Bond outstanding from time to time (including, in the case of a Compound Interest Bond, any interest added to such principal amount prior to the related Accrual Termination Date), calculated as provided in the related Terms Indenture.