Defeased Bond definition
Examples of Defeased Bond in a sentence
If, in a proper case, no appointment of a successor Escrow Agent shall be made pursuant to the foregoing provisions of this section within three months after a vacancy shall have occurred, the holder of any Defeased Bond then outstanding may apply to any court of competent jurisdiction to appoint a successor Escrow Agent.
All income from such Defeasance Securities received by the Paying Agent/Registrar which is not required for the payment of the Defeased Bond, with respect to which such money has been so deposited, shall be remitted to the City or deposited as directed in writing by the City.
The District covenants that it will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Agreement, in any and every such Defeased Bond as executed, authenticated and delivered and in all proceedings pertaining thereto as such Defeased Bonds shall have been modified as provided in this Agreement.
At such time as the Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, the Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem maintenance taxes herein levied and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Defeasance Securities.
Defeased Bond Issues- Issues that have sufficient money to retire outstanding debt when due so that the agency is released from the contracts and covenants in the bond document.
Notwithstanding the foregoing, in the event the funds on deposit in the Future Escrow Agreement are deficient for any reason to pay debt service on the Defeased Bond when due, the City shall remain obligated to pay such deficiency from lawfully available and/or appropriated funds.
Any Future Escrow Agreement pursuant to which the money and/or Defeasance Securities are held for the payment of the Defeased Bond may contain provisions permitting the investment or reinvestment of such moneys in Defeasance Securities or the substitution of other Defeasance Securities upon the satisfaction of the requirements specified in subsection (a)(i) or (ii) of this Section.
If, in a proper case, no appointment of a successor Escrow Agent shall be made pursuant to the foregoing provisions of this section within sixty (6) days after a vacancy shall have occurred, the owner of any Defeased Bond or the Escrow Agent may apply to any court of competent jurisdiction to appoint a successor Escrow Agent.
The City covenants that it will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Agreement, in any and every said Defeased Bond as executed, authenticated and delivered and in all proceedings pertaining thereto as said Defeased Bonds shall have been modified as provided in this Agreement.