Event of Nonappropriation means a nonrenewal of the Lease by the City determined by the failure of the City to appropriate and budget, or the election of the City not to so appropriate and budget, on or before the date required by the laws of the State during the Initial Term or any Renewal Term, moneys sufficient to pay the Rental Payments and reasonably expected Additional Payments due and payable during the next Renewal Term.
Event of Nonappropriation shall have the meaning set forth for such term in the Facilities Agreement.
Examples of Event of Nonappropriation in a sentence
If no funds are appropriated or otherwise legally available to make the required payments during the next occurring fiscal year (an "Event of Non-appropriation"), this Agreement will be terminated at the end of the then current fiscal year.
More Definitions of Event of Nonappropriation
Event of Nonappropriation means a termination of this Lease by the City, determined by the City’s failure for any reason, to duly enact by the last day of each Fiscal Year an appropriation resolution for the ensuing Fiscal Year which includes (a) by specific line item reference amounts authorized and directed to be used to pay all Base Rentals and (b) sufficient amounts to pay such Additional Rentals as are estimated to become due, as provided in Section 6.06 of this Lease. The term also includes the giving of notice under Section 4.01 of this Lease of the City’s intention to terminate and the occurrence of an event described in Section 6.06 of this Lease relating to the failure by the City to appropriate amounts due as Additional Rentals in excess of the amounts estimated to become due.
Event of Nonappropriation shall have the meaning set forth in Section 3.2 hereof.
Event of Nonappropriation means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the Borrower that includes an appropriation for Required Payments, or the Governing Board’s amendment of the annual budget to remove an appropriation for Required Payments, in each case as contemplated by Section 3.05.
Event of Nonappropriation is defined in Section 6.02.
Event of Nonappropriation means an Event of Nonappropriation as described in Section 3.04.
Event of Nonappropriation means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the City that includes an appropriation for Required Payments as contemplated by Section 3.05.
Event of Nonappropriation has the meaning given that term in Section 4.06 hereof. “Exhibit A” means Exhibit A attached to this Lease, which is incorporated in and made a part of this Lease and given the same force and effect as if the same were fully set forth herein.