Future Parity Obligations definition

Future Parity Obligations means one or more series of additional bonds, notes, interim securities or other obligations issued by the County having a lien on the Net Revenue which is on a parity with the lien of the Bond.

Future Parity Obligations means all revenue bonds and other obligations of the City for borrowed money (including, without limitation, financing leases) issued or incurred after the date of the issuance of the Bonds authorized by this ordinance, the payment of which constitutes a lien and charge on the Net Revenue and Pledged ULID Assessments equal in rank with the lien and charge upon such revenue and assessments required to be paid into the Parity Obligation Debt Service Account to pay and secure the payment of the principal of and interest on the Bonds and other outstanding Parity Obligations.

Examples of Future Parity Obligations in a sentence

• Principal of and interest on any proposed Future Parity Obligations and lease rentals on Future Parity Obligations that are leases shall be payable semiannually on February 1 and August 1.

• Upon the defeasance of the Bonds and any Future Parity Obligations, the Debt Service Account and the General Account of the Allocation Fund shall be dissolved, and any moneys remaining in such accounts shall remain in the Allocation Fund and may be used by the Commission for any purpose permitted by law.

• The City further covenants that, for as long as any Parity Obligations remain outstanding, it will not issue any additional Senior Lien Bonds or any other revenue obligations (or create any special fund or account therefor), which will have any priority over or which will rank on a parity with the payments required in respect of the Parity Obligations, and that it will issue Future Parity Obligations only accordance with the Parity Conditions.

• If, when the proposed Future Parity Obligations are issued, the County shall have finally approved an increase in the Transportation LIT, the calculation above may take into account the increase in the Transportation LIT.

• If the Future Parity Obligations are to be secured by a Parity Reserve Account, the Future Parity Obligation Ordinance must provide for the deposit into the Reserve Account of any combination of Future Parity Obligation proceeds, Reserve Securities and other legally available money, in the amounts and at the times necessary to satisfy the Reserve Requirement for those Future Parity Obligations.

• Nothing in this ordinance shall prevent the City from issuing Future Parity Obligations to refund maturing Utility System Revenue Bonds then outstanding, money for the payment of which is not otherwise available.

• The Bonds shall be issued on parity of lien with any Future Parity Obligations, without regard to date of issuance or authorization and without preference or priority of right or lien.

• The Finance Director may create additional sinking fund accounts or other subaccounts in the Parity Obligation Debt Service Account to pay or secure the payment of Future Parity Obligations, so long as the maintenance of such accounts does not conflict with the rights of the owners of Parity Obligations or the Senior Lien Bonds.

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• The reserve requirements for the Bonds and, if any, for any Future Parity Obligations shall be satisfied either at the time of delivery of the Future Parity Obligations or over a five (5) year or shorter period.