Future Prior Bonds definition
Future Prior Bonds means any bonds, notes or other obligations of the Borrower issued pursuant to a Series Resolution and in accordance with Section 16(b) (Issuance of Future Bonds) and secured by a pledge of or payable from the Local Option Taxes as described in paragraphs First and Second in Section 8(d) (Security and Priority; Flow of Funds), which are expressly stated to be secured by a pledge of Local Option Taxes on an equal and ratable basis with the Local Option Taxes required to be paid into the Local Option Tax Accounts to pay and secure the payment of the principal of and interest on the Prior Bonds then outstanding.
Future Prior Bonds means any bonds, notes, or other obligations of the Authority issued pursuant to a Series Resolution and in accordance with Section 16(b) (Issuance of Future Bonds) of the TIFIA Loan Agreement, and secured by a pledge of or payable from the Local Option Taxes as described in paragraphs “First” and “Second” in Section 6(b) of this Resolution, which are expressly stated to be secured by a pledge of Local Option Taxes on an equal and ratable basis with the Local Option Taxes required to be paid into the Local Option Tax Accounts to pay and secure the payment of the principal of and interest on the Prior Bonds then outstanding.
Future Prior Bonds means any bonds, notes or other obligations of the Borrower issued pursuant to a Series Resolution and in accordance with Section 16(b) and secured by a pledge of or payable from the Local Option Taxes as described in paragraphs First and Second in Section 8(d), which are expressly stated to be secured by a pledge of Local Option Taxes on an equal and ratable basis with the Local Option Taxes required to be paid into the Local Option Tax Accounts to pay and secure the payment of the principal of and interest on the Prior Bonds then outstanding.