Installment Payment Fund definition
Examples of Installment Payment Fund in a sentence
The City agrees to pay to the Authority, its successors and assigns, as the purchase price of the Project, the Installment Payments, consisting of components of principal and interest, on the Installment Payment Dates and in the amounts specified in Exhibit B hereto, provided that amounts previously deposited in the Installment Payment Fund and remaining on deposit therein shall be applied to the payment of Installment Payments next due.
If the City elects or is required to prepay the Installment Payments in full under this Article IV, all amounts then on deposit in the Installment Payment Fund shall be credited towards the amounts required to be so prepaid.
Following the completion of the Project, the City shall transfer any amounts remaining on deposit in the Project Fund to the Installment Payment Fund established under Section 3.05 below, to be applied as a credit towards the interest component of the Installment Payments next coming due and payable, and the City shall thereupon close the Project Fund.
In addition to withdrawals required to pay principal of and interest on the Parity Obligations, the City shall, on or before each Installment Payment Date, deposit Net Sales Tax Override Revenues in the Sales Tax Override Fund and transfer to the Installment Payment Fund the amount indicated in Exhibit B attached hereto as required for the next occurring Installment Payment Date.