Junior Lien Bonds definition

Junior Lien Bonds means bonds or other obligations which may be issued or incurred by the Board to provide funds for any lawful purpose of the System which are of junior standing and priority of lien with respect to the Net Revenues to the claim of the Bonds.

Junior Lien Bonds means bonds, bond anticipation notes issued under Act 34, Public Acts of Michigan, 2001, as amended, or other obligations which may be issued or incurred by the City to provide funds for any lawful purpose of the System which are of junior standing and priority of lien with respect to the Net Revenues to the claim of the Senior Lien Bonds.

Junior Lien Bonds means any revenue bonds or other obligations issued by the County which are secured by pledges of the revenues and liens on the System which are junior and subordinate in all respects to the pledges and liens made to secure Bonds.

Examples of Junior Lien Bonds in a sentence

• No additional Junior Lien Bonds may be issued under the provisions of this Resolution or the Junior Lien Trust Agreement on a parity with the Junior Lien Bonds, except in accordance with the Junior Lien Trust Agreement.

• By proceedings authorizing the issuance of Junior Lien Bonds, the County may provide for the accession of such Junior Lien Bonds to the status of Bonds provided all of the conditions set forth in subparagraphs (1) through (7) are met.

• Revenues remaining in the Receiving Fund, after provision has been made for the requirements of the Operation and Maintenance Fund and of the Redemption Fund, shall be set aside, but not more often than monthly, in a fund for the Junior Lien Bonds or Junior Lien Notes in accordance with the resolution authorizing the issuance thereof.

• A separate account may also be established within such fund as a bond reserve account to be funded on a junior lien basis in accordance with the resolution authorizing the issuance of the Junior Lien Bonds or Junior Lien Notes.

• If the Board shall ever issue Junior Lien Bonds or Junior Lien Notes, there shall be established and maintained a separable depositary fund for the purpose of paying the principal of, redemption premium, if any, and interest on such Junior Lien Bonds or Junior Lien Notes as they come due (the “Junior Lien Redemption Fund”).

More Definitions of Junior Lien Bonds

Junior Lien Bonds means any obligations of the City hereafter issued and payable from Pledged Incremental Property Taxes, if any, on deposit in the Junior Lien Principal and Interest Account.

Junior Lien Bonds means any Additional Bonds payable from, and secured by a lien on the Net Revenues, which lien is junior to that of any Parity Bonds, but senior to that of the Subordinate Lien Bonds.

Junior Lien Bonds means any revenue bonds, long-term contracts, or other obligations issued by the City which are secured by pledges of the revenues of the System which are junior and subordinate in all respects to the pledges made to secure Bonds and to the payment by the City of all Operation and Maintenance Expenses.

Junior Lien Bonds means any bonds or other obligations that may be issued or incurred by the City payable from the Revenues of the System secured by a lien on the Net Revenues of the System that is subordinate to a first lien on the Net Revenues of the System created for the benefit of any First Lien Bonds and shall include the Series 2023 Bonds.

Junior Lien Bonds means the Series 2021 Bonds, and any additional bonds that are of equal standing with the Series 2021 Bonds, and junior in standing to the Senior Lien Bonds.

Junior Lien Bonds means any bond or bonds issued by the Department for the purpose of making, acquiring or refinancing mortgage loans, which may or may not be pledged as Mortgage Loans under the Trust Indenture, provided the income, revenues and receipts received by the Department on such mortgage loans are pledged as Revenues under the Trust Indenture, which is superior to the pledge of such amounts to such junior lien bonds other than to the payment of Department expenses in carrying out and administering its powers, duties and functions in connection with such mortgage loans.

Junior Lien Bonds means any obligations of the City hereafter issued and payable from Pledged Revenues, or any portion thereof, on a junior lien basis.