Examples of Junior Lien Principal and Interest Account in a sentence
If, upon any TIF Accounting, there are funds on deposit in and to the credit of the Junior Lien Principal and Interest Account in excess of any Junior Lien Principal Requirement and the Junior Lien Interest Requirement, such funds shall be transferred by the City Treasurer to the General Account as hereinbelow provided.
All moneys remaining in the West Washington Street Special Tax Allocation Fund, after crediting the required amounts to the Senior Lien Principal and Interest Account and, if any, the Junior Lien Principal and Interest Account hereinabove provided for, shall be transferred by the City Treasurer for deposit in and credit to the General Account.
If, upon any TIF Accounting, there are funds on deposit in and to the credit of the Administrative Account in excess of the Administrative Account Requirement, such funds shall be transferred by the City Treasurer to the Junior Lien Principal and Interest Account as hereinbelow provided.
Funds in the Junior Lien Principal and Interest Account are used to pay the semi-annual interest and principal payments on junior lien bonds in either a term or fixed mode.
In the case of buildings which are financed with the proceeds of tax-exempt bonds and receive an allocation of 4% tax credits, DHCD will require that the owner enter into an Extended Low Income HousingAgreement and Declaration of Restrictive Covenants (the “Agreement”) with the DHCD.