Operational Reserve definition
Examples of Operational Reserve in a sentence
Surplus funds left over at the end of any year must be used at the discretion of the Board to pay Association Expenses in the next year and/or be transferred into the Capital Reserve Fund(s) and/or the Operational Reserve Fund(s).
The Operational Reserve Account shall be established at a financial institution that complies with the requirements of Article IV, section 5(a).
The Government of the Federated States of Micronesia and the Government of the United States shall review the continued need for the Operational Reserve Account from time to time, and may discontinue its use upon mutual consent.
Except as set forth above, funds on deposit from time to time in the Operational Reserve Account shall be used solely to cover unanticipated delays of payments from the Government of the United States of funds in respect of Grants, provided that the Government of the United States shall approve any such use of funds in the Operational Reserve Account (which approval shall not be unreasonably withheld).
On or about the date on which the first payment in respect of Operational Grants is made during each Fiscal Year, the Government of the United States shall deposit into the Operational Reserve Account an amount equal to one-fifty-second (1/52) of the aggregate amount of funds in respect of Operational Grants that will be payable to the Government of the Federated States of Micronesia during such Fiscal Year.
In the event that any amount of funds from the Operational Reserve Account is used in accordance with the immediately preceding sentence, then such amount shall be deducted from the next payment from the Government of the United States of funds in respect of Grants and the amount so deducted shall e deposited into the Operational Reserve Account.
The amount deposited into the Operational Reserve Account during any Fiscal Year shall be credited toward the final payment in respect of Operational Grants during such Fiscal Year.
Notwithstanding any other provision of this Agreement, the Government of the United States shall be entitled to withdraw all amounts on deposit in the Operational Reserve Account at any time that the Government of the United States is entitled to effect a Withholding or Suspension.
Interest, and other earnings on the Operational Reserve Account shall be paid to the Government of the United States promptly from time to time when earned.
All funds of the CWC (including the Operational Reserve; all funds received from member organizations, grants, or donations; and all interest accrual) shall be maintained and invested in the Utah Public Treasurers’ Investment Fund (the “PTIF”).