Pledged Tax definition

Pledged Tax has the meaning set forth in Article I of the Subordinate Trust Agreement.

Pledged Tax means the Proposition A Sales Tax (a) less the Local Allocation; (b) plus such amounts, if any, of the Local Allocation as any city entitled to such amount has authorized to be pledged to secure the First Tier Senior Lien Bonds. The portion of the Local Allocation to be included as Pledged Tax under clause (b) will not be included until a certified copy of the city’s ordinance, resolution or other official action authorizing the pledge and setting forth in terms of such pledge has been filed with the Trustee and certain legal opinions with respect thereto have also been filed with the Trustee.

Pledged Tax means the Proposition C Sales Tax (i) less the administrative fee deducted by the Board of Equalization, (ii) less the Local Allocation and Tax, (c) plus such portion, if any, of the Local Allocation as any jurisdiction entitled to such amount has authorized to be pledged to secure the Bonds in accordance with the Trust Agreement.

Examples of Pledged Tax in a sentence

• The Bonds are special obligations of the Successor Agency and this Bond and the interest hereon and on all other Bonds and the interest thereon (to the extent set forth in the Indenture), are payable from, and are secured by a pledge of, security interest in and lien on the Pledged Tax Revenues derived by the Successor Agency from the Project Areas.

• The bonds are payable from and secured by incremental tax revenues (Pledged Tax Revenues).

• If there shall then not be sufficient Pledged Tax Revenues to transfer an amount sufficient to maintain the Reserve Requirement on deposit in the Reserve Account, the Successor Agency shall be obligated to continue making transfers as Pledged Tax Revenues become available until there is an amount sufficient to maintain the Reserve Requirement on deposit in the Reserve Account.

• The Pledged Tax Revenues are hereby irrevocably and irrepealably pledged and dedicated in an amount sufficient for payment of the Bonds in principal, premium, if any, and interest as they shall become due and payable, and for other purposes hereinafter set forth in this Bond Resolution.

• The District covenants that it will deposit or cause to be deposited with the Paying Agent from the moneys derived from collection of the Pledged Tax Revenues or other funds available for such purpose, at least one (1) Business Day in advance of the date on which payment of principal, premium, if any, and/or interest falls due on the Bonds, funds fully sufficient to pay promptly the principal, premium, if any, and interest so falling due on such date.

• On each Payment Date the Pledged Tax Increment shall be credited against the accrued interest then due on the TIF Note and then applied to reduce the principal.

• Upon the expiration of any Qualified Reserve Account Credit Instrument, the Administrator shall either (i) replace such Qualified Reserve Account Credit Instrument with a new Qualified Reserve Account Credit Instrument, or (ii) deposit or cause to be deposited with the Trustee an amount of funds equal to the Reserve Requirement, to be derived from the first legally available Pledged Tax Revenues.

• Except for the Pledged Tax Revenues and such moneys, no funds or properties of the Successor Agency shall be pledged to, or otherwise liable for, the payment of principal of or interest or redemption premium (if any) on the Bonds.

• In the event the Pledged Tax Increments are not sufficient to pay the accrued interest, the unpaid accrued interest shall be carried forward without interest.

• The Bonds shall be secured by and payable in principal, premium, if any, and interest solely from an irrevocable pledge and dedication of the Pledged Tax Revenues.

More Definitions of Pledged Tax

Pledged Tax means the net collections of one-half cent of seven-eighths of one percent (0.875%) citywide local sales and use tax approved initially by the electors of the City at an election held on November 6, 2018 pursuant to Ordinance No. 18-782 of the City adopted on August 6, 2018.