Project Operating Account definition

Project Operating Account has the meaning set forth in Section 11.1.

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Project Operating Account means the account to be established and maintained by the Agency in the name of “Norwalk Redevelopment Agency – Project Operating Account f/b/o ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Properties” at Bank of America, N.A. for the holding and disbursement of the Deposit in accordance with the terms of Section 2.1 hereof, as it may be renamed or transferred to another depository by agreement of the Redeveloper, the Finance Director and the Agency’s Authorized Representative from time to time.

Project Operating Account has the meaning set forth in Section 11.1. "Publication" means any report, article, educational material, handbook, ▇▇▇▇▇▇▇▇, pamphlet, press release, public service announcement, webpage, audio or visual material or other communication for public dissemination, which relates to all or any portion of the Project or is paid for in whole or in part using the Funding Amount.

Examples of Project Operating Account in a sentence

Project Operating Deposit shall mean that portion of the Deposit which is deposited into the Project Operating Account.
All amounts advanced pursuant to the approved budget(s) shall be deposited in the interest-bearing Project Operating Account, the interest on which shall be retained for the purposes of the Project Operating Account and allocated to the City and Agency for federal and state income tax purposes.
The Agency, at the request of the Redeveloper made not more often than annually, will pay over to the Redeveloper or will transfer to the Project Operating Account any interest accrued on the Security Deposit.
The Redeveloper shall deposit into the Project Operating Account from time to time, upon request of the Agency, such sums as may be required to permit the Agency to acquire any such parcels of Acquisition Property by private purchase.
The Project Operating Account shall be maintained by the Agency, and disbursements therefrom shall be made only, in accordance with the provisions of this Agreement.
The Redeveloper shall deposit into the Project Operating Account from time to time, and in any event prior to the time that the Agency files a Statement of Compensation with respect to each such parcel, the compensation amounts for parcels of Acquisition Property established by the Agency pursuant to Section 7.3(D) hereof.
In its holding of the Deposit and/or the Security Deposit, and its maintenance of the Project Operating Account and the Security Account, the Agency shall have and exercise the obligations of a fiduciary to the Redeveloper and shall hold in trust any and all monies deposited with it, to be used only in the manner and for the purposes set forth in this Agreement.
When all items of expenditure to be paid from the Project Operating Account have been paid, the Agency shall deliver the balance in the account, if any, to the Redeveloper.
ONE HUNDRED THOUSAND and 00/100 ($100,000.00) Dollars (the Security Deposit) shall be deposited into an account entitled “Norwalk Redevelopment Agency - Security Account f/b/o POKO IWSR DEVELOPERS, LLC” (the “Security Account”), and the balance of the Deposit shall be deposited into an account entitled “Norwalk Redevelopment Agency - Project Operating Account f/b/o POKO IWSR DEVELOPERS, LLC” (the “Project Operating Account”).
The Agency shall draw upon the Project Operating Account to pay the expenses of the Agency and the City budgeted and approved in accordance with this Article.

More Definitions of Project Operating Account

Project Operating Account means account no. [Redacted: Confidential Information] maintained by the Borrower at the Agent’s branch located at First ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ or such other bank account designated in writing by the Agent and the Borrower as the operating account for the Project.

Project Operating Account means each of the Accounts so designated in Schedule 7 (Accounts) and any other account: