Examples of Renewal and Replacement Account in a sentence
Each Annual Budget shall include planned expenditures (if any) from the Renewal and Replacement Account for the payment of the cost of renewals and replacements which are necessary to protect the revenue generating capacity of the Airport System and of engineering and other expenses incurred in connection therewith.
The entire gross revenues and income derived from the operation of the Combined Utilities shall be set aside as collected and deposited in a separate fund hereby created and designated as the “Minden Combined Utilities Fund.” For purposes of allocating the monies in the Minden Combined Utilities Fund, the City shall maintain the following accounts: (1) Operation and Maintenance Account; (2) Bond Payment Account; (3) Debt Service Reserve Account; (4) Renewal and Replacement Account; and (5) Surplus Account.
On the twenty-fifth day of each month, following the Completion Date applicable to the initial Series of Bonds the City shall, from the then remaining money in the Revenue Fund, credit or transfer to the Renewal and Replacement Account an amount equal to one thirty sixth (1/36) of $300,000.
Monies credited to the Renewal and Replacement Account shall be applied from time to time, at the direction of the Mayor and Council, to make improvements to or renewals, replacements and repairs for the Combined Utilities.
This Contract shall enter into force on the date when the Parties sign and affix a seal hereon.