Examples of Renewal and Replacement Fund in a sentence
After the date of Final Completion of the Southern Connector Project, the Trustee shall deposit into the Renewal and Replacement Fund the amounts included in the annual budget of the Association, which are required pursuant to the Renewal and Replacement Plan then in effect under the License Agreement.
Money in the General Fund shall be applied by the Company firstly to satisfy any deficiencies in amounts deposited to the Debt Service Funds, Series Reserve Accounts in the Debt Service Reserve Fund, the Operating and Maintenance Reserve Fund, the Construction Fund and the Renewal and Replacement Fund.
All funds in the Renewal and Replacement Fund shall be kept apart from all other funds of the Issuer or of the Depository Bank and shall be invested and reinvested in accordance with Article VIII hereof.
The Renewal and Replacement Fund was established for the purpose of holding monies in reserve to pay the costs of reconstruction, renewal, repair, and replacement of the Southern Connector.
Nonoperating expenses primarily include (a) interest expense on the Association’s debt (b) amortization of the Association’s intangible interest in its License Agreement with SCDOT, and (c) reimbursements of SCDOT highway maintenance expense from the 2011 Renewal and Replacement Fund as discussed in Note 1, item J below.