Authority to Issue Bonds Sample Clauses
The 'Authority to Issue Bonds' clause grants a specified party, typically a governing body or organization, the legal power to create and distribute bonds as a means of raising capital. This clause outlines who is authorized to approve bond issuances, the types of bonds that may be issued, and any conditions or limitations on such authority, such as maximum amounts or required approvals. Its core practical function is to ensure that only duly empowered entities can issue bonds, thereby maintaining financial control and compliance with relevant laws or regulations.
Authority to Issue Bonds. A. GBRA shall have the power, with prior approval of the WCID, to issue from time to time Bonds (subject to obtaining the opinion of the Attorney General approving such bonds), payable from and secured by a pledge of the Debt Service Requirement component of the Annual WCID Payments from this Contract. The Bonds shall be issued in such amount as the GBRA Board determines to be necessary or desirable, but not to exceed the Maximum Principal Amount, to obtain funds:
(i) To pay all Capital Costs;
(ii) To pay all capitalized interest costs on the Bonds;
(iii) To provide such reserve or contingency funds as the GBRA Board, in its judgement, deems necessary and as reasonably acceptable to the WCID; and
(iv) To pay all costs incurred in connection with the issuance of the Bonds.
B. The par amount of the Bonds shall not exceed the Maximum Principal Amount. This limitation that the Bonds shall not exceed the Maximum Principal Amount shall not be construed to prevent or impair GBRA’s authority to issue other bonds or evidences of indebtedness to fund costs of the Initial Improvements or other Project components and GBRA shall retain full authority to incur such indebtedness, but the WCID shall have no obligation to pay any debt service costs on such other bonds or evidences of indebtedness. The Parties acknowledge and agree that GBRA’s ability to issue other bonds or evidences of indebtedness is discretionary and GBRA is not obligated to incur Capital Costs that exceed the available Bond proceeds.
C. From time to time the Parties may also agree to issue Bonds to fund Budgeted or Non- Budgeted CRR Costs when such costs exceed annual funds budgeted therefor, or if such costs exceed the available balance in the CRR Fund or the Hydro Fund. However, if the Parties elect not to issue Bonds and do not otherwise reach agreement concerning the payment of such costs, then GBRA shall be under no obligation to perform the associated improvements, repair or replacement under this Contract for so long as such improvements, repair or replacement remains unfunded. Further, as stated in Section 5.2(E), if the nonperformance of such repair or replacement reduces the Hydro Revenues received by GBRA, GBRA shall continue to remit all Hydro Revenues received but shall be relieved of its obligation to fund the GBRA Minimum Payment until and unless the improvement, repair or replacement is completed.
D. GBRA is authorized to refund or refinance any Bonds, with prior approval of the WCID, i...
Authority to Issue Bonds. When authorized by the Act or other applicable provisions of law and by resolution of the Board, the Authority may issue Bonds for the purpose of raising funds for the exercise of any of its powers or to otherwise carry out its purposes under this Agreement. Said Bonds shall have such terms and conditions as are authorized by the Board. The issuance of Bonds shall be approved by the affirmative vote of a majority of the total number of Directors of the Authority.
Authority to Issue Bonds. The District may issue Bonds only as authorized by the laws of the State of Texas. The District may reimburse a Owner for expenditures authorized by the laws of the State of Texas (including creation expenses, operating advances, facilities design and construction, and expenditures for roads and improvements in aid of roads). .
Authority to Issue Bonds. To carry out the purposes for which the Authority was established, and subject to the provisions of Article X, Section 20 of the Colorado Constitution or such other laws as may be applicable, the Authority is authorized to issue bonds, notes, or other obligations payable solely from the revenues derived or to be derived from the functions, services, or facilities of the Authority or from any other available funds of the Authority. The bonds, notes, or other obligations issued by the Authority shall, as nearly as may be practicable, be substantially the same as those provided by law for any of the contracting parties to this IGA; provided, however, that bonds, notes or other obligations so issued shall not constitute an indebtedness of Ouray, Ridgway, or Ouray County within the meaning of any constitution, home rule charter or statutory limitation or any other provision. Each bond, note or other obligation issued under this subsection shall recite in substance that the bond, note or other obligation, including the interest on it, is payable solely from the revenues or other available funds of the Authority pledged for its payment, and that the bond, note or other obligation does not constitute a debt of Ouray, Ridgway, or Ouray County within the meaning of any constitution, home rule charter, statutory limitations or provisions. Notwithstanding anything in this Section 5 to the contrary, such bonds, notes, and other obligations may be issued to mature at such times not beyond forty (40) years from their respective issue dates, shall bear interest at such rates and shall be sold at such prices, at, above, or below their principal amount, as shall be determined by the Board.
Authority to Issue Bonds. The District may issue Bonds and reimburse any Developer for all purposes and expenditures authorized by applicable law, including:
(a) The purchase, construction, acquisition, repair, extension, and improvement of land, easements, works, improvements, facilities, plants, equipment, and appliances (including capacity or contract rights to capacity in any of the foregoing) necessary to:
(1) Provide a water supply for municipal uses, domestic uses, and commercial purposes;
(2) Collect, transport, process, dispose of, and control all domestic, industrial, or communal wastes whether in fluid, solid, or composite state (other than solid waste, as defined in the Applicable Rules);
(3) Gather, conduct, divert, and control local storm water or other local harmful excesses of water;
(4) Design, acquire, construct, and finance Road Projects; and
(5) Develop and maintain park and recreational facilities, to the extent permitted by applicable law; and
(b) Refunding any outstanding Bonds, provided such refunding Bonds satisfy the terms and conditions of this Agreement;
(c) Paying organizational, administrative, and operating costs during creation and construction periods and interest thereon, subject to the applicable limitations of Section 49.155 of the Texas Water Code; and
(d) Paying other expenses authorized by Section 49.155 of the Texas Water Code.
Authority to Issue Bonds. The District will have the authority to issue Bonds:
(a) for the purchase, construction, acquisition, repair, extension, and improvement of land, easements, works, improvements, facilities, plants, equipment, and appliances, undivided interests in facilities, and/or contract rights, necessary to:
(1) provide a water supply for municipal uses, domestic uses, and commercial purposes;
(2) collect, transport, process, dispose of, and control all domestic, industrial, or communal wastes whether in fluid, solid, or composite state (other than solid waste, as defined in Chapter 15-6 of the City Code); and
(3) gather, conduct, divert, and control local storm water or other local harmful excesses of water in the District;
(b) to pay expenses authorized by Section 49.155, Texas Water Code, as amended;
(c) to develop and maintain Parks and Recreational Facilities as authorized by Subchapter N of Chapter 49 (Sections 49.461, et seq.), Texas Water Code, as amended;
(d) to pay its prorata share of the cost of any Shared Facilities; and
(e) in accordance with the Enabling Legislation, to design, acquire, construct, and finance Road Improvements.
Authority to Issue Bonds. The District agrees that the maximum aggregate amount of bonds issued by the District shall not exceed $38,675,000 without the approval of the City. The District may issue Bonds and reimburse any Developer for all purposes and expenditures authorized by applicable law, including:
(a) The purchase, construction, acquisition, repair, extension, and improvement of land, easements, works, improvements, facilities, plants, equipment, and appliances (including capacity or contract rights to capacity in any of the foregoing) necessary to:
(1) Provide a water supply for municipal uses, domestic uses, and commercial purposes;
(2) Collect, transport, process, dispose of, and control all domestic, industrial, or communal wastes whether in fluid, solid, or composite state (other than solid waste, as defined in the Applicable Rules);
(3) Gather, conduct, divert, and control local storm water or other local harmful excesses of water;
(4) Design, acquire, construct, and finance Road Projects; and
(5) Develop and maintain park and recreational facilities, to the extent permitted by applicable law; and
(b) Refunding any outstanding Bonds, provided such refunding Bonds satisfy the terms and conditions of this Agreement;
(c) Paying organizational, administrative, and operating costs during creation and construction periods and interest thereon, subject to the applicable limitations of Section 49.155 of the Texas Water Code; and
(d) Paying other expenses authorized by Section 49.155 of the Texas Water Code.
Authority to Issue Bonds. When authorized by the Act or other applicable provisions of law and by resolution of the Board, the Authority may issue Bonds for the purpose of raising funds for the exercise of any of its powers or to otherwise carry out its purposes under this Agreement. Said Bonds shall have such terms and conditions as are authorized by the Board. Among other things, the ▇▇▇▇▇-▇▇▇▇ Local Bond Pooling Act of 1985 authorizes the Authority, to execute and deliver or cause to be executed and delivered certificates of participation in a lease or installment sale agreement with any public or private entity. The Authority, at its option, may issue or cause to be issued bonds, rather than certificates of participation, and enter into a loan agreement with any public or private entity.
Authority to Issue Bonds. When authorized by the Act or other applicable provisions of law and by resolution of the Board, the Authority may issue Bonds for the purpose of raising funds for the exercise of any of its powers or to otherwise carry out its purposes under this Agreement. Said Bonds shall have such terms and conditions as are authorized by the Board. Among other things, the ▇▇▇▇▇-▇▇▇▇ Local Bond Pooling Act of 1985 authorizes the Authority to execute and deliver or cause to be executed and delivered certificates of participation in a lease or installment sale agreement with any public or private entity, or, at its option, to issue or cause to be issued bonds, rather than certificates of participation, and enter into a loan agreement with the public or private entity. Expenses for the services of bond counsel, financial consultants and other advisors and for accounting or other services determined necessary for the successful development of a public capital project may be paid from the proceeds of the Bonds to the extent permissible under applicable law.
Authority to Issue Bonds. Upon approval of the Board and of a Member as provided in Section 5.02, the Commission may issue and sell Bonds to finance and refinance Qualified Educational Facilities. The Bonds shall be issued upon such terms, containing such provisions, maturing at such times, subject to prior redemption at such times and upon such conditions, bearing interest (if any) at such lawful rate or rates (including variable rates) and payable at such times, and supported by such credit or liquidity facilities as may be established by the Board. Such Bonds may be sold at public or private sale, at such prices as the Board may determine.